Overload of money? Wealth managers can help you Oct 21, 2009
Financial planners, or wealth managers as they are called, help investors manage their money across asset classes. In return for their services, they get a commission or charge a fee from the client. (India Times)
Have you got a wealth manager? Oct 21, 2009
Financial planners, or wealth managers as they are called, help investors manage their money across asset classes ... There are different kind of financial planners who can help you manage your wealth ... They could be independent financial planners, banks (private as well as public sector), or even brokerage houses that will manage your wealth for you. (India Times)
Rewriting the retirement rules Oct 21, 2009
John Hewison, the founder of financial planners Hewison and Associates, which charges fees only, does not recommend reverse mortgages or annuities to his clients. He designs investment strategies that have an underlying reliable income stream for his clients. (Sydney Morning Herald -- Business)
ASIC puts urgent stop order on funds Oct 21, 2009
The Astarra funds, some of which are rated as five-star by Morningstar and are actively marketed to financial planners, was among the top-performing funds during the depths of the financial crisis at the end of last year ... Financial planners were entitled to a commission of up to 4 per cent up front after tipping their clients into the fund. (Sydney Morning Herald -- Business)
End of the trail for Macquarie: fee terminated Oct 19, 2009
Trailing commissions are paid to many financial planners for placing their clients in investments, usually as a percentage of the investment paid annually. Mr Turner successfully switched off the trailing commission, but he fears other former Storm Financial clients of Macquarie may unwittingly find themselves in the same position. (Sydney Morning Herald -- Business)
Estate planning: What should producers do to prepare for it? (3) Oct 18, 2009
During the past few years certified financial planners and wealth management specialists have been advertising their services. These individuals can also assist with exploring alternatives for estate planning. (Great Falls Prairie Star, MT)
Disputes: A market slump's hangover Oct 18, 2009
Arbitration is the process by which disgruntled investors can resolve disputes with brokers, financial planners and advisers who handle securities. Here are some facts about the process. (AZCentral -- Business)
U.S. Rollover For Moscow Is Nobel-Worthy Oct 17, 2009
eIBD Investor's Business Daily Digital Edition. Access recent eIBD issues easily. (Investors Business Daily)
Don't leave it too late Oct 14, 2009
Financial planners strongly favour what is called a transition-to-retirement (TTR) strategy for pre-retirees who are still working. It is a tax-effective way of reducing income tax and boosting super. (Sydney Morning Herald -- Business)
Money Matters heading to Glasgow Oct 13, 2009
The BBC's financial journalists will join a team of experts, advisers and financial planners to help navigate the money maze and allow people to make more informed decisions about their finances. Coverage. (BBC News -- Business)
Employees May See New Insurance Plan This Fall Oct 13, 2009
A consumer-directed health plan can help people on both extremes of the health care spending spectrum, but it can be risky for some who fall in between or for those who don't fund their HSA, financial planners and insurance brokers say. "It doesn't fit most people," said Jon Beyrer, vice president of wealth management for Blankinship & Foster, a Solana Beach, Calif. (KIRO TV, WA)
CDHPs and HSAs? The ABCs of Health Insurance Oct 12, 2009
Financial planners say these plans generally work best for people who use little health care. Those customers can pay a smaller premium, receive a tax break on money they put in their HSA and build up that account. (ABC News -- Wire)
ULIP service to come cheap Oct 8, 2009
While financial planners recommend buying a life cover solely with the objective of getting protection in mind, if you have zeroed in on ULIP as the suitable wealth creation instrument, you can consider buying ULIPs once insurers launch new policies. It would make sense to delay making the purchase till life insurers come up with products compliant with IRDA guidelines, says Optima Insurance Brokers CEO Rahul Aggarwal. (India Times)
Your money-management questions answered Oct 8, 2009
The Arizona Republic sponsored a free telephone call-in event Oct. 6, 2009, during which readers asked questions of local certified financial planners, Internal Revenue Service officials and representatives of credit-counseling firms. Readers also submitted questions online. (AZCentral -- Business)
Mistras Group to offer 8.7 million shares, raising up to $139 million, at IPO Thursday Oct 8, 2009
Securities attorney David Weintraub has been testing and entertaining financial planners and trust officers, bankers and estate attorneys, with his Jeopardy-style game of financial questions. For example. (FOX61, CT)
Miss. College forum offers investment tips Oct 7, 2009
