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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?
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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"I'm here for the gangbang…"
Six boobs.
CNBC yet again demonstrates that it has no peer in the field of insightful, hard-hitting financial journalism.
Interspecies Gang Bang #47, UltraChrome pigmented inkset on Premium Luster Photo Paper
I'm pleased the Rangers have decided to go gender neutral with their mascot this year.
Sorkin Thought Bubble: "If that mascot agrees to tell me the 'inside story' of the Devils' season I'll promise to make him look like a genius no matter what really happened!"
Dude on the left – Is he wearing a 'Bang Bus' sweater?
These are the new Head Traders for JP Morgan in London. We expect them to execute completely off-setting trades, therefore making our only risk trading fees.
No, maybe, yes, no.
~recently divorced Princess Fiona
hands down the winner!
Why does Sorkin sit like he has no balls?
Penalty: 3 minutes for hand-bridging
Squawk Box interviews Warren Buffet about Berkshire's new investment in a sports apparel company.
see comment #4
She is so pretty, I mean even with the Rangers jersey on…
The horny devil keeps his hands in his lap so he doesn't get called for high sticking
How did these f*ckers land an interview with Blankfein?!
-M. Taibbi
"Great you're making me sit next to Obama, fucking fantastic!"
-J. Kernen
"Three vaginas and a mascot"
Actually, he is trying to hide an unsightly erection.
Gigantic plush toy with epic porn 'stache = Sorkin pants tent
Three guys trying way too hard not to look at the Druries.
did you see that shit with langone and cabrera this morning ?
thought they were going to pull the plug seriously.
he just blurted it out..
Mandy: How did you decide that this was the career for you? I mean, basically, you put on funny outfits and make a fool of yourself as a way to pass the time in between the real activities people want to watch and, at the end of the day, people will always view you as slightly more professional than a circus clown. Is it hard to respect yourself when you look in the mirror knowing that most people are laughing at you?
ARS: Well, Mandy even as a young child I was interested in busi-
Mandy: Oh, sorry Andrew, that question was for the Devil…
Does anyone else keep quiet about the pictures never working on DB because they fear Bess?
- Guy who's DB pictures have never worked
Jamie dimon out of costume today on Squawk
Don't mess with the Devils, Sorkin!
considering all of the above comments reference what is going on in the picture…they work just fine for everyone else.
Nope. Any time I've ever had technical difficulties I've just sent her an email and she's promptly and cheerily responded. Guess the key is to just not be a dick and you won't be treated like one?
We don't allow you to have "pics" at your desk that we don't approve of in advance.
We all speak very fondly of her and were shown more DB pictures
….brought to you by Vagisil.
That, and having the Gold Pass membership.
Red let one lose and at same time in singing voice went aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaah
"Mind if we dance with your dates"
CNBCs attempt to one-up Bloomberg after Sara Eisen's slip yesterday
Show me your sticks boys!
How did I wind up surrounded by muppets? I'm bigger than that.
+1
I was trying to shoehorn in a Drury + Devil + Sin-Bin joke…but this is much better
Three muppets and a team mascot, looks like some great TV to me.
~Jim Cramer
We three will make her airtight!
Why, he would get deliberate penalties so he could get over in the penalty box all by himself and damned if he wouldn't… you know…
-McGrath
Ew.
Fuck, I hope she can't smell that through this suit.
one of my favorite elimidate episodes ever!
A: Joseph I'm surprised at you.
D: Don't listen to that jack-off. Look at those gazongas.
A: If you touch that girl you'll despise yourself forever.
You'll never get a better chance
Coincidence the Devil wears knee-pads and his mouth is open?
Devil: WTF I am going to kill my agent…when he booked me for "Squawk Box", I had no idea it was gay porn
YES!
Y'all on HELL DATE!
My tits set off firewalls all the time…
no worries
+100
It's not hard to compare Wall Street to the devil.
OBAMA 2012
"I'd sell my soul to myself to slip one past the goalie"
ARS: So, Mr.Iksil, can you enlighten us as to the position you took that earned you the moniker "The London Whale?"
Iksil: We called it Doubling Down, or "Double D" for short…hehe
MD: Did someone call my name?
Sympathy for the Devil.
Q: What do you get if you cross a whore, a douche, a queer and mephistopheles?
A: CNBC
and a little horny