A/B Conversations: CFP® Your Way Out Of It – Real Advice on Building Wealth & Retirement Planning

Ep 149: Filtering the Noise: How to Think Critically About What You Read

• Benjamin Haas I Haas Financial Group

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In a world full of headlines designed to stir emotion and sell subscriptions, how do you separate fact from fear? In this episode, Adam and Ben unpack the rise of financial newsletters and media voices that profit from panic or try to capitalize on “big promises.” They’ll walk you through how to identify red flags, understand who’s behind these claims, and filter the noise by staying grounded, informed, and focused on what truly matters: your goals, your values, and your peace of mind.


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[00:00:00] Adam Werner: Hi everyone, and welcome to AB Conversations, where we will help you CFP your way out of it. A podcast where you get into the minds of a couple certified financial planners on how we think and feel about everyday financial planning questions, and what should really matter most to you. A healthier financial life starts now.

Hello there.

[00:00:31] Ben Haas: How we doing, Adam?

[00:00:33] Adam Werner: So good. So good. We're recording another podcast. It's some of my favorite minutes of the week.

[00:00:39] Ben Haas: Tell you what, with the type of week we've had. Yeah. I'm gonna say this is a little break in a good way. Yeah. And a good topic. So.

[00:00:45] Adam Werner: Yeah, topic today. It's in general about just filtering the noise or just how to filter certain headlines or certain ideas or strategies or some of the, you know, the two good to be true things when it comes to, you know, the financial industry and, you know, there's this new product and I don't know about it, but I wonder if I run this past Ben or Adam, like, are we missing out on something?

The other side of, that's, you know, typically something fear-based, the world is coming to an end, the dollar is collapsing, insert, you know, apocalyptic headline here. Should I be worried about, you know, these kinds of things.

[00:01:25] Ben Haas: Yeah. And I sometimes people like share it directly with us, which is interesting, because I mean, we'll get into how we would go about helping people filter this and like, talking about the source is important. But yeah, sometimes it's, they're subscribed to a newsletter or a publication. Sometimes it's not even financial stuff, but I guess we should start here. We're glad people are sharing this with us.

It's not that we believe our client base out there are just like gullible people. It's easy to hear ideas and want to know and be educated. Some of them are just generally curious. But there definitely then has to be, I'll say like a filtering process. Like how do, how can we help them interpret it because yeah, we don't want to dismiss it. Our job is to figure out, well, what is the root of why they're sharing this with us? Fear-based is easy, but if it's, you know, we're excited about it. Well, yeah, but why are you fearful that then that you're missing out on something?

I think you said that. So, maybe let's start with like examples. I don't know, so people can get a sense of what we're talking about and then let's go through how we can help 'em.

[00:02:30] Adam Werner: Yeah, I think that there's, where we've kind of seen this over the years. I think there's two different, there's two different dynamics.

There's one that is an official publication, right? And I'll, I'll use Kiplinger's as an example. We've certainly had clients that will share. I read this article in a financial publication. That's legit. That's one thing. We've also seen a number of just, you know, newsletters or just websites that you know, may not necessarily have a whole lot behind it.

And that's where we kind of have to be the critical thinker, or at least reading with a very suspicious eye of what's truly happening here. Like, is there really something here or is this just, you know, the snake oil of years past. But it's, it makes sense because these types of, you know, just media and newsletters that are often just more about selling a subscription or selling access to information.

Right? More so than, Hey, here's an actual thing that, you know, this is an actual case with details and accuracy. A lot of it is more sensationalized, I'll say.

[00:03:38] Ben Haas: And think about how those things often read, right? Something systematically, like the system is broken, or we often get publications on, you know, the dollar and its role and will it collapse?

Or, you know, all the way down to government's broke. So at some point, like this tax grab or this great takings going to occur. And like, think about again, this isn't, if I were not in the industry, if I were not absorbing this information all day, right? I can see how that very quickly turns into somebody feeling like, you know, I need to take action here.

There's, this is urgent. You know, something, when they say act now before it's too late, like, my, my next step right to say Ben, Adam, like, is this something that we need to worry about? So, it clearly is like a, that's more of the fear based, but clearly does drive some sort of response. It's how they sell it.

[00:04:31] Adam Werner: Exactly. Exactly. And even if it's not fully kind of fear-based, there is still a world where the idea of being able to go out and purchase something or put money in an account that can earn a high percentage with little to no risk sounds so appealing. And if that existed, everybody should go out and do it, right? But we know that's more often not the case, but that's often how it is pitched as a way that's, you're still, there's still kind of latching on to some level of fear somewhere, just maybe not as at the forefront. It's under the veil of safety of returns and if you get this guarantees why.

Yeah. Right, right. Guarantees are like kind of pseudo guarantees with a whole bunch of caveats that are usually coming behind it. Or even just the emphasis on this is the one solution that you're kind of missing out on that would, you know, the silver bullet that will cure all ills. Just again, if it sounds too good to be true, it probably is, but as you said earlier, that's where we welcome the conversation.

