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Financial Planning: Here are 5 questions to ask before picking your advisor

Posted by Larry Jones on Mar 6, 2018 9:30:00 AM
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Aren't all financial professionals qualified to help me?

If you are going to take advice from someone regarding your personal or professional financial situation, wouldn't you agree that you'd like for that person to be highly competent? "Well, of course," you'd say. But is that what happens for most people? What constitutes a "good" financial advisor?

Actually there are basic standards that must be met for anyone to hold themselves out as a financial advisor. But those standards are usually minimum level licenses, such as a license to sell insurance, or a series license to sell securities. Did you notice the key word that I used in both of those examples: sell?

Licensing is designed to enable measurement of a minimum standard to begin selling a product. And there's the rub. A new-hire with Met Life, or Edward Jones, who has passed the minimum licensing requirements is allowed to hold him or herself out as a financial advisor. And they are expected to sell by the companies that they work for.

Now that's not to suggest that the Met Life agent or the Edward Jones rep is a bad advisor. They may have years of experience and be very knowlegable. But how do you know? Financial planning and "advising" are two different things.

 

 

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Topics: 5 important questions to ask your advisor

Financial Planning: 5 questions to ask before picking your advisor

Posted by Larry Jones on Mar 9, 2017 9:30:00 AM

Aren't all financial professionals qualified to help me?

If you are going to take advice from someone regarding your personal or professional financial situation, wouldn't you agree that you'd like for that person to be highly competent? "Well, of course," you'd say. But is that what happens for most people? What constitutes a "good" financial advisor?

Actually there are basic standards that must be met for anyone to hold themselves out as a financial advisor. But those standards are usually minimum level licenses, such as a license to sell insurance, or a series license to sell securities. Did you notice the key word that I used in both of those examples: sell?

Licensing is designed to enable measurement of a minimum standard to begin selling a product. And there's the rub. A new-hire with Met Life, or Edward Jones, who has passed the minimum licensing requirements is allowed to hold him or herself out as a financial advisor. And they are expected to sell by the companies that they work for.

Now that's not to suggest that the Met Life agent or the Edward Jones rep is a bad advisor. They may have years of experience and be very knowlegable. But how do you know? Financial planning and "advising" are two different things.

 

 

Read More

Topics: 5 important questions to ask your advisor

Financial Planning: 5 questions to ask before picking an advisor

Posted by Larry Jones on Mar 10, 2016 6:21:00 PM

Aren't all financial professionals qualified to help me?

If you are going to take advice from someone regarding your personal or professional financial situation, wouldn't you agree that you'd like for that person to be highly competent? "Well, of course," you'd say. But is that what happens for most people? What constitutes a "good" financial advisor?

Actually there are basic standards that must be met for anyone to hold themselves out as a financial advisor. But those standards are usually minimum level licenses, such as a license to sell insurance, or a series license to sell securities. Did you notice the key word that I used in both of those examples: sell?

Licensing is designed to enable measurement of a minimum standard to begin selling a product. And there's the rub. A new-hire with Met Life, or Edward Jones, who has passed the minimum licensing requirements is allowed to hold him or herself out as a financial advisor. And they are expected to sell by the companies that they work for.

Now that's not to suggest that the Met Life agent or the Edward Jones rep is a bad advisor. They may have years of experience and be very knowlegable. But how do you know? Financial planning and "advising" are two different things.

 

 

Read More

Topics: 5 important questions to ask your advisor

What you don't know can hurt you!

As a fiduciary I am required to always act in your best interests, and as a professional planner, it's my job to be familiar with all types of possible solutions and financial vehicles. In short, I have no interest in selling any particular product or any affiliation with a particular company. I work for my clients.

Are you:

  • concerned that your tax bill is too high?
  • tired of watching your nest egg decline by significant amounts every 5-7 years?
  • wishing you could find more free time?
  • looking for ways to help protect yourself against litigation that could destroy all you have worked for?
  • worried that Uncle Sam is going to enjoy your retirement more than you are?

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