The young Wall Street Republicans filling an East 60th Street tavern were sipping grapefruit-vodka cocktails under flag-colored balloons when Fox News delivered election results that quieted them. “Look,” Matthew Swift said to A. Beaumont Allen, pointing up at a screen as Fox called Ohio for President Barack Obama. The two 26-year-olds paused as the TV flashed Obama’s re- election around 11:20 p.m. on Nov. 6. “There Is a Light That Never Goes Out,” the Smiths ballad with lyrics about a car crash, came on the stereo. A woman implored the crowd to drink. Concord 51, a political-action committee of young professionals, threw the party for guests who work in private equity, consulting, law, hedge funds and corporate strategy…Blake Saunders, a 26-year-old investment banker at Methuselah Advisors LP, stood near the bar. “When you push off all these different things that are always brought to the forefront in a primary election,” he said, “like social issues like gay marriage and abortion, if you get to the core of most young people, from 20 to 40 years old, their ultimate thing is they want to wake up the next morning and smile at their children and say, ‘I’m providing for my family.’” [Bloomberg]
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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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Something tells me Saunders, 26, is not waking up the next morning, smiling at his children and saying "I'm providing for my family."
By children/family he meant "chick I met at Dorian's last night." Same diff/no diff.
So wise, like a miniature Buddha, covered in hair.
Or his frat bros who were in NYC for the night. They count too.
So I can't also be happy I'm providing for a society where kids aren't punished for being born to those well outside Concord 51's tax bracket?
can you imagine what would happen to the world if that bar exploded that night? All of those investment bankers and consultants and private equity guys all in one place? The impact on humanity would be immeasurable.
UBS was like my family
if you write "market boom" on a piece of paper, but fold it the wrong way, u may end up with a bomb, rather than a market rally.
Go on…
My ultimate thing is waking up the next morning.
The other Methuselah
After Romney's defeat, Concord 51 leaders shared a conciliatory moment with one of the Tavern waiters – an Obama supporter:
'…this is Blake Saunders, and I'm A. Beaumont Allen..nice to…meet you…'
to which the waiter beemed:
'..Billy Ray Valentine, Capricorn!'
Congrats to this for not acknowledging that first you have to be able to wake up and be allowed to have the family you want. Maybe if the GOP stopped being such gaping twats, maybe independants like myself would give them the time of day. Until then, take a lap….for the next four years.
I can't believe I dodged that bullet! Feels like the last few years were just a bad dream, and I finally woke up. Excuse me, I have to run, there's a G6 waiting for me.
If you push off all the genocide, Hitler was a great guy.
Pretty sure the DB editor who put this up is fully aware of how ludicrous the quote is (as evidenced in the headline), though the dude who said it does not.