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Added for You - 10 Questions To Ask Planner
Have you ever stopped and thought about why you got into business? What was the driving force behind your decision to lose the security blanket of having a regular paycheck, benefits and regular vacations? Do you lay awake at night, worried about how you are going to feed your family, the unresolved client issues, or just the stress of an employee upsetting one of your best clients? These are some of the questions entrepreneurs ask themselves on a regular basis when trying to figure out why they ever got into business for themselves.When I decided it was time for me to take the plunge, and start my own IT consulting business, it was after many years of procrastination. My best clients encouraged and told me I had what it took. I knew I was ready when I experienced several nights of upset stomachs from worry. I was lacking the challenges that sparked my excitement in the position I held, so I invited a couple of other highly qualified technical experts, whom I trusted, to assist me with the business and we were off and running. I am an entrepreneur now at heart and always looking for the next opportunity.Many business owners, are just like it is stated, in the E-Myth book by Michael Gerber and are always the constant technician. The reason they decided to get into business for themselves is because they figured out since they had a great technical skill or understood their jobs inside and out, it was a
_______________________________________
Phone:
_______________________________________
Date:
_______________________________________
1. Do you have experience in providing advice on the topics below? If yes, please indicate the number of years.
* Retirement planning ________
* Investment planning ________
* Tax planning ________
* Estate planning ________
* Insurance planning ________
* Integrated Planning ________
* Other________________________________________
2. What are your areas of expertise and how do your qualifications in those areas compare to others?____________________________________________
__________________________________________________
3. How long have you been offering financial planning advice to clients?
* Less than one year
* One to four years
* Five to 10 years
* More than 10 years
4. Briefly describe your work history:
_______________________________________________
_______________________________________________
_______________________________________________
_______________________________________________
5. What are your educational qualifications? Give area of study.
Undergraduate Degree _________________________
Advanced Degree _____________________________
Other ______________________________________
6. Which planning or investment management designation(s) do you hold?
* Certified Financial Planner or CFP
* Certified Funds Specialist (CFS)
* Certified Public Accountant - Personal Financial Specialists (CPA-PFS)
In order to build the right infrastructure, you must think strategically – that’s having a business mindset. Before you make any decisions in business think about the outcome on all levels; here are seven examples of having a business mindset:1. Having a business mindset is knowing that the purpose of business is to make money. Sometimes your hobby is just a hobby. Either you’re going to have a hobby that makes you a little extra money or you’re going to have a business that requires a higher level of development in order to acquire a higher level of income.2. Having a business mindset means thinking for yourself vs. letting other people think for you. Don’t allow the experts to control your destiny or your dreams, let them help you get there. Take some time to think, document, research your own idea before asking for help – if you do – you will be better equipped to ask for exactly what you want and getting it.3. Having a business mindset means being more strategic about your business activity. Don’t just go to any networking event or take on any job; know what results you want before you invest in business activity.For example, do you know how much it really costs you to attend a training session or a networking event - Money, family, time, babysitter, gas, etc? In order to recoup your investment your reasons for investing in the training must be things other than meeting people and
1. What experience do you have?
Find out how long the planner has been in practice and the number and types of companies with which they have been associated. Ask the planner to briefly describe past work experience and how it relates to their current practice. If your financial planner will be offering you investment advice, it is advisable to work with someone who has been through a recession or down stock market.
2. What are your qualifications?
The term "financial planner" is used by many financial professionals. Ask what qualifies him to offer financial planning advice and whether he holds a designation such as the Certified Financial Planner or Chartered Financial Analyst marks. These professional designations show dedication to the profession and the ability to pass detailed examinations. Determine what steps the planner takes to stay current with changes and developments in the financial planning field. If the planner holds a financial planning designation or licenses, check on his background with the NASD AIMR , SEC or other relevant professional organizations.
3. What services do you offer?
The services a financial planner offers will depend on a number of factors including credentials, licenses and areas of expertise. Financial planners cannot offer insurance or securities products such as mutual funds or stocks without the proper licenses, or give investment advice unless registered with state or Federal authorities. There are some planners who offer financial planning advice on a range of topics but are not licensed and do not sell financial products. Others provide advice only in specific areas such as estate planning or on tax matters.
4. Are you Independent of financial product sponsors?
Product sponsors include stock brokerage firms (discount and full service), insurance companies and banks. Ask the financial planner about the type of clients and financial situations he or she typically likes to work with. Some planners prefer to develop one plan by bringing together all of your financial goals. Others provide advice on specific areas. Make sure the planner’s viewpoint on investing matches your own and is not too cautious or overly aggressive for you. Some planners require you to have a certain net worth before offering services.
5. Will you be the only person working with me?
The financial planner may work with you himself or have others in the office assist with your activities. You can meet everyone who will be working on your investments or plan. If the planner works with professionals outside his own practice (such as attorneys, insurance agents or tax specialists) ask to get a list of their names to check on their backgrounds.
6. How will I pay for your services?
As part of your financial planning agreement, be sure you see in writing how they will be paid for the services provided. Planners can be paid in several ways:
· a salary paid by the company for which the planner works. The planner’s employer receives payment from you in fees or commissions to pay the planner’s salary.
· fees based on an hourly rate, a flat rate, or on a percentage of your assets and/or income.
· commissions paid by a third party from the products sold to you to carry out the financial planning recommendations. Commissions are usually a percentage of the amount you invest in a product.
· a combination of fees and commissions whereby fees are charged for the amount of work done to develop financial planning recommendations and commissions are received from any products sold.
