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Four Benefits of Working with a Financial Advisor in Scottsdale, Arizona

Four Benefits of Working with a Financial Advisor in Scottsdale, Arizona

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Published by tomfish444
Working with a financial planner lets you step back and take a holistic look at your financial picture. It helps you have a better balanced and better-rounded financial plan that encompasses all areas of your financial life. Many financial products and investments can be combined to give you a synergy effect to your total financial plan. You could miss out on gains like these if you did not work with a financial planner.Tom Fischer is a Financial Advisor in Scottsdale, Arizona.

Working with a financial planner lets you step back and take a holistic look at your financial picture. It helps you have a better balanced and better-rounded financial plan that encompasses all areas of your financial life. Many financial products and investments can be combined to give you a synergy effect to your total financial plan. You could miss out on gains like these if you did not work with a financial planner.Tom Fischer is a Financial Advisor in Scottsdale, Arizona.

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Published by: tomfish444 on Feb 08, 2012
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 ==== ====For an experienced Scottsdale Estate Planning Specialist contact Tom Fischerhttp://arizonafinancialplan.com/ways-to-avoid-probate-court-and-its-costs-and-delays-in-estate-planning/  ==== ====We the investors of the world have provided the funds that corporate America has needed tofinance their growth over the past two hundred years in exchange for the right to share in thatgrowth and profits previously only afforded owners. The investor/ management relationship hasworked out so well that a whole industry evolved to fulfill the growing number of investors needsfor information and advise to assist investors in making sound investment decisions. The FinancialServices Industry, which originally was only available to the very wealthy, has grown over thedecades to be the provider of investment information to roughly 40% of American families. Most financial advisors are affiliated with large investment firms that funnel the firm's collectiveknowledge, information and expertise to their cadre of advisor to pass on to individual andinstitutional investors. In theory this gave those investors associated with large firms potential forreturns that could not be achieved on their own or with an association with smaller or independentadvisor. Thus the Financial Advisor that advised you and me was actually taking the firms "expertknowledge", adapting it to our sanitation and advising us where we should be investing oursavings to achieve our financial goals. We were told that since 1900 if you stayed invested in awell diversified portfolio you would never have less then when you started in any ten year period. So what happened over the past decade? Most of us lost a sizable part of our savings in the 2001Tech Bubble only to loose more of our savings in the Sub Prime Bubble. The $100,000 that wehad in January 2001 shrank to $60,000 by October 2003 then grew to $80,000 in July 2007 and isnow worth $40,000 today. We're eight years closer to retirement and wondering how we're goingto survive if we ever do get to retire. Do we just plan on working for the rest of our life? Do we work until we can't then go in Medicaidand welfare become a drain on the United States economy? Do we take what we've got left anddevelop a strategy and lifestyle that will allow us to live out a comfortable life without being aburden on or children and our country? I personally think the last option is the best option, but it is going to take an adjustment in ourattitudes and lifestyle. One of the adjustments has to be in how we look at the investment marketsand out financial advisors. Whether you should change Financial Advisors or not, now is the timeto asses the performance of your current advisor and decide if it is time to make a change. I amspeaking of a Financial Advisor not an Investment Advisor, there are less then 5% of the world'spopulation that should be seeking the services of an Investment Advisor. The investment marketsare not a place for most of us to turn to make money; they are a place for us to preserve the
 
