Exploring Advice: How to know if you're delivering good advice and quality plans with Kevin Knull, Tricia Rothschild, Frank McAleer

How would you answer these three questions about exploring advice?

1. What is the definition of good advice?
2. What is the definition of a quality financial plan?
3. What does it mean to be a fiduciary?

Kevin Knull, the president of PIEtech^SM, Inc., (parent company of MoneyGuidePro financial planning software) asked those three questions to an audience of financial and wealth management leaders and basically got blank stares in response.

Dismayed, he decided to reach out to thought leaders and experts around the country to get their answers.

He collected their thoughts and published them in a remarkable new book called, Exploring Advice: What You Need to Know About Good Financial Advice, a Quality Financial Plan and the Role of a Fiduciary.

I was one of the 36 leaders who contributed a chapter to the book.

In today's show, I'm joined by Kevin Knull and two other contributors to the book, Tricia Rothschild, Head of Global Advisor and Wealth Management Solutions for Morningstar, and Frank McAleer, Director, Retirement Solutions for Raymond James.

We discuss these three questions and point the way toward how you can add value in an increasingly commoditized industry.