Already exhausted from a massive cleanup and nightmarish commutes to work, thousands of U.S. voters in storm-struck New York and New Jersey encountered confusion and long lines as they tried to cast ballots in a cliffhanger presidential election…Voting at the YMCA on West 63rd Street in Manhattan was delayed because election officials could not find the ballot cards and scanners were not working properly. Among those arriving to vote there was Lloyd Blankfein, the chief executive of investment banking powerhouse Goldman Sachs. He left before voting there began. [Reuters]
Amateur Hour At West Side YMCA Prevented Lloyd Blankfein From Exercising His Civic Duty This Morning
By Bess LevinComments (47)
- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker -
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.
Massive Super-Pac donation > Single Vote
Lines make me very nervous.
I'm shocked this is the first time the "or maybe it was part of a Republican effort to suppress the UWS Jewish vote" tag has been used
Fingers crossed it won't be the last.
Democracy is for muppets.
Wonder what that finger smells like.
Kosher salt.
The long lines favor the Obama camp, more republicans have to go back to work…this isn't a racist comment. It's a fact ..check the unemployment rate between registered voters of each party.
I don't know what this country is coming to when C-suite executives at international banks are being discouraged from voting due to long lines.
Money and sex and money.
Then I guess you can forget hanging out with Laxbro on Friday and Saturday nights!
llyod looks so much like smith character that quit? i am you father
Ya got that?
hey didn't he already buy it? oh wait gs owns both sides.
Better check again, these things change fast.
-Vik
He wasn't intimidated by the New Black Panthers and Chicago Thugz?
Lloyd Blankfein is a registered Democrat, “on the left-center side of things” politically,* and, last I checked, employed.
You keep winning it, though, okay?
* http://www.bloomberg.com/news/2012-10-11/goldman-…
zerohedge down today?
Welcome to Dealbreaker, Rush Limbaugh!
Staring contest!
Don't want to be THAT GUY, but it's not the YMCA anymore. They changed it to "The Y"
Mitt Romney needs to merge with Barack Obama to survive.
If Mitt loses New York because of this I am going to be FUCKING PISSED!
Eh, me, not so much.
At the very least your comment is bigoted against people who enjoy a good laugh with their Dealbreaker commentary.
Quit muddling this up with facts and references.
I don't think you're a racist.
1Oak has a great bathroom to do coke in
Oh well?
"not a racist" : "is a racist" :: inflammable : flammable
What election are we talking about?
-UBS political strategy
I dutifully exercise my Civic every morning, on I-95.
~UBS MD
Because of the conspiracy.
Go on….
Avant-garde, eh?
This pitch book has such pretty colors please sell my business.
I don't know why but the ladies call ol' baby blue the sticker
Took me awhile to get this. You CFA's are witty and smart and gifted.
MBA > Craigslist Gas Trader > CFA > Matt Levine's keyboard
-Guy who did average on GMAT and barely understood Matt's CPDO post
And quit it with the keep winning it suggestions. Try something new like "here's a quarter, go buy a clue. "
We discourage air drying here.
Is it still fun to stay there?
+1
Wish this had been left earlier for maximum appreciation.
i voted this afternoon -the room REEKED of pee
wanted to vote Roseanne but..
There's a button for that.
I went to the centre, but just like my UBS access card, my ballot card didn't work either.
guess the e-trade baby found a way to get back online