capital that we have left and grow that capital at reasonable rates of return. The first step in choosing your new Financial Advisor is for you to decide what you want from youradvisor after your attitude adjustment. Here are some of my suggestions:o Help me preserve the capital I have left and grow it at a conservative rate of return.o Help me to live within my means and set an investment strategy based on my needs and goals.o Help me protect my family form the loss of my earning ability or my death.o Help me and my family achieve our financial goals prior to retirement.o Help me accumulate enough to enjoy a comfortable retirement.o Help me assess my need for long term care insurance.o Help me establish and estate plan. Once you know what you want from your advisor you'll need to find a qualified provider. As in allprofessions the first qualification you need to look for is education. Your potential advisors willhave a Series 66 or a Series 7 securities license as well as an insurance license and a variableproducts license. A Series 66 allows them to sell mutual funds and a Series 7 allows then to sellstocks, bonds, options as well as mutual funds. A Series 7 is a more in-depth course of study thenthe Series 66, so I'd eliminate anyone who doesn't have a Series 7 securities license. Seventy percent of the people representing themselves as Financial Advisors stop their educationbeyond their licenses and their required annual continuing education. It's the other 30% of theadvisors that you are looking for. These are the people with initials behind their namesrepresenting professional designations. At the top of this designation pecking order is the CFP(Chartered Financial Advisor) designation. A CFP is comparable to a master's degree in financialplanning; it takes three years of study and at least three years of practical experience. To find aCFP in your community go to: cfp.net/search. Other designations like the ChFC (CharteredFinancial Consultant) and CLU (Chartered Life Underwriter) are focused on specific segments ofthe financial advisory field. These designations are comparable to Board Certifications in themedical fields, and I personally would not put my finances in the hands of anyone who doesn'ttake their profession seriously enough to seek all the education that is available. This search canleave you with a list of three to three hundred depending on the size of your community. I suggestthat you check BestofUS.com a website that lists the best of ten professions across the UnitedStates. This should help you bring your list down to a manageable number of qualified advisors. Next go to the NASD (National Association of Securities Dealers) website and look up your shortlist of qualified advisors. (finra.org/Investors/ToolsCalculators/BrokerCheck/index.htm) Here you'llbe able find out your potential advisors work history, license history and if they have had any legalor disciplinary action brought against them. We've gone through some pretty tough financial timesover the past ten years and a lot of good advisors have been sued, so use this information as ameans of asking your potential advisors some tough questions. "Can you tell me what theseissues are about?" Now Google your short list and see what you find; you'll be surprised whatyou'll learn. At this point, you need to sit down with those left on your short list. Here is a list of questions thatyou should ask. o What is your approach to financial planning? If they don't address the "Help me" points abovetheir not a Financial Advisor. If they start talking about Managed Accounts, Sector Investing,
 
Momentum, Technical verse Fundamentals, or Option Strategies your talking to and InvestmentAdvisor. o What was your book of business worth on March 1, 2008 and what is your book of businessworth today? Can I see supporting reports? Their going to ask to see your finances, it's fair for youto ask to see theirs and if it's down more then 25% you're in the wrong place. o How are you paid? There are only three possible answers here; commissions, asset basecompensation, or fees. Most will be a combination of the three possibilities; the one that you wantto watch out for is commissions. Commissions can create a conflict of interest. Asset basedcompensation means as your assets grow their compensation grows or as your assets go downso does their compensation. I liked that it results in a common objective. Fees will involve specialwork like a financial plan or a research project relative to your specific situation, and that's fair. o How often will we meet to review my situation? This needs to be at least twice a year. o Tell me about yourself. How long have your been in the business? Do your have anyprofessional designations? Have you had any legal or disciplinary action taken against you? Whatis your employment and education background? Have you written any books or articles that I canread? You know all the answers, just sit back and judge. If you'll follow this process you'll find the Best Financial Planner for you. You may end up with theperson that you've been using, but you now know they are qualified to provide you with the servicethat you need from your new Financial Advisor. Choosing your Best Financial Advisor can be as important as choosing your Best Physician, so doyour homework and then take responsibility for your decision. As is managing your health youhave to take an active role in the management of your finances; stay involved and understandeverything. Kerry is the owner and developer of http://www.BestofUS.com, and http://www.SmartestofUS.comBoth websites are dedicated to the recognition of intellectual and professional excellence. BestofUS.com lists over 60,000 of the best professional service providers in ten professionsincluding doctors, lawyers, dentists, real estate agents, vets, physical therapists and financialadvisors. SmartestofUS.com strives to identify the smartest people in the United States while promotingindividual intelligence as the U.S.'s greatest asset. "Everyone should know their SUS Score." Kerry has spent the past fifteen years in the securities industry, the past four years as a consultanton building a successful financial advisory practice.  

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