While Mr. Brennan’s statement is true, many recent news items and magazine articles have noted that Americans on average are not saving enough. Financial planners that want to take their existing knowledge, and build upon it with practical tactics designed to offer the best solutions to their clients’ and their families. This rigorous program prepares planners with in-depth education on financial planning principles, and the practical applications in which to use those principles based on real-life case studies. On the other hand, the few hours with a Certified Financial Planner (CFP) revised my thoughts on investments dramatically. It isn’t easy to find a truly low-cost, competent and honest financial adviser. The job satisfaction you have will make a positive impression on your colleagues.
It is a good idea to begin an interview with a brief description of your personal situation including the ages of family members and a summary of your income, savings and debts. Some Certified Public Accountants (CPA) with Personal Financial Assistant (PFS) degrees have suitable qualifications as well. Experience counts a lot in the financial field, especially the experience gained in periods with plunging markets. They also advocate low cost providers like Vanguard, Fidelity TIAA-CREF, or T. Rowe Price, recommend broad market index funds or exchange-traded funds (ETFs), and have low turnover to minimize trading and brokerage costs.
Broad index funds, based on major market indexes like the Standard & Poor’s 500 Index SPX, -0.01% which has stock in 500 of the largest U.S. companies, and the Russell 2000 Index RUT, +0.77% which has stock in 2000 of smaller companies, bought from low-cost financial firms can be significantly lower. Since financial advisers are prone to classify such investments” as fixed-income, that means your savings would have to be 100% equities, a decidedly risky position. Finding a good financial adviser is more difficult than finding a good doctor but will be truly rewarding. I can attest to that from my own experience from just several hours of financial conferences about forty years ago.
That’s particularly true when the adviser has control of your account (instead of requiring your approval before any buy or sell action), provides multiple services in addition to financial planning such as estate planning or income taxes, invests in funds available only to his firm or gives you scanty periodic information. SEHK intraday data is provided by SIX Financial Information and is at least 60-minutes delayed.