Top Wealth Advisors

Markets are volatile and investors are anxious, but for America’s Top Wealth Advisors there has never been better reason to be in the business of providing advice and counsel. Forbes interviewed five top advisors, who manage a combined $15 billion in assets, to ask about their journey into the industry and experience advising clients in these unprecedented times.

Info: https://www.forbes.com/top-wealth-advisors/#4936ec891a14

How to Choose a Financial Planner

Financial planners advise clients on how best to save, invest, and grow their money. They can help you tackle a specific financial goal—such as readying yourself to buy a house—or give you a macro view of your money and the interplay of your various assets. Some specialize in retirement or estate planning, while some others consult on a range of financial matters.

Don’t confuse planners with stockbrokers — the market mavens people call to trade stocks. Financial planners also differ from accountants who can help you lower your tax bill, insurance agents who might lure you in with complicated life insurance policies, or the person at your local Fidelity office urging you to buy mutual funds.

Anyone can hang out a shingle as a financial planner, but that doesn’t make that person an expert. They may tack on an alphabet soup of letters after their names, but CFP (short for certified financial planner) is the most significant credential. A CFP has passed a rigorous test administered by the Certified Financial Planner Board of Standards about the specifics of personal finance. CFPs must also commit to continuing education on financial matters and ethics classes to maintain their designation. The CFP credential is a good sign that a prospective planner will give sound financial advice. Still, even those who pass the exam may come up short on skills and credibility. As with all things pertaining to your money, be meticulous in choosing the right planner.

Typically, financial planners earn their living either from commissions or by charging hourly or flat rates for their services. A commission is a fee paid whenever someone buys or sells a stock or other investment. For reasons we’ll explain later, you may want to avoid financial planners who rely on commissions for their income. These advisers may not be the most unbiased source of advice if they profit from steering you into particular products.

Source: https://guides.wsj.com/personal-finance/managing-your-money/how-to-choose-a-financial-planner/

7 Pieces of Financial Advice That Forever Changed My Life

One significant reason this happens is because of their example and model. As we recognize their positive aspects, we seek to emulate those characteristics in our own lives.

Another reason is because of the conversations we have and the advice we share. The more quality time we spend with people, the more nuggets of wisdom we begin to hear from them.

Over the years, I’ve been blessed to have countless positive influences in my life. Their example and their wisdom have shaped me in every way—including my financial practices. Here are seven specific ways.

More: https://www.becomingminimalist.com/best-financial-advice/

How to Save Money: 20 Simple Tips

We all have good intentions when it comes to saving money, right? We tell ourselves we’ll start saving once we reach a certain milestone, like when we hit a specific age, get a raise, or when Jimmy (finally) moves out of the basement.

But in reality, you’ll only start saving money when you develop healthy money habits and your future needs become more important than your current wants. A lot of times, our goal to save money isn’t a big enough priority to delay the purchase of that new smartphone, kitchen table or TV. So we spend our dollars away—or worse—go into debt to fuel our latest bout of “want-itis.” That debt then turns into monthly payments that control our paychecks—and our lives.

Sounds overwhelming right? It doesn’t have to be. With a few tweaks to your spending priorities, you’ll be on the fast track to saving money in no time.

More info: https://www.daveramsey.com/blog/the-secret-to-saving-money

Here’s the best financial advice these 10 advisors ever received

Doling out advice on money matters is the stock in trade of the financial advisor. After all, it’s in their job title. So financial advisors, financial planners, wealth managers and the like are used to offering up advice on a daily basis to paying customers.

But what about the advisors themselves? What’s the best piece of financial advice they ever got? Presumably financial advisors, too, consult other experts on financial matters, much as doctors need another physician for their own medical care. Or perhaps it was a parent, a college professor or even a real estate agent who offered the most important financial insight they ever got.

For more: https://www.cnbc.com/2019/07/01/heres-the-best-financial-advice-these-10-advisors-ever-received.html

5 WAYS TO FIND FREE FINANCIAL ADVICE

Who doesn’t want expert guidance on how to best manage their money? One of the biggest barriers to hiring a financial planner is the cost, but there are a handful of ways to get advice for free.

From occasional events that offer one-on-one meetings with a financial planner, to the individualized guidance offered by so-called robo-advisers, it’s possible to get at least some of your money questions answered by experts—at no cost to you.

There are caveats. Generally, if you’re not paying for it, you’re less likely to get the personalized attention and in-depth holistic planning that can be best for your long-term financial health.

Read: https://www.marketwatch.com/story/5-ways-to-find-free-financial-advice-2016-06-30

HOW TO BECOME A FINANCIAL ADVISOR

Financial industry research firm, Cerulli Associates, conducted a study showing that as of the beginning of 2010, independent registered investment advisers tripled their assets under management to a collective $1.7 trillion during a single 10-year period. This has caused the biggest brokerage and investment advisory firms to take notice, even as their salaried advisers continue to manage some $13 trillion in client assets.

A 2010 survey by TD Ameritrade published in the Wall Street Journal found that investment advisory firms are seeing a major increase in assets, with 70 percent having experienced growth in the six months leading up to the report. The survey revealed that 64 percent of new inflows were coming at the expense of larger broker dealers, often referred to as wirehouses. Not surprisingly, the survey showed that 77% of investment advisers expressed a high degree of satisfaction with their career.

The industry as a whole has experienced explosive growth and, according to the U.S. Bureau of Labor Statistics, is expected to see a 30% increase in the number of jobs over the next eight years as investment markets become trickier to navigate and consumers look to professionals for help with managing their investment portfolios.

More: https://www.financialplannerworld.com/become-a-financial-advisor/