Three financial planners spoke to a small crowd at Mississippi College earlier today, giving them advice on things such as estate planning. With the state of the economy, Michael Denny, an accountant and certified financial planner, said hes seen an increase in those withdrawing money from 401Ks. (The Clarion-Ledger)
Advice from financial planners Tuesday Oct 6, 2009
Advice from financial planners that won't cost you a penny ... Advice from financial planners that won't cost you a penny ... The Arizona Republic is sponsoring a free telephone call-in event during which readers will be able to ask questions of local certified financial planners, Internal Revenue Service officials and representatives of credit-counseling firms. (AZCentral -- Business)
Submit your questions Oct 6, 2009
Certified financial planners will be available to answer money management questions Tuesday from readers in a free program hosted by The Arizona Republic from 6 to 9 p.m. Tuesday, Oct. 6, 2009. Call 602-444-4323 Tuesday evening, or click "Watch now" to submit your questions. (AZCentral -- Business)
Fixed fee band for insurance advisors? Oct 5, 2009
The proposed Financial Well Being Board of India, a self-regulator for financial planners, will set the fee structure. Now financial firms, particularly, insurance companies take away up to 40% of a customers first years premium often without their knowledge to pay for the agents canvassing thema practice which the government wants to stop. (India Times)
Compulsory contribution? PM's salary outstripped Oct 5, 2009
Industry super funds have called for a new ''best-interests requirement'' that would prevent licensed financial planners from receiving payments from product providers or fund managers, outlawing commissions and volume rebates. Instead, payments would come from clients based on the amount of time or advice provided. (Sydney Morning Herald -- Business)
Our system still needs some fixing Oct 4, 2009
These have led to calls from the Australian Securities and Investments Commission, among others, for all financial planners to be forced to abandon commissions. Financial planners would be forced to work on hourly rates or fixed fees. (Sydney Morning Herald -- Business)
Alberty: New economy swaps strategy for saving, reducing credit Oct 4, 2009
Now, you will find that financial planners are bit more conservative and recommending consumers save at least double the amount of the former recommendation. In the past, the advice was to use your savings to pay down high-interest loans first before depositing savings into a low-interest paying account. (Athens Banner-Herald)
Winning ideas Oct 3, 2009
These offices employ full-time C.P.A.s, attorneys, financial planners, financial analysts and, sometimes, fraud examiners. So when Joe Kopcynski was looking at ways to expand his investment-management firm, Universal Advisory Service, in Albuquerque, he first studied the family-office model. (CNN -- Money)
Financial advice by our team of experts, Oct. 6 Oct 3, 2009
Certified financial planners will be available to answer money management questions Tuesday from readers in a free program hosted by The Arizona Republic from 6 to 9 p.m. Tuesday, Oct. 6, 2009. Call 602-444-4323 Tuesday evening, or submit your questions below and we will work to get them answered. (AZCentral -- Business)
Money bus offers free tips on saving, spending Oct 2, 2009
Specialists, financial planners share advice ... There isn t actual cash on the Your Money Bus, but Boston is the first stop on the nationwide tour of 25 cities in which local business specialists and financial planners offer free one-on-one financial advice. (Boston Globe)
Time to exit fundamentally weak stocks Oct 1, 2009
MUMBAI: It may well be tempting to be carried away by the upswing in stock prices over the past few months but increasingly, investment advisors and financial planners are advising retail investors to exit from fundamentally weak stocks as well as mutual fund schemes ... On the other hand, if investors are underweight on equities, financial planners say they could invest in the market in a phased manner. (India Times)
Gen Y faces credit hurdles Oct 1, 2009
He has had mixed results with financial planners. One, from a bank, was more interested in putting him into share-based investments despite his preference for property. (Sydney Morning Herald -- Business)
Age-group poser Sep 30, 2009
My parents are 86 and 87 and theyre going strong, with my dad driving all over the place, so Ive already told my financial planners that Im going to live to at least 96, said Susan Ryckman, 61, as she walked around New York City, an iPod and iPhone in hand. As long as Im not mentally and physically infirmed, Id like to live as long as I can, she said. (The Star Online, Malaysia)
Crisis heightens investor awareness Sep 26, 2009
To improve awareness, practitioners are moving away from the traditional role of solely selling life insurance towards becoming financial planners. The concept of need-based selling was introduced with the implementation of the Proper Advice Practices for Life Insurance Business in July 2004. (The Star Online, Malaysia -- Business)
Call for inquiry into liquidators Sep 24, 2009
