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Financial Planners - Good Ones Earn Their Pay

Financial planners are more than just stockand lawyers, have a duty to those whom they
brokers - they are trained professionals whoserve, not to their employers. When you are
have a fiduciary duty to put their client'sthe client of a financial planner, you are
interests  ahead  of  their  own.his  or  her  real  boss.
Unfortunately, a minority of financialEvaluating Client Needs - The Foundation of
planners have given the whole profession aFinancial  Planning
bad name, mostly by recommending investment
products based more on the commission thatPerhaps the greatest benefit of hiring a
the planner receives than theirprofessional planner is that he or she has
appropriateness  for  individual  clients.experience evaluating the needs of various
types of investors. It's sometimes hard for
The ease with which one can trade online andus to sit back and evaluate ourselves - and,
the abundance of free investment informationof course, we may not know all of the
available on the internet have caused someinvestment products and tax strategies that a
people to feel that they don't need financialtrained financial professional works with on
planners, but while hiring a financiala  daily  basis.
planner may not be the right move for every
investor, a good financial planner can beFinancial planners can take a look at their
worth  far more than you ever pay him or her.clients' financial well-being, goals, and
risk tolerance, in order to develop a truly
The key is finding the right financialcomprehensive financial plan, that goes well
planner.beyond  "buy,  sell,  or  hold."
What  is  a  Financial  Planner?For starters, your financial planner may
recommend a given asset allocation. Financial
Typically, a financial planner (alsoadvisors tend to recommend that younger
sometimes known as a "financial advisor") ispeople have a greater percentage of their
someone who is licensed to sell stocks andportfolios in equities (stocks), whereas
other securities (bonds, mutual funds, etc.),older folks concentrate more on fixed-income
as well as insurance products. Some financialsecurities  (bonds).
planners may even be able to give tax or
legal  advice.The logic behind this is that young people
can afford to take more risks - over the long
One major distinction among financialterm, the stock market generally outperforms
planners is how they're paid. There arethe bond market. But for older people, what
fee-based financial planners andif the stock market crashes the day before
commission-based financial planners. Forthey're  set  to  retire?
high-net worth investors, fee-based planners
are  probably  the  best  fit.They don't have the time for the market to
"correct itself" that younger people do, so
This is because you'll never have to worrythis is why financial planners generally
about your planner steering you into anrecommend that people begin slowly moving out
investment solely to line his pockets with aof  stocks  and  into  bonds  as  they  age.
fat commission check - he is paid to give you
advice, not based on what you actually buy orBut this is just a simplified case. Perhaps
sell.your needs are a little out of the ordinary.
Perhaps you haven't saved enough for
If your financial planner's advice doesn'tretirement. A good planner will recognize
pan out over the long run, you're unlikely tothis and recommend that you're aggressive
stay  with  him.with  your  investments,  even  in older age.
This doesn't mean that commission-basedMaybe you're young, but you have an
planners are all bad. Few financial plannersincredibly weak stomach. You like to play it
are able to build a fee-based clienteleby the book, and everything you read says you
directly out of college - they have to earnshould be heavily in stocks, but a good
their  stripes,  as  it  is  said.financial planner will steer you toward big
cap blue chips with a healthy dose of
The best commission-based planners usuallyfixed-income, and your stomach will thank him
graduate to fee-based advisory, but in doingfor  it.
so, they may be pressured by management to
leave their lower net-worth clients behind.The key is that experienced financial
Truly professional financial planners willplanners have seen other clients in similar
always do whatever they can to accommodatesituations, and yet they are able to zero in
the needs of their existing clients, even ifon your unique needs. This type of financial
their  assets  are  modest.professional is worth every penny that you
pay him, because he measures his success by
After all, financial planners, like doctorsyour success.



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