We don't want to just dismiss these things when clients bring them to us, because we do want to get to the bottom of, yeah, why is this so either appealing or why is it driving so much fear in the client? Like what do we need to kind of figure out underneath the surface so that we can put their mind at ease and put them back on a path that they feel comfortable with if they're not already feeling like they're there.

[00:06:00] Ben Haas: Yeah. So then maybe this is where I'm gonna choose to be a little bit more direct. Let's go into like who's actually talking to you. Again, i'm happy when people share this with us, but I know I get emails. I'm sure you do too, Adam, that are, I don't know where they've really come from. I don't know how I got on an email list.

So let's start there. Yeah. If you're reading things that have minimal discussion of some sort of like downside or trade off there's no credible discussion of how these things could go right or wrong. Like you probably, like, let's just not subscribe to those publications. Like, unsubscribe.

Saying that in a loving and kind way, you know, I need to do the same thing so that I don't just keep deleting, 'cause if I keep deleting, then I'm just going to continue to get 'em. Yeah. But we're certainly wired to react more strongly to these bogus claims. And I think if they're just publications that are not the credible publications that you mentioned earlier, then step number one.

If you want financial information, it should be coming from financial people, licensed people. I read a newsletter that was shared with me last week and it literally started, the guy's bio was not some sort of financial degree, not a financial professional, but he did really well trading in between classes at college and is now sharing information with other people like that's that's maybe an extreme example, but it's important to distinguish who's giving this information and what are they really trying to get at. And if it's just clickbait, again, do yourself a favor. And I would just, I'd ask you to unsubscribe from that.

[00:07:31] Adam Werner: Yeah. And I, I am clearly biased in just kind of the way that I view these things because at, my core, I am just a cynical and skeptical person when it comes to just anything that's out there.

[00:07:43] Ben Haas: I am well aware of this.

[00:07:45] Adam Werner: I am an optimist, in general, but when it comes to just reading things like this, I'm always looking at it with a very, you know, harsh eye on what's, where is this coming from? So, you're right, and I think even my visceral reaction to the most recent one is, but if a client takes this information that is out there, published on the internet and acts on it.

Who's responsible if that goes sideways?

It's the client, not the person that just wrote general advice on the internet. Working with an advisor like us, a fiduciary who is required to have everything that we need to have from a regulatory standpoint and give proper advice that is in the best interest of the client.

We're on the hook if something doesn't go correctly. So just even through that lens that if I do said strategy or I move forward with whatever is kind of being pitched. And it doesn't go correctly. Am I just on my own from an accountability standpoint, and that could be enough to just push that kind of off to the side.

I don't know. It really depends on the situation.

[00:08:48] Ben Haas: But I guess that's step number one on like how to filter this information. Like number one, just consider the source. Who wrote it? Are they licensed, are they regulated or what are they selling? If it's, how are they compensated? If it's by product again, okay, they have to be licensed in some way, but if it really is some sort of just subscription, then that, that's again where I'm fearful just like you are, that this is then just feeding into some sort of bias. And that's the way that we kind of need to look at this information too. I think when people are out there looking for some sort of solution it's not hard to then find information that supports the solution you're looking for. That's called confirmation bias.

So I think it happens sometimes too. Well, you know, I'm getting into retirement, I need income, I'm gonna, you know, how do I generate income? Alright. You know, you Google that, you're gonna be given a lot of information on instruments that are geared to produce income. That is great, but then that next step needs to be, well, how, but how does that fit into my situation?

What are the trade-offs to that income? I'm just using that as one example.

[00:09:53] Adam Werner: Yeah. But I, I'll double down on that last thing you just said. I think that's a really important piece here, is how is it relevant to that specific person's situation? Does it fit with their goals? Does it fit kind of with their timeline on whatever their situation is, right?

If it's retirement and creating retirement income, do all of these things align? And there could still be a, you know, a strategy or a scenario where it, whatever it is, could be legit, but it may just not apply to that person's scenario. I know we've done an innumerable number of podcast where we just kind of talk through social security, as a great example of really difficult to just take what your, you know, your family or friends say, well, here's what I did, you should just go do the same, 'cause it is so hyper-specific.

We would want people to kind of think through anything through that similar lens that, that may, this may sound great, but does it actually fit my situation and my scenario? And again, that's where I think we help play that role as a filter to make sure that it would be applicable to their situation.

[00:10:58] Ben Haas: Yeah. So confirm it in your plan, but then also like, are we. What are the scenarios where this risk like actually rears its ugly head? And are we all already accounting for that? Right. So let's maybe be more recent gold, I mean, gold price right now. And it's not hard for that to be like a fear-based buy for people as well.

So it's, again, not hard, but I got that question recently too. Should I just buy gold in my IRA this year, you know, with my contributions? Yeah. Are we what? Why would you be doing that? Is it for some sort of diversification? Okay. Are we already diversified in a different way that kind of covers for that currency hedge, or, you know, just downside risk or you know, dollar movement.

Within the plan, like it's our job to, as you said, confirm that people are doing what's best for them. But I think sometimes people aren't aware of how they would be positioned for a certain risk. And are trying to maybe take this headline and say, well, well, I'll do this to combat that when we've already really accounted for that somewhere else.

