“We’re entering the year-end process of compensation reviews. I think it’s an open discussion during the year of how businesses and how individuals perform and now we’re just trying to execute on the balance that we all try and strike between being responsible and being competitive. I think people get it. I think industry compensation is down this year because the performance in the industry is down. So I think they get it…I think if we weren’t treating [top producers] fairly we would look at it objectively and try and get to the underlying causes, but I think everyone has a decision to make about what industry they want to work in or what firm they want to work for… Not everyone wants to be in this industry. But I’ll give you a statistic that is important. Last year, we had applications from 107,000 kids at university, of which we had positions for 1,500. So there’s still a lot of people who want to come into the financial services industry.” [Bloomberg TV]
Comments (74)
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to access Dealbreaker -
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.
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is being obnoxious despite the crappy year all the financials had the new NKI for a bank CEO?
Then Obama should be able to fill Timmy's spot no problem.
Oh yea Bob? I only have the phone number of one Jennifer Diamond whom I have many positions for.
- 2nd year Analyst
No, that's the OKI.
106,999…my ex-girlfriend sent my application as a prank.
I think people get it…I think they know they are absolutely not beautiful and unique snowflakes. I think people understand that they are, in every respect, completely interchangeable and replaceable. I think they know, deep down, that there is always going to be someone younger, hungrier, and cheaper. I believe that there are people who don't really want to be here, doing this nonsense 15, 16 hours a day, but stick around for that remote possibility of us compensating them appropriately. But I also think there are people who truly love this industry, and absolutely belong here. I guess we'll just have to see who wants it more.
Do you see this Gorman? Is it that f*cking hard to be just a little bit subtle?
Same speach I give to all the gals who want into the porn industry, but follow with…"so get on your knees"
-Ron Jeremy
For uniformity I'd suggest beginning the last two sentences also with "I think".
Bob, call me when you reach 1MM kids.
I'd take your job for a hundredth of half of what you make and twice the amount of abuse.
-Foxconn MD
Fuck you, Bob.
Amen
- The Dartmouth Greek Council
107,000 idiots! I had one interview out of b-school and I get paid in stock that actually appreciates in value
-1st yr Caterpillar Inc analyst
From yesterday's staff meeting:
"Despite the fact that broker X chose to relocate to Dewey, Chatham, and Howe, we were able to retain 75% of his clients, so thanks to all those who helped out on that."
Same sort of veiled threat.
You also live in Peoria.
Tear ..slow clap….wipes eye with one hand
LLoyd, call me when you touch 1MM kids.
If what Bob says is true, and I have no reason to doubt it, can he explain why for the past 5 years has my sales coverage has been the same incoherent doofus? If there are 100K better folks out there, I guess I and the rest of this person's client list are just going to have to take it personally!
Moline, thankyouverymuch.
Is he counting the ones with the cover letters that start, To Whom it May Concern at <Company Name>?
Non-hostile joke about the Ex. That's excellent progress, Mexi.
Yeaaah but you're reading Dealbreaker so you and I both know your heart's still over on this side of things.
Bob,
what an astute observation. Oh, and look: one of my racehorses has probably taken a dump somewhere and the stableboy's on lunch break. Since I can fire your arse with the snap of a finger, be a good chap and fly out here with a pail and shovel and clean that mess up, will you?
Cheers,
Hamad bin Khalifa al Thani
Emir of Qatar
I mean he's right though. The kids that come in from target programs are bitch-ass, milquetoasts. They saw that $0 and still woke up at 5 a.m. and took their asses to work.
107k only?
Tug and hug. Bravo.
By my calculation that means getting a job at Barclays automatically puts you in the 1.4% Sign me up!
-UBS Quant
1,500 to the 107,000:
"We are the 1%. Suck it."
Thanks. I'm really trying, It's a process.
Christ you two need to bang and just get it over with
Wait… is he talking about janitor positions? Are these inner city kids with poor work ethic applying?
hollow point to base of his skull in order…
But I’ll give you a statistic that is important. Last year, we had applications from 107,000 kids at university
- Hey Bob D, I'll give you some statictics, 50% of the time when these kids are fucking without a condom, they are making new kids. So they aren't kids.
"50% of the time when these kids are fucking without a condom, they are making new kids. So they aren't kids"
Hired!
- UBS HR/Science Quant
What does MM mean?
You might be right, but I can't be sure.
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