Bloomberg reports that Uncle Vik has put his 6-bedroom, 6-bath Greenwich, CT weekend house on the market and while experts are skeptical he’ll get the $4.3 million asking price, perhaps someone will consider throwing him a bone. Citi shareholders have screwed him yet again and he could use the cash. No zen garden to speak of (cruel world) but there are “rolling grounds” and a lagoon-like pool. Make him an offer.
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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?
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1. She Isn’t Certified
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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.)
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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?”
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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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Occupy Pandit's house
Why hasn't he been foreclosed on? How can he live there and only make $1 a year!
– Outraged OWS Comp Quant
Occupy Blandness
Did someone say bunga bunga?
– Silvio B.
Do I make the check out to him or Al-Waleed?
Is that a two-car garage?
Forget Pandit, I want to sleep where PMCO sleeps
6-bedroom, 6-bath Greenwich, CT vacation house is slumming it…
What kind of a douche has a "vacation house" in Greenwich.
It is not a vacation home if it is where successful people normally live. Instead, a vacation home is where the native demographic is significantly poorer than these so called "vacationers," thus allowing for economic/social tension to emerge despite the fact that these peasants rely on these individuals for their annual income and these individuals rely on these peasants for labor/services.
- Guy who is planning to write a book about it
1. A lot of people whose primary residences are in Manhattan have second homes in CT, to get away to on the weekends.
2. He presumably has other homes elsewhere.
Any other questions?
I'm not interested in sleeping with you, ILP
Pandit's primary residence is in Manhattan. What would you suggest we call this place?
place reeks of chaat masala and tears
What's the fastest animal in the world?
What about us?
-Bess + Matt
$4.3mm in Texas makes that a guest house on 5 acres, with a 12k sq/ft wife and a Lexis in the driveway.
Pandit's Temple of Poon
So is it a pool or a lagoon? Details are important.
That's a helluva big wife.
Sale House Woman #4: The ad said this pool was lagoon-like. There's nothing lagoon-like about it, except for the bugs. There aren't even any plants out here!
Carolyn Burnham: What do you call this? Is this not a plant? If you have a problem with my plants, I can always call my landscape architect! Solved!
Nope. I can't run the risk of ruining a beautiful friendship because you know Matt and I would end up fighting over Bess.
Are you saying you're repused by ILP or that there wouldn't be much sleeping going on?
- UBS Interpretation Quant
I'm saying I am interested in not sleeping with ILP.
*repulsed
- I suck
His weekend place.
ouch
What is the air-speed velocity of a swallow?
ILP, on Dealbreaker an 85p getting into the pants of a100p is just about impossible.
OPP, you know me
- Occupy Pandit's Pad
You'll probably find the CT house is his "primary residence" which conveniently avoids City tax.
african or european ?
ILP, you silly sausage. I meant there would be no sleeping. xoxo
Hey !
That is why I Love You
Lexis = Alexis Texas?
"Pandit lists the Citigroup building at 399 Park Ave. in New York as his primary mailing address for all Greenwich tax bills and municipal correspondence, a sign that he doesn’t reside full time at the Connecticut home, according to the assessor’s office. Pandit also owns a co-operative apartment on Manhattan’s Upper West Side, which he bought from the estate of late actor Tony Randall in 2007 for $17.9 million, city property records show."
What is the air-speed velocity of a spit?
We got a problem. Come by my office close of business.
Umm, that doesn't always work out so well…
No, it doesn't– not unless Pandit can prove that he spent >183 days last year without poking so much as one toe over the York State line, let alone into the Five Boroughs.
nice.
very straightforward, place in the city, hell of a place sounds like.
place in the burbs.
It's an Above The Law joke about some dumbass who once made a similar claim with the same conflation, leading to hours of fun for commenters making jokes about the error and some hypothesizing that he confused the car brand with the legal search tool, Lexis Nexis. Commenters on the site have continued to find the joke funny for years. Bear this in mind next time you have to talk to anyone in legal.
Source:
Funny Lawyers, the new world's thinnest book after "Jewish Sports Legends."
-Not the joke briefer but a big fan of his work who wishes he had the time, and lack of ADD, to give this a longer explanation.
you def don't need to be repussed…you are plenty puss enuff
that tax is on income genius…
1 dollar $ mortimer
pond, pond would be good for you
Pandit? You can have my answer now, if you like. My final offer is this: nothing. Not even the fee for the gaming license, which I would appreciate if you would put up personally.
-Someone who like to quote from the Godfather
So then he was referring to Alexis Texas?
-Guy who is explaining the "Joke Explainer's" over explanation.
I hold down the fort while Vik is in the city.
-Seamus
God I love you. Marry me if Matt dies?
Pretty sure he's got other income beyond his Citigroup salary, old sport.
I've measured the air-speed velocity of my splooge.
- Peter North