BURLINGTON, Vt., May 11 – U.S. Sen. Bernie Sanders (I-Vt.) issued the following statement today after J.P. Morgan Chase revealed a $2 billion loss: “The debacle at J.P. Morgan Chase reaffirms my view that the largest six banks in this country, including J.P. Morgan Chase, which have assets equivalent to two-thirds of our GDP, must be broken up. This is important in order to bring more competition into the financial marketplace and to prevent another ‘too-big-to-fail’ bailout. “At a time when 23 million Americans are either unemployed or underemployed, huge financial institutions should not be involved in ‘making wagers or high-stake bets.’ They should be investing in the productive economy creating jobs and improving our standard of living.”
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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.)
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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?”
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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rabble rabble rabble
In Soviet Vermont, Sanders invests you!
We need bankers to break up our bankers, so in the end your just creating more bankers
and free college education for all!
Self-described "democratic socialist" http://en.wikipedia.org/wiki/File:Bernie_Sanders….
Cheddar cheese > Dimon Principle
We're really defining debacle down when a $.25 hit to earnings is described as such
I've met Francois Hollande. Hell I've slept with Francois Hollande. And you sir, are no Francois Hollande. Erm, wait, you're a socialist too? I take it back.
Here is a picture of Vermont's largest city:
http://en.wikipedia.org/wiki/File:Burlington,_Ver…
Here is a picture of the suzerainty of the banks in question:
http://en.wikipedia.org/wiki/File:NYC_wideangle_s…
Thanks for weighing in, Bernie
his point is that while it is 2 billion today. what if that idiot lost 25 billion?
Trust me Bernie, I am sure Jamie is very broken up about all this so you just piling on and demanding it does no one any good. More syrup on those johnny cakes? – Vito
Thanks Larry.
and how much does Bernie – US govt – loose each day?
Businesses like GMCR, you mean?
good point Perma. was trying to come up with some companies based in VT.
All i had was the Vermont Teddy Bear commercials around Valentines Day
Yo dawg, I heard you like banks, so we put a bank in yo bank so you can trade while you trade.
that's it JD nice and slow….sticky icky..ooh wee !
Loose like your mom?
cmon morons- are you really that dumb?
and is a LAME mother joke the best you can do?
If your mom wasnt under my desk choking right now even that slut would laugh at you
What time are your reservations at Minettas?
who told the intern about Dealbreaker?
any whores give birth to quants
hows that rubber doll girlfriend of yours
AHHHHHHHHHAHAHAHHHAHHAHHA
BUSINESSES THAT LOSE MONEY SHOULD BE BROKEN UP
- Bernie Sanders, aka UBS Auto Industry Quant
JPM probably *is* too big. So are the rest of them. And sooner or later (and probably sooner rather than later) people are going to get tired of watching JPM stock go sideways (which is what it's been doing for 12+ years) and start pressing for de-conglomeratization to unlock value. Give it time.
That second picture shows that bridge we bought!!
Think GMCR is about it for public companies– might be a couple of banks, not sure. Unless of course you count Unilever Ice Cream a/k/a Ben & Jerry's.
I tried to corner the oil markets. Look what happened to my firm. The banks today are trying to corner the dumbass market.
reinstate Glass/Steagall – make them choose between being a commercial bank or an investment bank
No love for Orvis, Perma?
-Guy who denies there's a Vermont outside of Manchester
No, Colonel Sanders…you're wrong.
So you're saying Burlington has no bookstores?
Phish
What about Vermont Made maple syrup?
- Silly pancake eater
I'll take this a step further: we need to see this in every space. GE shouldn't be in finance, turbine manufacturing, light bulbs, and entertainment.
Lots of love for Orvis. Was just trying to name public co's in Vermont. Plenty of privates like the Pride of the Battenkill– a railroad, a tombstone maker, three breweries and about a dozen cheese/dairy operations come to mind.
Bu…bu….bu…….BUT SYNERGIES!
Am I the only one who pauses just about every time before scrolling by "Layoffs Watch '12: Macquarie"?
Well, I've uh, I've changed my mind. I think I'm going to build a
rollercoaster instead.
H.E. Pennypacker
Agreed– but GE management is too inbred/brainwashed to ever consider such a heresy– and no outside investor or investors could possibly get a big enough stake in the co. to force the board's hand.
-guy who grew up in GE Management country i.e. Fairfield County, CT
IBM has a huge facility up in Burlington
Yes .. sort of like the inside of the Hindenberg was a huge facility . Luckily we off-shored most of the ear flap wearing engineering help that we had up there. Now we just store old Selectrics in the chip fab so we keep getting the tax breaks.
– the management
The Great State of Vermont will NOT apologize for its Cheese
Picked the wrong week to stop sniffing glue.
Vermont outside of Manchester? Sure there is – the 26 miles of Route 7 that reminds us where Vermont got its name and the 3 miles of 279 that allows us to deny Bennington's existence.
Diagreed. Guy who got panicked calls from Antares in 2008 looking to unload assets because the short-term paper market looked wobbly and could see a prince or SWF forming a "strategic partnership" someday.
Isn't Yankee Candle up there?
- MDP
Isn't investing in the productive economy the same thing as making a wager/bet?
- UBS Stupid Question Quant
No, it's by Deerfield, MA
-Guy who went to Deerfield
“At a time when 23 million Americans are either unemployed or underemployed, huge financial institutions should not be involved in ‘making wagers or high-stake bets.’
So Bernie is ok with huge financial institutions "making wagers or high-stakes bets" but only when the unemployment rate is lower?
you can feel good about hood. does a dairy co-op = publicly owned…?
how am I to know who you are? wearing anything special?
are there desks in zuccotti park?
Just who we need to tell us how to run our businesses, a polak socialist career politician!
-The American Public
Car Ramrod?
Clearly this calls for a fresh government review of debit card interchange rates.
Love the Magic Hat brewery # 9
- Guy who once got shlepped up to Vt for "Fall Foliage" season by ex-gf
This bet was made as a part of the commercial banking operations (so they say). What would Glass/Steagall done to stop it?
And you're right. rightwing freak that is.
No he's not. reading comprehension is not your forte.
I know what he wanted to say but that wasn't what he actually said. Ironic that you would be commenting on reading comprehension as you clearly missed the point.
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