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No. 2: Demand quality time.


Financial advisers, like all of us, are overworked. Yet they should take the time to get to know you and to understand your goals. “You should ensure the adviser will provide you with a written plan,” Brian Beck, presi- dent of Wealth Management Group of North America in Farmington, Conn., tells Newsmax. “A recent study by Fidelity Investments found that just 9 percent of fi nancial adviser clients have a written plan, yet 81 percent found it important to write down their plan, whether they had one or not.”


No. 3: Avoid the hard sell. The industry has been in tur- moil of late over a variety of issues, not the least of which is drawing a clear line between responsible advice and simple, commission- driven sales.


“It is tough for consumers to differentiate between salespeo- ple, asset managers, investment advisers, and fi nancial planners because of the lack of formality in


No. 1: A good  t really matters. A strong indicator that a fi nancial adviser has the know- how you need is refl ected in that fi nancial adviser’s long- term clients.


“The skills necessary to help clients transition into retirement vary between advisers. Some advisers work with W-2 employees with 401(k) lump-sum distributions, and others work with business owners who are selling their business, or professionals who are just cutting back on their workload and using their retirement savings to supplement their time off,” Spencer Hill of University Retirement Specialists, in Kingstree, S.C., tells Newsmax. “Find someone who has clients like you. Everybody’s situ- ation is uniquely different.”


program of professional education in those areas,” says Pete Doyle, CFP, of the Huber Financial Group in Chicago. “Advisers with these credentials must abide by a code of ethics and maintain and enhance their skills through ongoing continuing education requirements.”


Here’s a breakdown of what each title means and more resources for adviser background checking: Certifi ed fi nancial planner (CFP):


A fi nancial planner who uses the CFP designation has passed a comprehensive exam and met “fi tness standards”


Financial advisers, like all of us, are overworked. Yet they should take the time to get to know you and to understand your goals.


what people can call themselves,” says Scott Whytock, a certifi ed fi nancial planner (CFP) and principal at August Wealth Management in Portland, Maine. One person might go by “fi nancial planner” and yet only sell annuities. Another with a similar business card might manage assets and do full retirement and estate planning, Whytock tells Newsmax.


Compensation matters, too. Whytock suggests a fee- based, rather than commission-based, relationship. “I always tell a client that this is the one expense in their lives that they want to increase signifi cantly from year to year,” Whytock says. “As the client’s portfolio value increases, so does the fee to the adviser. Each party ben- efi ts as performance is exceptional.”


established by the nonprofi t Certifi ed Financial Planner Board of Standards. Once authorized, CFP holders must renew it every two years by completing continuing education courses. Chartered fi nancial analyst (CFA): A designation granted by the CFA Institute. It requires three exams over several years on fi nancial topics, plus a minimum number of years’ work experience, a four- year college degree, or a combination of qualifi ed work and study. Certifi ed public accountant (CPA): To use this designation, an accountant


must pass the Uniform Certifi ed Public Accountant Examination as well as meet education and experience requirements that vary by state. You can delve into dozens of other designations and what they really mean (such as “accredited domestic partnership adviser” and “chartered fi nancial consultant”) by going to the website of the Financial Industry Regulatory Authority (www.fi nra.org) and clicking on FINRA BrokerCheck. Then click on the Professional Designations Database for a comprehensive list. — G.B.


SEPTEMBER 2011 / NEWSMAX MAXLIFE 97


COUPLE/©MOODBOARD/SUPERSTOCK / SOUP/ISTOCKPHOTO


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