email: tips@dealbreaker.com
text: (646) 820-4847
call: (212) 334-1871
all tips are anonymous
You’d think someone would’ve gotten the hint by now.
Blackstone Group’s Steve Schwarzman said he skipped his morning workout today to participate in a discussion on the economy at Lincoln Center. But a workout is what the U.S. needs, he suggested. “We’re like a first-class athlete who stopped training and stopped playing and ate a lot,” Schwarzman said. “They don’t put you back in the game when you look like that.”
You know what they say: You can’t choose your family, but you can choose your financial planner. Or something like that. One of the great things of being in charge of your money is choosing who (if anyone) will help you manage it. The choice isn’t always an easy one. How will you know that your planner is reputable and trustworthy?
These five red flags may be good indications of whether the financial planner sitting across from you is someone you should trust with your money. LearnVest Planning also provides an innovative 7-step program for your money where you work one-on-one with a financial planner. To see if this program is right for you, start with a free financial consultation.
1. She Isn’t Certified
“There are a lot of good planners out there who aren’t Certified Financial Panners™,” says Samantha Vient, CFP®, of LearnVest Planning Services. “However, CFPs® are required to adhere to the CFP® Board’s standards of professional conduct.
We believe it’s always a good idea to work with someone who has the CFP® designation, which is issued after completing a CFP® Board-approved personal financial planning curriculum, passing a rigorous exam issued by the Certified Financial Planner Board of Standards, meeting experience requirements and passing an ethics and background check.
2. He Offers to Manage Your Money for “Free”
Financial planners are usually paid in one of two ways: Either through fee-only, which can be a set fee, hourly, retainer or a percentage of the assets they manage for you, or through commission, which means the planner is paid each time he buys or sells an investment.
Fee-only payment structures can be more desirable to some clients, as there’s no financial incentive based on assets under management for a planner to buy or sell, whereas working on commission encourages planners to make trades, rather than solely look out for your best interest—called a “fiduciary” duty. (You want to be sure that the planner you choose is a fiduciary.)
LearnVest Planning Services provides the services of fee-only Certified Financial Planners™. Get started for free with a 15-minute financial consultation.
3. She Says She Outperforms the Market
“If a financial planner tells you that she can outperform the market, that’s a major red flag,” Vient explains. “In fact, due to government regulations, it’s illegal to advertise statements that promise a specific return.”
Outperforming the market—that is, getting better investment returns than the market average—is extremely difficult to do consistently, and requires taking a lot of risks with your investments. It’s rare to find a financial planner who can consistently outperform the market—and results are never guaranteed. Either way, in the pursuit of these high returns, she’ll be exposing your investments to much higher risk than you may be comfortable with.
Instead, look for a CFP® who, when looking at your portfolio, can advise on proper asset allocation based on your risk tolerance and time horizon, as well as through economic ups and downs.
4. She Doesn’t Ask About Your Financial Goals
“Your planner isn’t just there to crunch the numbers,” Vient advises. “She’s helping you make a plan for your money and your life. You should be looking for someone who has similar values to you.”
Ideally, you’ll likely want to work with someone who is in a similar life stage. Are you a parent? A planner with children may be better able to understand your need to save for college. Does your CFP® have a specialty? Some planners have an area of expertise, like insurance, estate planning, divorce or retirement—a fact you might want to consider if that’s a particular need of yours.
When meeting a potential planner, remember that you’re allowed to ask questions about their experience and priorities: “Do you think it’s more important to save for retirement or pay off debt? How do you feel about supporting kids through college? How do you mitigate investment risk as your clients get older?”
The choices you make with your money are intensely personal. The person who helps you make these choices should be able to understand and accept your financial priorities, and help you use your money to meet them.
5. His Management Style Makes You Uncomfortable
Financial planners can manage your money for you or manage your money with you. As different people have different needs when it comes to money management, there is no right way to work with a planner—it’s up to you to decide how hands-on you want him to be.
