Our guest this episode is Richard Coffin—better known to many as "The Plain Bagel." Richard is a CFA and CFP professional working as a Portfolio Manager in Ottawa. He has nearly 1 million subscribers on his YouTube channel where he creates entertaining and educational videos on finance, investing and economics.
In this episode, Dave and Richard discuss the rise of "Finfluencers" in today’s social-media-driven world and explore the fascinating landscape of behavioural finance. They cover everything from the origins of “The Plain Bagel,” to the pros and cons of getting financial advice online, to the biases that affect us all and much, much more.
Enjoy this fantastic episode featuring two of Canada’s top financial educators.
Show Notes
00:00:00 – Intro & Disclaimer
00:00:55 – Intro to Richard Coffin
00:03:28 – Origin of “The Plain Bagel”
00:08:13 – Richard’s Work & Educational Background
00:12:13 – The Rise of Finfluencers
00:16:34 – The Laws Around Giving Financial Advice Online
00:20:14 – How to Evaluate Online Financial Advice
00:21:24 – Trusting Finfluencers More than Wall Street
00:25:20 – The “Beginner” Finfluencer
00:28:58 – Investing Courses
00:38:42 – Trustworthy Canadian Finfluencers
00:44:41 – It’s Easy to Fake Wealth Online
00:47:57 – YouTubers Being Paid to Promote Stocks
00:55:27 – Behavioural Finance & Loss Aversion
01:02:56 – Confirmation Bias
01:06:35 – The Skills Behind Creating Content People Enjoy Watching
01:08:46 – Recency Bias
01:13:41 – Framing Bias
01:19:02 – Conclusion
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