With both a book and website all about the need to Fire Your Financial Planner, you know that I am skeptical of people who make a living advising people on ways to earn and save money. Professionals in the fields of finance, banking, and accounting are certainly needed, but consumers must be careful when deciding to trust someone with their finances. What is the person's motivation for being a member of his field? What are his credentials? Does he always have my interests and goals in mind? These questions become particularly critical during tough economic times like the ones our country (and the world, for that matter) is now facing.
The Fox Business Channel posted a great article on its website earlier this month which posed the question, "Is Your Financial Advisor Working in Your Interest?" The elderly and disabled are most likely to be victims of a selfish or unscrupulous advisor, but anyone is susceptible to poor advice. You may have put all of your money into one firm that has now declared bankruptcy ... there goes many years of savings. Or, perhaps you were told to invest in risky stocks due to your age or earning potential and now you've lost a bundle. When the media is reporting numbers regarding the stock market, unemployment, and consumer confidence, and all of them look bad, you need to be positive that your money is in safe hands.
In the Fox article, the most important piece of advice given is to ask your financial advisor if he or she gets paid on commission. You may be surprised to know that insurance agents, bankers, and even accountants can find methods through which their services are based on commission. And, this method of compensation may be perfectly fine. Just know all the facts going into the situation so that you can ask the right questions if any advice starts to sound a bit suspicious.
When I meet with you for a coaching session, I will be completely upfront and answer any questions you have. I want you to be absolutely convinced that I am interested in giving you the advice that is best for your situation, because I am! Please contact me and let's find out how we can work together.
4 comments:
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I really appreciate you for providing this information. great post. Every penny that is earned through sweat and blood is very precious for every individual. Preserving the earned money and investing it in the right areas is also equally important. Therefore it is always recommended to let the experts handle issues like these and this is where a financial planner comes in.
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