As long ago as June 2008, New York Federal Reserve President Timothy F. Geithner was warning the Bank of England that letting bankers set the benchmark interest rate for global finance was open to abuse. Governor Mervyn King’s failure then to take greater responsibility for Libor now poses a new threat to London’s drive to rival New York in the battle for a larger share of a shrinking international financial industry. “As a company, we now avoid London,” said David Kotok, who manages about $2 billion as chief investment officer at Cumberland Advisors Inc. in Sarasota, Florida. “It’s tarnished. Passing the buck to others, shirking responsibility and avoiding accountability characterizes the people at work there.” [Bloomberg via Heidi Moore]
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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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Almost stopped reading at $2bn but finally stopped reading at Sarasota, Florida.
NO RED(COATS) ON THE FUCKING TRADING DESK!
– Sons of Liberty S&T MD
Yep, we should keep our business right here in the USA, where accountability and honesty regin supreme, bring your business right on down to Cedar Falls…er, wait.
There's a story going around 'bout how some twenty Redcoats got killed by a ghost or some damn thing, carried a Cherokee tomahawk.
My parents almost named me Mervyn.
and where are you writing from genius, new york city? enjoying those state and local income taxes? (florida has neither).
Isn't Cumberland mostly a Muni shop– in which case London would be more-or-less irrelevant anyway?
Thanks for keeping us abreast of your reading progress. Keep up the hard work. You're doing great!
-Hooked-On-Phonics Literacy Analyst
Shut your mouth when I'm talking to you!
- David K.
Yeah, and?
-bberg reporter who was desperate for a quote
um…most people here are writing from nyc (or surrounding areas).
-guy who's embarrassed for you
"enjoying those state and local income taxes? (florida has neither)."
yeah, but you have to live in Florida
Yea right, the guy is absolutely tearing through that paragraph. I wish my students could make similar progress.
I fucking loved There's Something About Mary!
Madam, we may shirk responsibility but in the morning you will still work for Cumberland Advisors.
- W Churchill
Take it easy. It's not like they were always in Sarasota. They were formerly located in Vineland, NJ.
- guy who's not kidding
That's nice. What did you think of Wedding Crashers?
They also have (had) a managed ETFs business but folks couldn't stand to work with DK and left.
Yep, muni's. Hate London. Love SB City. Well, loved SB City.
Co-signed
- Refco, MF Global, Stanford Financial Group
To clarify….. London, Minnesota. Median household income of $34,018. They wanted to float $2.3B of GOs to revamp the surrounding roads for the annual antique car endurance race. Which, admittedly, sounds like a phenomenal investment at first glance…… but ya know Libor being what it is….
-D. Kotok, Part Time Wikipedia Contributor, Full Time Overcommitter
Worst comment since 11:28am on Friday.
But its only 80F in Sarasota right now..
–Guy from NY that hates the heat
Somewhat tough, unwilling to comment on fairness without a link to a spreadsheet of all comments since they, tyia.
It sure sounds like you are kidding.
-guy who can hear comments
Awesome idea.
- Jerry Seinfeld, Jay Leno, Rich Car Enthusiasts et. al
It's Sarasota. Besides being on the Gulf, it's nothing but Circus Freaks and Midwesterners
Fine but not dandy.
Got to love a guy that could save Western civilization while still boozing like a champion on a nightly basis.
-Guy who notes that Hitler was a non-smoking vegetarian teetotaller
I'm not.
- guy who's actually not
no kidding (another genius…). me too. but i don't particularly relish giving 10% of what i make to the morons in albany / city hall. and i'm not dumb enough to think that i derive anywhere near that much in benefits from living here.
Don't forget that split of Pol Roger in the morning.
-Guy who uses historical figures to rationalize and justify his alcohol consumption* much in the same way he uses Matt posts to rationalize and justify his treatment of material non public information.**
*And really hopes his boss can appreciate the historical similarities
**And doubts the SEC could make it all the way through a Matt post but assumes they are too busy watching porn to get around to much else.
"Passing the buck to others, shirking responsibility and avoiding accountability characterizes the people at work there."
Where can I sign up?
- JC
Something tells me your not in the 500k+ / year tax bracket… 5.25% is prolly the better rate.
- NYS tax bracket quant
Get in the back of the line you rich asshole, I actually need the money. I've been crashing on Taibbi's couch for months now.
We shall smite them on the beaches…
its true – if you never manage to get laid, you do not derive the benefits from living in NYC
But Hitler sure loved himself some amphetamines!
-Goebbel's Gerbils
Go on…
Actually, Adolf drank White Star (Von R. was a champagne salesman in a former life) and beer. Just didn't drink more than one or two at a time. Or, as W.C. would put it, "a warmup".
-guy who knows more about this than is useful and finally found a pointless place to use it
Hitler was hooked on amphetamine during the war, as well as numerous prescription drugs.
UBS PWM client development catering MD says what?
Worst comment ever.
um, not weighing in on the tax debate here, but you do realize that you just proudly announced that you can't get laid outside of the country's most densely populated urban area, right?
doing the same work and keeping 10% less of what you make is the NKI.
I am pretty sure they aren't "passing the buck" in London
They are not shitting you a pound either.
-Guy Who Has Been Waiting Some Time to Use That Phrase
Are you proudly announcing that 10% of your lifetime earnings are justified because of proximity to pussy? Sounds like something someone who didn't get laid in high school or undergrad would say. Dream big.
Some coin in Naples and Sanibel Island.
Yeah, if you feel like jumping in the car and driving 100 miles south!
Should've waited longer.
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