My soap box

10 Posts in this category
Posted By: CFP&WM On: Dec 30th, 2009 In: Financial planning Investing My soap box

Legislature Does Not Protect Investors

Congress is reportedly attempting to improve the safeguards for the investing public. Sweeping financial services reform legislation was approved last week in the House of Representatives. But there were some evidently last minute changes inserted into the bill by lobbyists to benefit big Wall Street Broker Dealers such as Charles Schwab.

Registered Investment Advisors give investment advice and they have

Posted By: CFP&WM On: Aug 7th, 2009 In: Beware - Horror stories My soap box

High Rate CD Offer with Strings Attached

I recently had a newspaper clipping mailed to me by a client.  It was an advertisement for a high yielding CD, safe, FDIC insured, etc. After reviewing the “fine print,” we found that it was an introductory offer of 5% for 3 months and no mention of the rates after that.  There was a $10,000 maximum limit as well.  We …

Posted By: CFP&WM On: Aug 7th, 2009 In: My soap box

Bank of America Lies to its Stockholders and Pays $33 Million Fine

While seeking stockholder approval of the deal to acquire Merrill Lynch, the Bank of America told its shareholders that Merrill would not pay year-end bonuses to its executives. But the bank had actually already reached a deal with Merrill Lynch that allowed it to pay $5.8 billion dollars in bonuses. This type of information must be disclosed under financial regulations …

Posted By: CFP&WM On: Jul 27th, 2009 In: Financial planning General info My soap box

Consumers would benefit if we call “A Spade a Spade”

76% of those surveyed did not know the difference between a sales representative of a Broker Dealer and that of a Registered Investment Advisor. The reason is the term “financial advisor’ is often utilized by stockbrokers, insurance agents and others who are looking to sell you a product.

A “broker dealer representative” is a salesman of stocks, bonds and mutual …

Posted By: CFP&WM On: Jul 8th, 2009 In: General info Investing My soap box

Research Confirms: Now is a Time to be Investing

Recent research shows that investors who begin investing during bear markets do better over the long run than investors who begin in bull markets.  T. Rowe looked at four different thirty-year periods, two of which that started with bear markets (1929 and 1970) and two that began with bull markets (1950 and 1979). They looked at the difference in the

Posted By: CFP&WM On: Jul 8th, 2009 In: General info Investing My soap box

If you Invest There is One Thing You Gotta Know

If you don’t know anything else about investing, the one thing that is paramount to know is the different legal safeguards and standards of care depending upon from whom you receive your financial advice.

You have three options for receiving investment advice:

1) Registered Investment Advisor (RIA). According to state and federal law anyone providing financial advice for a fee …

Posted By: CFP&WM On: Jul 8th, 2009 In: Financial planning General info My soap box

What is Financial Planning?

Financial planning is the process of helping you to obtain your goals in life by making better decisions in the management of your finances. Everyone has different goals therefore everyone’s financial plan will differ. However, the process of financial planning is always the same and will include:

1. Defining your goals both short-term and long-term

2. Gathering the necessary information

Posted By: CFP&WM On: Jun 24th, 2009 In: Beware - Horror stories General info Investing My soap box

Reasons to Avoid Financial Advice At a Bank

In the good old days a bank was a bank. It was where you deposited your paycheck, had a savings account and got a car loan. Laws were changed (due to heavy lobbying by the banks) to allow them to sell investment and insurance.

Most banks now have a subsidiary company/partner that is a Broker Dealer (BD) and the financial …

Posted By: CFP&WM On: Jun 22nd, 2009 In: Financial planning Investing My soap box Retirement planning

Do Not Stop Funding Your 401(k)!

Regardless of what’s going on in the economy and the stock market, do not stop funding your 401(k) accounts!

Most workers with 401(k) plans have viewed their retirement savings as having trickled away with the current stock market plunge.  In addition, 25% of US employers have or are planning to eliminate 401(k) matching contributions as a way to make it …

Posted By: CFP&WM On: May 28th, 2009 In: Financial planning General info Investing My soap box

Bank of America is at it again!

A client recently called me and was shocked that the annual interest rate on the money market sweep account at Bank of America Investment Services is currently at 0% interest. Most other money markets are currently paying less than 1% interest.

Banks, and credit unions and mutual fund companies offer money market accounts.  These accounts consist of very short-term debt …