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It could have been worse?
Front office down zero to 40%. No base reductions. I’m hearing FICC worse than Equities and IB.
Viniar-land (aka Finance) down zero to 30% Many junior people flat YoY on total comp.
I’m personally down 20% which was exactly the right level to piss me off but not enough to make me dive across the desk and beat my boss to death.
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
There should have been an instrument involved. Like "beat my boss to death with his own stapler."
Or something.
Disagree. I'd do it with my bare hands.
Chrome dildo?
-DoubleLine Capital Analyst
Watch out, Dude, Goldman adjusts everyone's comp by a slightly different percentage so that they can track the one who leaks the info.
I heard Lev Fin was given 20 shares of MF Global stock and 2 shake shack vouchers
When are actual numbers coming out?
I may be down 20% this year, but I'm 1% for life
I'm only down 5% from last year.
Try putting on a long PFE position, that might help in that department.
Any word on second-year Rhododendrons' numbers?
Until you're laid off in a week
Harry didn't think that he got a big enough bouns, so he grabbed the nearest thing to hand, which just so happened to be a 15 inch black rubber cock, and proceeded to beat poor old Jeffrey to death with.
Trying to impress Bess with your 20% bonus numbers is the NKI
Doing better than M&A at RBS, so that's something.
why don't you step up to the plate and send them?
Somone want to put up specifics and actually help people or just ramble?
LOL at the idea that having a specific number would "help" you. You already got your number and it's done or your number has been decided. Either way, you're not negotiating dick.
[Also, kill yourself but you knew that already]
"someone want to put up specifics"
Why don't you start, guy?
how will you ever eat a decent meal on that salary? hope they don't starve
…With his own shoes
Also, I get the being "pissed off" part" but none of the pale, pasty softies at Goldman could beat anything except their own pud.
Stub Associates – base comp stayed flat at 100k (vs. increase to 125k), stub bonus 20k cash.
Turning to the Commentariat for bonus help was never killing it
….it.
My boss simply told me that the first three letters of my bonus would be exactly the same, but the last two would be quite different and more like what I'd expect at UBS.
If I apply the typical discount to Goldman, now I give my analysts an invoice
Karsten Kengeter
sure that the act would be considered 'manslaughter'? i think he'd qualify for murder. debate.
I say bring it bitch, I have no problem showing you WHY you call me boss eevryday ya lil punk
-Your Boss
No one is lucky enough to get Mitt Romney Speaking Fee #s…..which isn't that much you know.
55% of base. base for associates — no change..
In the land of pale softies the one who is extremely pissed about his bonus and thrown into an uncharacteristic fit of rage is king.
Typical leech 99% bitching they don't get a bonus
Uh, what?
Shutup intern
If only I could still pick my stocks for goldman, we'd make it rain like pacman….it's appalling they haven't brought me back yet.
-1′
First year analysts: the annualised stub is 30% of base…
6th year associates. Base salary stayed flat at 130k. Bonus stayed flat at 0.
Oh yeah.
fuck, Bess, 20% lower? 4 more years like that and you will get nothing!
-UBS Head of CAGR analysis
coz you'd be at the ankles?
Sooo…no Tom Brady visit this year?
Keep the change ya filthy animal!
can i get a raise for the 7th year?
US$0.01
you're worthless (and racist i just noticed)
Bonus of 55% of base? Are you talking investment banking or middle office? It was 55% of base last year??
I am at JPM and I got 300 all in as an A2 – 150/150 with 30 being stock
Already did post this
And by help out I mean some of us have contractual guarantees for some adjustment based on street if we are low… I understand most of you just bend of and take what your told – some of us actually negotiate…
Before you kill yourself – finish polishing those banana peels
what division at jpm? don’t get the contractual obligation to adjust to the street either. lastly, i thought A2 was at $125 base at all banks. maybe i’m dumb but that is what i was told…
Look at the 99% quibbling over 20%
Hahaha
That's chump change for me, bitches
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Good guide, Jonathan. I see you’ve received some pretty acrid comments. Those are from those that do not recognize or understand the authority of God, and His Word. I believe in the literal boundaries of the Promised Land and will often support Israel as God’s Chosen Persons. I pray the PCUSA (of which I’m not a aspect of) will open their eyes to the Word of God and His promises. That’s the bottom line!
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