At the private air terminal at Logan Airport in Boston early Wednesday, men in unwrinkled suits sank into plush leather chairs as they waited to board Gulfstream jets, trading consolations over Mitt Romney’s loss the day before. “All I can say is the American people have spoken,” said Kenneth Langone, the founder of Home Depot and one of Mr. Romney’s top fund-raisers, briskly plucking off his hat and settling into a couch…As the morning wore on at Logan Airport, more guests from Mr. Romney’s election-night party at the Boston Convention and Exhibition Center trickled in, lugging garment bags and forming a small line at the security checkpoint. “It’s going to be a long flight home, isn’t it?” said one person, who asked not to be identified. The investor Julian Robertson, who held fund-raisers for Mr. Romney and gave more than $2 million to a pro-Romney super PAC, arrived with several companions. Mr. Robertson spotted an acquaintance: Emil W. Henry Jr., an economic adviser and a fund-raiser for Mr. Romney, to whom Mr. Robertson had offered a ride on his charter. “Aww, group hug,” Mr. Henry said. [NYT]
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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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Is megadoner a giant kebab or a cousin of the mega boner?
Robertson, Langone, Henry. Super team of the '80s.
Prepare to distribute the poison donuts.
Am I the only one who thinks it would be a badass move if Romney took out his frustration by running Bain again for the sole purpose of destroying companies for profit/spite? (more spite than profit)
companies owned by Obama's blind trust
"men [who supported Romney] in unwrinkled suits sank into plush leather chairs as they waited to board Gulfstream jets"
and somehow, they thought Romney would be attractive to lower and middle income class voters….
WAAAAAAAAAAAH
Rich people aren't used to losing at anything. Its funny to watch it happen. Perhaps they can go back to making more money in an attempt to fill the deep black hole in their hearts. Or they could blame their insecurities on a black man, that might also make them feel better.
Mr. Romney, you sir are no Doug Masters.
Good job falling for NYT's none-too-subtle angle.
Teasing us with this piece ahead of your Concord 51 magnum opus and tags is very, very naughty.
Righhhhht. And how things over at OWS, kinda slow?
By "group hug", you mean "Race you to Mauritius", don't you?
but seriously, the nyt article ends with the "group hug" comment
Are you employed, sir? My advice, do like your parents and get a job.
PLEASE STOP YOU'RE RAPING MY CHILDHOOD
-Iron eagle, over and out
There used to be a time when success was admired. Now people who think like this are the youth and the "future" of America. Why do you wish to make successful people feel shame for their accomplishments? You do know how rich people like Steve Jobs, Ben and Jerry, and anyone who ever brought anything useful to the world became because of their hard work, right?
I'd probably sympathize more with some OWS arguments if they weren't so poorly researched and lacked even the slightest amount of concrete statistics and facts (sources cited) .
- Guy who's had it up to here
Typo for megaladoner's, i.e. dinosaurs, hence the old guy in the picture.
Bess, I appreciate the Livin' on a Prayer reference, even if I'm the only one.
yeah cause those rich and successful people made it there on their own. Riiight? and the untold people who had a vision put in hard work and never made it. screw em right . To become rich takes a lot more luck than you give it credit to. Success =/= wealth
I am not sure who you are, but fuck you.
~ M. Milken
Everyone needs to just stop complaining. 2016 will tell all! All you unemployed will still be unemployed and all the rich will still be rich. Stop crying and do something for yourself. It’s your damn choice, collect unemployment, get a job or start a business.
I appreciate the attitude of Obama. Thanks Romney for consideration. All the best.
It's not subtle. It's in the title. And everyone who reads it mentally trails off with "for love…"
You're nitpicking