Jack Welch, writing on his Twitter account, said the Obama administration manipulated U.S. employment data for political gain by showing a drop in the jobless rate. “Unbelievable jobs numbers..these Chicago guys will do anything..can’t debate so change numbers,” the former General Electric chief executive officer said in a message posted immediately after the U.S. Labor Department reported that the unemployment rate fell to 7.8 percent last month, the lowest since President Barack Obama took office in January 2009. The Obama administration denied the allegation as baseless and defended the U.S. Bureau of Labor Statistics, which computes the figures…Welch is in meetings today and isn’t available for comment, said Rosanne Badowski, his executive assistant. She said Welch is the only one with access to the Twitter account. [Bloomberg]
Retired Man Only Has Time To Start Conspiracy Theories About The Jobs Numbers Being Cooked, Not To Defend Them
By Bess LevinComments (32)
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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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Remember I am always in a meeting…
Never dicking around on twitter or on the phone.
Sounds like at least two cranky twitter users didn't get their pumpkin spice today.
I come to bury Caesar, not to praise him.
"Unbelievable quarterly numbers..these Fairfield guys will do anything..can’t make enough $ so change numbers”
- GE short seller 1991-2000
Someone told me that Welch was really born in Kenya.
- Grandpa Simpson
This guy is gay right, I mean with that voice ?
Cmon
there was no pumpkin spice
Admittedly agree with the ol' koot but someone please stop giving him a platform. Right place/right time – that's all he was.
- His Peer Group
Works for me
: )
Are those air quotes [makes air quotes] he's making?
The numbers are true when a Presidenta says they are true!
We report latest Argentine inflation at 5%. Also, Cristina Kirchner's RealAge is 25, and her weight 110lbs.
you're an idiot.
"Admittedly agree with the ol' koot "? seriously? what's it like living on planet tinfoil hat?
underrated
According to OUR survey, commenter's IQ is 180, so…
I'm just hoping this doesn't hurt the prestige of the Jack Welch Management Institute
Ad hominem attacks on people from Chicago is the NKI.
What kinda standard deviation you guys workin with?
If by "Gay" you mean "Melissa Etheridges next lady spouse", than yes
The true measure of unemployement is the "Labor Force Participation rate", it's never been the "Unemployment Rate" which has bene doctored for years
http://data.bls.gov/timeseries/LNS11300000/
It's Friday afternoon… take your lack of snark and please leave.
- the 99% of the 1%
Are you related to Matt?
Why that's a purdy graph you have there. Why don't you expand your attention back a few decades. I bet you were an MBS quant in 2006.
Well, really any kind of attacks…
- South Side
Seconded.
- Politburo
You forgot the "Nervous University of Phoenix MBA grad" tag.
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I thought the "true measure of unemployment" was U-6