A MEMBER of the parliamentary committee examining financial planners and the Storm Financial collapse says a similar investigation of the insolvency industry is needed, citing allegations of over-charging by some liquidators and the antics of banned practitioner Stuart Ariff. The Nationals senator John Williams, a member of the parliamentary joint committee for corporations and financial services while the Storm inquiry runs, said he would be pushing for the committee to scrutinise insolvency... (Sydney Morning Herald -- Australia)
Macquarie deal with Storm allegations Sep 23, 2009
BusinessDay understands the usual loan-to-value ratio offered by financial planners was a more conservative maximum of 80 per cent.. A Macquarie spokeswoman refused to answer BusinessDay's questions on the issue. (Sydney Morning Herald -- Business)
Profile - Chris Cuffe Sep 23, 2009
Like any industry, there are bad elements but there's no doubt financial planners get kicked around in the press, the whole industry gets tarred with a negative brush ... The group's financial planners mainly charge on a fee-for-service basis but other parts of the group, such as insurance products, still have commissions attached. (Sydney Morning Herald -- Business)
Business Buzz: Sept. 17 Sep 20, 2009
com) focuses on the top tier of financial professionals and provides guidance to investors who use financial planners and advisors. Barker founded his firm more than 12 years ago and has built it into a successful fee-only independent wealth management business consisting of credentialed planners and advisors. (Burlington Union, MA)
Meltdown jolts consumers from financial fairyland Sep 18, 2009
But financial planners around the country say there is a sense that people are returning to basic principles that were shunted aside: Maximize your savings; limit your use of credit cards; keep a substantial emergency fund; know how much risk you can tolerate; diversify your investments; don't try to short-cut your way to wealth ... Others financial planners say people still believe in the market; they're just more realistic. (Sioux City Journal, IO)
ELIZABETH KNIGHT Sep 17, 2009
It's undoubtedly of great concern to financial planners that their reputations have been decimated thanks to the demise of two large managed investment schemes, Timbercorp and Great Southern - not to mention Storm Financial Group ... THE corporate regulator has escalated its campaign against the billion-dollar tax minimisation industry by raiding the homes of financial planners. (Sydney Morning Herald -- Business)
Complacency helped super survive crisis Sep 16, 2009
- A requirement that financial planners act in the best interests of consumers as advocated by ASIC, consumer advocate Choice, the Australian Institute of Super Trustees and the industry super movement. - The annual publication of long-term (say five-year) rolling data by the Australian Prudential Regulation Authority. (Sydney Morning Herald -- Business)
Investor confidence in fund managers dives Sep 16, 2009
"The problem is that many investors ... don't necessarily distinguish between greedy Wall Street investment bankers and local fund managers,'' he said. Fifty-four per cent of investors preferred to invest directly, up from 48 per cent in November 2008, the survey found. The survey also found that 24 per cent of retail super fund members were looking to switch funds, up from 17 per cent in November. Mr Johnston said the results reflected a loss of trust in the managed fund industry. Investors... (Sydney Morning Herald -- Business)
7 Tips for First-Time Home Buyers Sep 15, 2009
Here are seven bits of wisdom from economists and financial planners for anyone contemplating a home purchase today. Old-fashioned basics are more important than ever. (Realtor Magazine Online)
Planner concedes to Westpoint compo Sep 15, 2009
Ben Whitwell, a Sydney associate with Slater & Gordon in charge of the PIS case and also the Great Southern inquiries, noted claims against financial planners for alleged poor advice ''seem to be getting bigger ... The settlement was the largest since ASIC entered a ''global mediation'' about legal actions it had taken against seven financial planners, Westpoint directors - including founder Norm Carey - and accounting firm KPMG in relation to Westpoint's collapse ... ASIC said that it expected... (Sydney Morning Herald -- Business)
Price on Westpoint advice Sep 15, 2009
IN WHAT looms as the largest settlement paid by financial planners for inappropriate advice, Brisbane-based Professional Investment Services has agreed to compensate clients for advising them to invest in the Westpoint Group companies ... Professional Investment Services, Australia's largest financial planning group with more than 2000 financial planners, has made no admissions of liability in the settlement ... Professional Investment Services also remains under scrutiny for its role in... (Sydney Morning Herald -- Business)
Household Investing Tips Sep 13, 2009
Financial planners in banks and other financial institutions will also often sell their companies financial products. Ideally, find an independent money adviser or financial planner who is not connected to any product or company. (Suite101.com)
Banning commissions: Are we ready? Sep 12, 2009