[00:12:02] Adam Werner: Yeah. And that's yes. And I think that's maybe we'll triple down on at this point. That's where we encourage clients to bring these things to us so that we can have those conversations because we wouldn't want to see unintended consequences to the client situation where, yeah, now we're, either duplicating effort, or we're now overexposed in a specific area based on something that they, you know, saw online, sounded good, moved forward with it, right? And then we find out after the fact, from a planning perspective, it's much harder to unwind things than to just talk about it proactively and make sure before somebody either makes a big decision, or actually, you know, executes on an idea.

[00:12:44] Ben Haas: Yeah. And what are the unintended consequences of that idea in your in your personal plan? Like I I'm now like, and maybe we should have gone through specific examples at this point in the podcast, we're not gonna go backwards, but, you know, a lot of things that are tied to, okay, well here's the solution, private equity, REITs, closed-end funds, pick an annuity, whatever. Things can sound good. They all have trade-offs, and I know we say this ad nauseum on this podcast. We just appreciate flexibility in planning. And that's not to say that these types of things won't work in certain situations.

But we need to know that those are negative dominoes that you can stomach, right. If you're gonna put money or change your allocation or do something different with X, Y, Z solution, and it's illiquid. We need to know that. You need to know that, right? Yeah. Because life may go a different direction in another year, two, five, whatever. And that's where it's kind of our job. You do it well, right? We are supposed to be a little cynical and think, well, what could go wrong here? And bring that to the situation to go, if we're going to do this, let's just make sure that you're okay with the potential outcomes here.

[00:13:51] Adam Werner: That's it. And I, I'm glad you said that and I'll repeat it again just so it's crystal clear as far as we're concerned, as long as we're okay with whatever decision somebody makes, as long as they made that decision with the full picture of those trade-offs, right? Knowing that if this goes sideways, here's our, you know, here's the downside, and as long as someone's okay with that potential outcome, then I think we're good.

We know in planning, I know we've said this before, giving as much advice. If it's not actionable and someone doesn't act on it, then it's worthless. So in a scenario where just even if it's just the best next step, even if it's not the ideal next step, that's still something. So again, just as long as somebody is fully aware of, if I do this is a potential, you know, outcome.

Good or bad, or good and bad, that's perfectly fine. We would just want to be crystal clear of what those potential outcomes could be, so that, again, somebody can make a decision with some confidence that they're gonna be okay in that scenario, or at least be comfortable accepting, you know, maybe some of that downside risk for the potential for, again, whatever that scenario is, whatever that upside, you know, the pros hopefully outweigh the cons.

[00:15:04] Ben Haas: Yeah, and I just I'm glad we're doing this podcast because I just, I see this becoming so much more prevalent. Right, we're certainly in a world right now where people have very different views on things, and it's very easy to get fired up about stuff. We're in a world with the stock markets at all time highs and has been pretty good for a while.

So it's easy. It's easy in our gut and therefore in headlines to go, this can't continue, so here's the next best thing for you. Or here's how this could go wrong. It information's easy to come by, right? It's on our phones. We get notifications all the time. So I just see this becoming all the more prevalent, which is why it's really important that if the only takeaway here is use us, right?

If you're our client, you've hired us for a reason. Let us be that filter for you. But if you're not our client and you're out there thinking about, Hey, maybe I should have somebody on my team, it's partially because of this. Figure out what's gonna be best for you. And then make sure that filter is the lens of why money matters to you, how you're gonna go about making decisions, what you value, and just don't fall into these traps of the next best thing or, you know, apocalyptic viewpoint.

So, you know, take all your money out of the market, put it in a coffee can, and dig a hole in the backyard.

[00:16:18] Adam Werner: There's a joke in our industry when in, in the, you know, financial markets that is, you know, these prognosticators, these people who make these claims on where the market is going. And it's typically to the downside, right? It's typically, well, the market is going to crash, and they're, these numbers are not real. But the joke is, you know, these people have. called and have been accurate on 30 of the last three market corrections, right?

You can just keep throwing stuff out there, eventually you're going to be right, but it's very easy to throw out, you know, a sensationalized opinion. Ah, it's another to actually get it all correct when it comes to the magnitude, the timing, the impact, all of that for somebody's situation, again, we would just want them to think with a very critical and maybe suspicious eye to a certain degree.

[00:17:04] Ben Haas: A hundred percent. I think that's a great way to leave it. Yeah know where the information's coming from.

[00:17:10] Adam Werner: That's it. And use us as a filter. We're here for, okay.

[00:17:17] Ben Haas: Till next time.

[00:17:19] Adam Werner: Bye.

[00:17:27] Ben Haas: Hey everyone, Adam and I really appreciate you tuning in. Please note that the opinions we voiced in the show are for general information only, and are not intended to provide specific recommendations for any individual. To determine which strategies or investments may be most appropriate for you, consult with your attorney, your accountant, and financial advisor, or tax advisor prior to making any decisions or investing. Thanks for listening.