At my annual physical exam recently, the doctor took my vital signs, reviewed my medical records, and after reading my EKG results, said, “Well the computer says you’re having a heart attack.” But the computer was wrong.
……This is true for any financial situation, including those outside of losing a partner or spouse. Start by finding a fiduciary, fee-only advisor, ideally someone who is a Certified Financial Planner™, so you’ll know you’re in the hands of a professional who always puts your needs and wants first….
As the number of robo-advisors explodes, the Securities and Exchange Commission has honed its examinations on interactive digital investment advisors, including those that offer discretionary advice, uncovering a wide swath of deficiencies at almost all firms in the nation.
Wealthy people are bracing for potentially higher taxes that could hit their bank accounts as soon as this year, while lower- and middle-income Americans could end up enjoying tax breaks from Uncle Sam that were originally only temporary.
Getting help on your financial decisions isn’t a bad thing. But with so many professionals and options out there, how do you go about choosing the right expert to work with?
Fee-only financial planners are registered investment advisors with a fiduciary responsibility to act in their clients’ best interest – and the fee structure to support it.
The SEC and the CFP Board were criticized yesterday for adopting code of conduct rules that blur the longstanding line between fee-only registered investment advice and brokerage services by implying that conflicts of interest are acceptable.
So, you have decided you want to leave the DIY behind and get some help with your money. That is, until you start searching and find that you need a degree in finance just to understand the different types of services and fees. Save yourself some time with this guide to the most common types of advisors, how they are paid and the duty they owe to you as their client.
