In the final of our four-part series with investment veteran Patrick Geddes, he shares his behind-the-scenes knowledge on how the investment industry really works and how to protect yourself as a consumer.

Geddes draws a clear line between asset managers (who run the funds you invest in) and wealth managers (the generalists who handle financial planning and asset allocation).

Most investors will use both, but the critical move is understanding the total fees you pay across both layers. Wealth managers must disclose fees, but rarely make it easy. You have to ask.

Credentials like CFP and CFA signal expertise but not ethics. Even fiduciaries (legally required to act in your best interest) can charge eye-watering fees and still meet that standard. As Geddes puts it: "trust, but verify."

A seemingly small 0.75% annual fee on a $100,000 portfolio compounded over 35 years costs roughly $233,000 in lost returns. Fees are also the one thing investors can actually control, which is why low-cost index funds remain his consistent recommendation.

Wealth managers genuinely add value through financial planning, tax strategy, and behavioral coaching during market downturns. But quarterly performance reviews and active stock picking? Mostly performance art.

The bottom line: whether you DIY or hire help, think of yourself first as a consumer, not an investor. Know what you're buying and what you're paying.

View the transcript and listen to the full episode on Spotify or Apple Podcasts. Or watch below.

Join Us LIVE Tonight for “Beyond Belief” with Nir Eyal, Bestselling Author

What if the most important thing you teach your students about money has nothing to do with budgets, credit scores, or compound interest? What if it starts with what they believe? In tonight's Speaker Series, Nir Eyal shares key ideas from his newest book, Beyond Belief. He connects these ideas to inner narratives students and teachers carry about money, time, and their own impact and unpacks the science of how beliefs about money, potential, and about what's possible are formed early and shape everything that follows. 

Register now to join us tonight (April 30) at 4pm PT / 7pm ET.

About the Author

Hannah Rael

As NGPF's Marketing Communications Manager, Hannah (she/her) helps spread the word about NGPF's mission to improve the financial lives of the next generation of Americans.