A couple of SeaWorld employees during yesterday’s visit to Blackstone, which owns the animal theme parks/oceanariums/marine mammal burlesque theaters/what have you. Whether it was nerves over being in the presence of the boss or simply a matter of not being housebroken, the duo “left some unsolicited presents on a carpet and a conference table,” Dealbook reported, which seems a bit uncalled for to us. They were embarrassed enough! No need to tell the whole world.
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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.
Just a couple guys in suits who shit on the floor. And some penguins.
"We've been hearing complaints from investors and from the regulators, and believe us, we're listening. That's why we're here today: to introduce to you the new directors for our portfolio companies, who will provide the independence and strong oversight you asked for."
After finally getting to meet Mr. Schwarzman, the penguins communicated their displeasure with their year end bonuses in the only way they knew how.
"So you guys are the new IT department over at Dealbreaker?"
"We are not sheep – stop smiling"
"These are my kinda people!"
—Nails
After a grueling night of playing "Duck, Duck, Goose" with penguins – bonuses were awarded to the winners.
"I thought you meant nuns. I thought you were saying a nun took a crap on the carpet."
What's black and white and as red as the Florida panhandle?
Keep them away from lobster claw! It's a trap!!
Damn it, there is nothing worse than eagerly clicking on a post with a hilarious and original comment idea and then seeing that your idea is the very first comment someone else made. Fuck it, from now on it's nothing but Lynn Tilton jokes.
-UBS Original Humor Quant
Guy in the red tie is definitely rocking a stiffy under the table.
I wanted to make a Michael Jackson joke here but then remembered that he's dead.
For the bonus round:
Penguins to analyst in the corner: "Really? To the DEATH?? Can't one of us just say Uncle?"
Lennay…??
- M Te'o
It's Marco Rubio's doppelganger! And two Blackstone directors.
You work at UBS and can't think of anything worse than that?
Maybe that's why you work at UBS.
- GS HR Quant
Just the two of us, we can make it if we try…
While some of Blackstone's junior executives were delighted by the penguins' proposals, others in the room felt that they were "full of shit."
Dear Steve,
Don't trust the sea creatures. I don't care what they've told you. Kill them. Kill them all.
- Jamie
We've made the penguin exhibit more efficient now.
Bonus round: They are so cute, but where do we apply the leverage?
Unsolicited gifts/bonuses.
Pot-ay-to/Po-tah-to.
No joke, my old man worked for Anheuser Busch when they owned SeaWorld and I got to take a picture sitting on Shamu
Cool
-Guy that gives a shit
You sure no joke? Cuz it sure sounds like a joke.
Bonus Round:
"Meet me at Minetta's, vomit your lunch in front of me so I know it's you."
"After years of unsuccessful fertility treatments and one heartbreaking miscarriage, the couple was finally able to conceive."
Good, but needs some Lululemon yoga pants.
Bonus Round
Indian-looking guy on left: These are the assholes I was telling you about
Blue Shirt guy: But they're penguins
Indian-looking guy on left: Shut your fucking mouth when i'm talking to the penguins!
Steve Schwarzman just before pardoning "Tuxedo" the penguin. Also pictured and not as fortunate, "Chilz" the penguin and a human Monchichi will be the main course at Steve's MLK Day cook out.
Blackstone…"keeping your bird in our hands while we tongue your eggs"
"No, I am serious, the birdkeepers do that to increase egg production, keep going…"
"Kowalski! – Where's Private?"
2012 North American Stone Crab Advisory Committee
from left to right:
front row- Chilly Willy,Chairman: Pingu, Hon. Secretary
back row- Bob Fish, Treasurer; Steve Schwarzman, Vice Chairman
Bonus round, clockwise from bottom: maybe, maybe, no, no, no, no, no and no
The guy in the red tie seems to be an emphatic "yes, yes"
Sheesh, more thumbs downs than a Jim Cramer comment? Guess I better examine my motives…
Schwarzman: "….Fly? Fly? Of course they can fucking fly! If I tell those little shits to fly, they'll sure as fuckin' hell fly…!
This ain't SeaWorld, this is real as it gets.
Bonus Round….
Bald-Guy With Glasses: "Listen-up everyone ….Mr Schwarzman said to make 'em fly by the AM or don't bother coming in tomorrow…"
Red-Tie Guy: "We're on the 61st Floor so I'm quite sure I can make them fly…ummm but like I don't know whether I can teach them to land well enough…
Worst comment ever.
"how many times do we have to shit the place before this janitor on the left cleans it up?"
HAHAHAHAHAHA!!!
Wait – what?
I'm used to clubbing baby seals, but these will do
No need to make excuses for your honeymoon wedding photos.
The ocean called, they are running out of stone crab
The SEC sent its top enforcement field officers to investigate Blackstone's fishy financial transactions, but they wound up giving them a clean bill of health.
Black tie affair photobomb
ack tie affair photobom
we always do a great job with our layoffs.
SEC sent its top enforcement field officers to investigate Blackstone's fishy financial transactions, but they wound up giving them a clean bill of
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