When you sign on with a financial planner, there will be a written agreement of how the two of you will manage your money. Read this carefully, and ask questions if you’re unsure about anything. Are you signing your accounts over to this planner? Will he check in with you before making a trade, or when rebalancing your accounts? If you’re uncomfortable with anything in the agreement, bring it up immediately.
Learn more about LearnVest Planning and our financial planners by visiting learnvest.com. To book your free consultation today, email FA_Support@learnvest.com or complete your request online.
LearnVest Planning Services is a registered investment adviser. The opinions expressed in this article are that of LearnVest Planning Services, a registered investment adviser. The advice provided may not be suitable for your individual situation and you should discuss your situation with a financial professional.
This is a guest post written by SoFi’s CEO, Mike Cagney.
CLICK HERE TO READ THE FULL ARTICLE
Recently, there’s been a lot of talk amongst leaders in Washington about how to improve the painful process of repaying student loans. At SoFi, we feel your pain and work hard to offer more flexible, more affordable options for our borrowers. One idea that’s getting a lot of attention is increasing the options for refinancing debt after graduation. The only lender currently focused on refinancing private and federal student loans is SoFi.
We recognized early on that borrowers who have made timely payments on their loans, graduated from school, and have a job should be able to refinance their student loans at a lower interest rate. This may be why, after resuming lending by invitation, the media became increasingly interested in what we are doing.
In a recent article posted on MainStreet.com SoFi General Counsel Rob Lavet had this to say about SoFi’s ReFi products:
“We can offer a better deal than the federal government in terms of rates […].We offer borrowers who meet our underwriting criteria a package that pays off their federal and existing private student loans at a rate as low as 5.49%. Some lenders will do a consolidation on private loans, but we’re the first lender to offer to refinance a federal loan at a lower rate.”
Journalists from the USA TODAY, The Chronicle for Higher Education, the American Banker among others, also found themselves reporting on how SoFi is “using social communities and offering refinancing of student loans.“ It is this social community aspect that makes refinancing with SoFi so valuable. By connecting borrowers with a community literally invested in their success, the benefits of a SoFi loan go beyond saving money.
How many student lenders do you know that will help unemployed borrowers find a new job? SoFi does just that – engaging with borrowers who are actively looking for new employment opportunities and leveraging the networks of all members eager to help these individuals achieve new heights in their career.
Our Entrepreneur Program is another example of SoFi’s community in action connecting like-minded borrowers and investors in support of new business creation. We combine mentoring sessions for participants with exclusive access to the venture capital community.
SoFi wants to help borrowers realize their goals beyond paying off student debt. Whether seeking employment opportunities, career advice, partners for entrepreneurial ventures, access to industry luminaries, or simply a like-minded network, our members benefit from a supportive community of people vested in one another’s success.
Learn more about SoFi’s refinancing programs and community benefits at www.SoFi.com
You're Abe Schwarzman?
I guess it's too late then. Thanks for the frank advice.
– C. Barkley
I thought spouting of on US policies at random time was Peterson’s job and Steve did all the leg work at Blackstone.
Lincoln Center. Ground Zero for rebuilding the American economy. Thank you, Mr. Fabulous.
What happened to his crab claws?
Like Brett Favre?
zIWz07 Thanks a lot for the article.Much thanks again. Much obliged.
Hi there, just became alerted to your blog through Google, and found that it’s truly informative. I will appreciate if you continue this in future. Numerous people will be benefited from your writing. Cheers!
Lol, what is the point of this post?
I didnt seek this, but I really like this, found it interesting! Keep up the awesome work!
Bonjour my name is Sally and I’m a writer and this blog really aided me. I’m inspired! Thank you!
WqMfWg I really like and appreciate your blog article.Really thank you! Cool.
Not what I was looking for but wonderful anyway! Well done!
Hey there, just became alerted to your blog through Google, and found that it’s very informative. I will appreciate if you continue this in future. Lots of people will be benefited from your writing. Cheers!
Not what I was searching for but superb anyway! Good for you!
Looking forward to reading more. Great article.Much thanks again. Great.
Thanks for sharing, this is a fantastic post.Really thank you! Awesome.