We hope that ultimately, the market will mature in that direction in which consumers, recognising the value of a financial plan, will happily pay the fees for it and financial planners, having been recognised as professionals in their own right, can choose to focus on fee-earning financial plans without having to depend on commissions, it says. The FPAM says at this stage, financial planners are largely remunerated in the work through a combination of fees and commissions and that even in mature... (The Star Online, Malaysia -- Business)
The Flight from Risk Sep 11, 2009
Clients come to financial planners like Frank Boucher, based in Reston, Va ... "Financial planners are experiencing a tremendous backlash from their clients," says Zvi Bodie, a professor of management at Boston University and a leading advocate of a more conservative investing industry. (BusinessWeek)
Fixed Income Investments - tread with care Sep 9, 2009
Short term bond funds are being preferred by some financial planners over the fixed deposits due to their tax efficient nature when it comes to short term investments. As fixed maturity plans have dried up, due to stringent conditions put forth by SEBI to protect the investors interests, there are few tax-efficient options left in the hands of the fixed income investors. (India Times)
Govt to adopt common qualifying exam for financial advisors Sep 9, 2009
Under the law, financial planners are supposed to serve the end customer and not their employers since these middlemen get their pay either directly from the end consumer or from his investments without his knowledge ... Now many financial planners know only about the products they push and are ignorant about the competing products in the market. (India Times)
Personal loans must be last option Sep 6, 2009
This form of advance, financial planners say, should be the last alternative for anyone in need of funds ... Since there is an integrated view on your credit worthiness, financial planners say this is a better option for you if you carry too many loans to pay off and don't have the monetary capacity to get your finances right. (India Times)
Ten retirement tips Sep 2, 2009
Some financial planners use software to project how much you will need in retirement according to your lifestyle ... According to most financial planners, stocks are more likely to help your savings beat the rate of inflation. (iAfrica.com)
Federated Investors' Mutual Funds Complete Acquisition of Assets from Two Touchstone Mutual Funds Sep 1, 2009
The Touchstone Funds are advised by Touchstone Advisors, Inc., a registered investment advisor, and are offered nationally through intermediaries including broker-dealers, financial planners and institutions by Touchstone Securities, Inc.(1) For more information please call 1-800-638-8194 or visit www. touchstoneinvestments. (PR Newswire)
Investing for Beginners Aug 31, 2009
In Australia, licensed and registered financial planners can be easily searched through the ... Again, financial planners can be a great help here. (Suite101.com)
Widow lost everything when Securitor used Storm strategy Aug 29, 2009
He said the committee should examine how widely practices used by Storm had been used by other financial planners. The committee should investigate how widespread the practice of 'double gearing' Centrelink recipients is. (Sydney Morning Herald -- Business)
How to Prepare for Higher Taxes Aug 28, 2009
asked tax experts and financial planners what individuals can do if they're worried about a higher tax burden. Here are five common themes. (BusinessWeek)
Advisory industry overhaul Aug 26, 2009
Financial Planners fight to hold on to asset-based fees ... "These recommendations are the first steps towards removing the perverse incentives that lead financial planners to push products on their clients," says the senior policy adviser, Elissa Freeman ... He says the "scandals" such as Storm, Great Southern, Timbercorp and Westpoint are often painted by the industry as isolated incidents and that the financial planners involved are just "bad eggs". (Sydney Morning Herald -- Business)
Investment: Learn from past mistakes for a secure future Aug 26, 2009
However, financial planners say that it is not possible to time the markets, and many investors end up losing money while making such an attempt. And then there are investors who jump into the markets when they are on an upswing and pull out the money during a slump fearing further erosion of their capital, when in fact, they should be doing the reverse. (India Times)
Confusion About Financial Planning Designations Leads to New Website Aug 24, 2009
Aug. 23 /PRNewswire-USNewswire/ -- In an effort to aid the thousands of financial planners questioning which advanced designation is the best fit for their practice, a new web site was launched today that provides professionals with an unbiased and interactive means of evaluating their educational options ... The site also provides information about the requirements for each certification and additional study options available to financial planners enrolled in these programs ... "No one... (PR Newswire)
ASIC's radical adviser rethink Aug 22, 2009
