Stop Worrying About Your Financial Advisor and Start Finding the Right One

June 25, 2026

AI Summary

5 min read

Identity Theft Is Getting More Complex, and Financial Advisors Aren't the Enemy

The Identity Theft Resource Center's 2026 trends report contains a startling statistic: among victims who reported three or more financial impacts from identity crime, zero percent reached resolution. That finding came from Mona Terry, the ITRC's chief operating and programs officer, who joined the show to walk through what's changing in the world of scams and identity theft. Later, the hosts tackled a listener's pointed question about whether financial advisors are inherently untrustworthy—a debate that led to a surprisingly nuanced discussion about fee structures, incentives, and what clients actually need.

Identity Theft Is Becoming a Cascade, Not a Single Event

The ITRC's 2026 trends report reveals that identity crime is no longer a one-and-done problem. More than one in four victims who contacted the organization were dealing with two or more simultaneous incidents. A single compromised account—often a hacked device or a stolen email password from a data breach—can cascade into a full identity crisis. "It's no longer someone coming to us with kind of a one and done type scenario," Terry said. "It's really, hey, this one thing happened and now I'm starting to realize there's lots of other issues."

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What you'll learn

1 (02:50) **Identity Theft Trends & Scam Red Flags** - Sean interviews Mona Terry from the Identity Theft Resource Center about their 2026 trends report
2 (16:00) **Listener Question: Are All Financial Advisors Evil?** - "Suspicious in Spokane" asks whether the entire profession is built on conflicts of interest, citing books like *The Index Card* and Ramit Sethi's advice to avoid advisors who manage assets or sell products
3 (18:38) **"Not All Financial Advisors Are Evil"** - Ryan directly addresses the core question, acknowledging bad actors exist in every industry
4 (19:29) **Fee Structures: AUM, Hourly, Flat Fee, and Commission** - Ryan walks through the pros and cons of each model based on his two decades of experience
5 (30:25) **Commission-Based vs. Fee-Only: The Biggest Conflict** - Ryan identifies commission-based product sales as the highest conflict area
6 (32:16) **How to Spot a Good (Non-Evil) Advisor** - Practical red flags and green flags for skeptical consumers
7 (35:50) **Do You Even Need an Advisor?** - Ryan explains when a DIY approach works and when a professional adds value

+ Full timestamped outline available in the app

Guests on this episode

Ryan Sterling

Show Notes

Learn what financial advisor fee structures could mean for your wealth and how to find someone who won't sell you out.

What new threats are emerging for identity crime victims? Host Sean Pyles, CFP®, and news colleague Rick VanderKnyff are joined by Mona Terry, chief operating and programs officer of the Identity Theft Resource Center, to walk through the ITRC's 2026 Trends in Identity Report. They explore why more than 1 in 4 victims now face two or more simultaneous identity incidents, how device compromise differs from the scams most people think to watch for, and whether AI is already making identity crimes harder to detect and resolve.

Do financial advisors have a built-in conflict of interest that could be costing you money? Sean is joined by co-host Elizabeth Ayoola and NerdWallet Wealth Partners CEO Ryan Sterling to tackle a listener’s question about whether they should hire a financial advisor. They dig into how different advisor fee structures — from AUM (assets under management) percentages to flat-fee plans, hourly rates, and commissions — create different kinds of conflicts, what the fiduciary standard actually guarantees (and what it doesn't), and what red flags could signal that an advisor's priorities aren't aligned with yours.

Learn more about working with a financial advisor at NerdWallet Wealth Partners: https://nerdwalletwealthpartners.com/smart

How to Prevent Identity Theft: Warning Signs, Protection Services and More https://www.nerdwallet.com/finance/learn/how-to-prevent-identity-theft

Read the ITRC's 2026 Trends in Identity Report: https://www.idtheftcenter.org/post/2026-trends-in-identity-report-hacked-devices-overtake-scams

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