This is one awesome blog.Really looking forward to read more. Want more.
Say, you got a nice post.Really looking forward to read more. Awesome.
Im thankful for the blog article.Really thank you! Keep writing.
Hey, thanks for the blog article.Really looking forward to read more.
Im grateful for the blog article.Much thanks again. Awesome.
Hey, thanks for the blog post.Much thanks again. Really Great.
Thanks for sharing, this is a fantastic blog post. Cool.
I really like and appreciate your blog post.Thanks Again. Much obliged.
Im grateful for the blog article.Really thank you! Keep writing.
I appreciate you sharing this blog.Really looking forward to read more. Want more.
I really liked your article post. Really Great.
Im thankful for the article. Great.
This is one awesome post.Thanks Again. Want more.
Hello. And Bye.
Thanks for the post.Really looking forward to read more. Keep writing.
Thanks for the article post.Much thanks again. Really Great.
Thank you ever so for you blog article.Really looking forward to read more. Much obliged.
I loved your blog.Much thanks again. Really Cool.
Im thankful for the blog.Thanks Again. Fantastic.
I really liked your blog article. Keep writing.
Muchos Gracias for your post. Really Cool.
Muchos Gracias for your blog. Much obliged.
Major thankies for the article.
Looking forward to reading more. Great blog post. Awesome.
Major thanks for the blog.Much thanks again. Awesome.
Im grateful for the blog.Much thanks again. Cool.
Appreciate you sharing, great article post.Really looking forward to read more.
Im thankful for the blog article.Much thanks again. Much obliged.
Looking forward to reading more. Great article post.Really thank you! Keep writing.
Wow, great article.Really thank you! Will read on…
HI, Thank for your blog. I love your blog. Hope more !! [url=http://www.aidmer.com]ptfe[/url] [url=http://www.aidmer.com]Gasket[/url]
I think this is a real great article post.Much thanks again. Great.
Very good article post.Much thanks again. Keep writing.
I really liked your post.Thanks Again.
Enjoyed every bit of your blog post.Really thank you!
Thanks again for the blog post.Thanks Again. Really Cool.
A big thank you for your blog.Really thank you! Keep writing.
A big thank you for your blog post.Really thank you! Will read on…
I am so grateful for your article post.Really thank you! Want more.
I really enjoy the article post. Fantastic.
Say, you got a nice article post.Thanks Again. Cool.
HI, Thank for your blog. I love your blog. Hope more !! [url=http://www.PTFE-SHEET.com]PTFE SHEET[/url] [url=http://www.AUTAI.com]PTFE[/url]
HI, Thank for your blog. I love your blog. Hope more !! [url=http://www.aulun.com]ptfe[/url] [url=http://www.aidmer.com]Gasket[/url]
Thank for your blog. It is Goood, Hope more for it. [url=http://www.nylon-rod.com]PTFE[/url] [url=http://www.fluoroplastic.cn]PTFE[/url] [url=http://www.teflonrod.cn]teflonrod[/url]
Awesome blog post.Really looking forward to read more.
Thanks for sharing, this is a fantastic blog post.Thanks Again. Awesome.
Wow, great post.Really looking forward to read more. Great.
Very informative blog.Really looking forward to read more. Really Cool.
Im obliged for the article post. Want more.
Very neat blog post.Much thanks again.
Really enjoyed this blog post.Really looking forward to read more. Awesome.
Thank for your blog. It is Goood, Hope more for it. [url=http://www.autai.com]PTFE[/url] [url=http://www.PTFE-Sheet.com]PTFE Sheet[/url] [url=http://www.PTFE-Rod.com]PTFE Rod[/url]
HI, Thank for your blog. I love your blog. Hope more !! [url=http://www.aidmer.com]ptfe[/url] [url=http://www.aulun.com]PTFE[/url] [url=http://www.chinese-ptfe.com]PTFE[/url]
Very informative article.Really thank you! Much obliged.
Im grateful for the blog.Much thanks again. Much obliged.
Thanks for the article. Keep writing.