Financial planners have long justified taking commissions from product providers on the basis of disclosure. Comments like ''It doesn't matter how I'm paid so long as I disclose it'' and ''A lot of my clients actually prefer commissions'' are typical. (Sydney Morning Herald -- Business)
Malaysians less confident about preparing for retirement Aug 22, 2009
Besides the usual means of consulting financial planners and reading financial magazines to improve financial literacy, Yip calls upon employers to provide training to their staff in order to empower them with financial knowledge to plan their future. Yip also encourages retirees who are in the early stage of retirement to equip themselves with financial knowledge in order to wisely invest their money so as to protect it from inflation as well as to provide recurring income over the medium term. (The Star Online, Malaysia -- Business)
Big names lose super showdown Aug 21, 2009
Publication of the league tables comes as the Australian Securities and Investments Commission recommends the Government consider banning commissions paid to financial planners after prominent collapses, such as that of Storm Financial. The industry has taken steps to ween itself off commissions, but the Superannuation Minister, Chris Bowen, said he was prepared to legislate if industry changes did not go far enough. (Sydney Morning Herald -- Business)
Marietta lawyer gets jail for ponzi scheme Aug 21, 2009
He solicited individuals directly, through seminars and through financial planners to whom he paid commissions in exchange for referrals of investment clients. Copeland said he would use an investor s money in lucrative real estate financing and/or development activities, such as by funding a mortgage or bridge loan to a real estate purchaser who needed financing. (Atlanta Business Chronicle, GA)
AMP to preempt fee changes Aug 20, 2009
" AMP will introduce more products at different prices as well as keep costs low and train more financial planners. The financial services giant says it is undertaking the measures to compete with other advice providers and maintain profits in its core superannuation, investment and life insurance business. "We are preparing our business for a no commission and lower margin world," Mr Dunn said. The federal government has initiated a review of superannuation, led by Australian Securities and... (Sydney Morning Herald -- Business)
Lincoln Financial Group Announces Sale of Delaware Investments to Macquarie Group Aug 19, 2009
Loss of key management, portfolio managers in the Investment Management segment, financial planners or wholesalers. The risks included here are not exhaustive. (PR Newswire)
ASIC sniffs the wind Aug 18, 2009
For example, it's nearly four years since ASIC started shadow shopping AMP financial planners to find that a third of them seemed to be putting their interests and those of AMP ahead of their clients as they switched them in to AMP products ... It's taken nearly four years after exposing such an appalling level of client abuse for ASIC to decide that, gee, maybe there should be a fiduciary requirement for financial planners to act in the best interests of their clients ... It would probably come... (Sydney Morning Herald -- Business)
401(k)s: A disappearing act Aug 16, 2009
Local financial planners say 401(k) losses, whether from plummeting market values or disappearing company contributions, should be a wake-up call to workers. It s becoming more the responsibility of the individual, and that in itself is a scary proposition, said Megan Schneider of Hurley Financial Group in Corvallis, who works primarily with current and former HP employees. (Albany Democrat-Herald, OR)
FM code: Tax recast to offset EET loss Aug 14, 2009
However, financial planners say their fears are exaggerated, as the likely increase in taxes is expected to be offset by the expansion of tax brackets. "To begin with, I think we shouldn't overreact to the news. There is still good one or one-and-a-half years before the proposal becomes the law," says Kartik Jhaveri, director, Transcend Consulting, a wealth management company. (India Times, India -- Intl Business)
Waiting to be shot or kidnapped: Aussies' terror as pirates storm Amazon cruiser Aug 11, 2009
" Ms Ibbotson and her partner Keith Lawson, both financial planners of Melbourne, waited, terrified, as the pirates ransacked the cruise ship MV Aqua on the Amazon in Peru, working their way from cabin to cabin. Theirs was the last cabin broken into. They were robbed at gunpoint of all their cash, cameras and jewellery. Ms Ibbotson and Mr Lawson had just started their dream month-long South American holiday on the Ucayali River when the raid happened at dawn last Tuesday. There were 12... (Sydney Morning Herald -- Opinion)
Don't forget the fine print Aug 10, 2009
At one of the more interesting sessions, regulators the Australian Securities and Investment Commission and the Australian Prudential Regulation Authority, joined forces on a panel that revealed ASIC, at least, did not believe major reform would be made to how financial planners pay themselves without changes to legislation. How financial planners get paid is an ongoing point of contention in the industry ... Unfortunately, sometimes it also results in financial planners recommending products... (Sydney Morning Herald -- Business)