7. How much do you charge for your services?
While the amount you pay the planner will depend on your needs, the financial planner should provide you with an estimate of possible costs based on the work to be performed. Such costs include the planner’s hourly rates, flat fees or the percentage he would receive as commission on products you may purchase as part of the financial planning recommendations.
8. How are you licensed?
Many financial planners offer advice in securities or insurance when they are not licensed in these areas. Some states may not require licensing but consumers may want their advisor be properly regulated and licensed. Licensed persons pass examinations and have many hours of continuing education annually. However, there are some licensed advisors who are are merely salesmen in an advisors suit.
Ask the planner to provide you with a description of her conflicts of interest in writing. For example, financial planners who are employees of banks, insurance companies or investment firms often favor their own company products, even when less competitive. The planner may also have relationships or partnerships that should be disclosed to you, such as business he or she receives for referring you to an insurance agent, stockbroker, accountant or attorney for implementation of planning suggestions.
9. Have you been publicly disciplined for any unlawful or unethical actions in your professional career?
Several government and professional regulatory organizations, such as the National Association of Securities Dealers (NASD), your state insurance and securities departments, and the CFP Board keep records on the disciplinary history of financial planners and advisers. Ask what organizations the planner is regulated by, and contact these groups to conduct a background check. All financial planners who have registered as investment advisers with the Securities and Exchange Commission or state securities agencies, or who are associated with a company that is registered as an investment adviser, must be able to provide you with a disclosure form called Form ADV or the state equivalent of that form. Many financial planners do not hold securities or insurance licenses.
10. Can I have it in writing?
Before handing over any money, ask the planner to provide you with a written agreement that details the services that will be provided. Keep this document in your files for future reference.
Check List For Interviewing A Financial Planner
Planner Name:
_______________________________________
Company:
_______________________________________
Address:
_______________________________________
Phone:
_______________________________________
Date:
_______________________________________
1. Do you have experience in providing advice on the topics below? If yes, please indicate the number of years.
* Retirement planning ________
* Investment planning ________
* Tax planning ________
* Estate planning ________
* Insurance planning ________
* Integrated Planning ________
* Other________________________________________
2. What are your areas of expertise and how do your qualifications in those areas compare to others?____________________________________________
__________________________________________________
3. How long have you been offering financial planning advice to clients?
* Less than one year
* One to four years
* Five to 10 years
* More than 10 years
4. Briefly describe your work history:
_______________________________________________
_______________________________________________
_______________________________________________
_______________________________________________
5. What are your educational qualifications? Give area of study.
Undergraduate Degree _________________________
Advanced Degree _____________________________
Other ______________________________________
6. Which planning or investment management designation(s) do you hold?
* Certified Financial Planner or CFP
* Certified Funds Specialist (CFS)
* Certified Public Accountant - Personal Financial Specialists (CPA-PFS)
Seems like a pretty simple question, right? Not really, when you dig deeper under the surface. How you answer is critical to the success of your business.To begin, understand one simple fact: prospects and clients buy for their reasons, not yours. They could care less about your company and your mission statement or the long list of product features you so skillfully articulate.They only care about the outcome your offer provides them. They want the benefit, the impact, the improvement, the comfort, or the security it will deliver. Most small business marketing fails to address these crucial client needs directly. Instead, they focus on the greatness of their product or service and miss what is important.Small business marketers are often their own worst enemies. Frequently, they are not communicating on the buyer's level of motivation. They are too busy figuring out how to "sell" the product than finding out the reasons the client "buys".The problem comes down to the marketing strategy that is employed. Are you pushing your product or are you pulling the client through the marketing process?There is a very important distinction here. Since buyers only care about their needs and take action for their personal reasons, why should they pay attention to why you think your product is so great?When you push your products, you are essentially telling the client that they should buy from
4. Are you Independent of financial product sponsors?
Product sponsors include stock brokerage firms (discount and full service), insurance companies and banks. Ask the financial planner about the type of clients and financial situations he or she typically likes to work with. Some planners prefer to develop one plan by bringing together all of your financial goals. Others provide advice on specific areas. Make sure the planner’s viewpoint on investing matches your own and is not too cautious or overly aggressive for you. Some planners require you to have a certain net worth before offering services.
5. Will you be the only person working with me?
The financial planner may work with you himself or have others in the office assist with your activities. You can meet everyone who will be working on your investments or plan. If the planner works with professionals outside his own practice (such as attorneys, insurance agents or tax specialists) ask to get a list of their names to check on their backgrounds.
6. How will I pay for your services?
As part of your financial planning agreement, be sure you see in writing how they will be paid for the services provided. Planners can be paid in several ways:
· a salary paid by the company for which the planner works. The planner’s employer receives payment from you in fees or commissions to pay the planner’s salary.
· fees based on an hourly rate, a flat rate, or on a percentage of your assets and/or income.
· commissions paid by a third party from the products sold to you to carry out the financial planning recommendations. Commissions are usually a percentage of the amount you invest in a product.
· a combination of fees and commissions whereby fees are charged for the amount of work done to develop financial planning recommendations and commissions are received from any products sold.
7. How much do you charge for your services?
While the amount you pay the planner will depend on your needs, the financial planner should provide you with an estimate of possible costs based on the work to be performed. Such costs include the planner’s hourly rates, flat fees or the percentage he would receive as commission on products you may purchase as part of the financial planning recommendations.
8. How are you licensed?
Many financial planners offer advice in securities or insurance when they are not licensed in these areas. Some states may not require licensing but consumers may want their advisor be properly regulated and licensed. Licensed persons pass examinations and have many hours of continuing education annually. However, there are some licensed advisors who are are merely salesmen in an advisors suit.
Ask the planner to provide you with a description of her conflicts of interest in writing. For example, financial planners who are employees of banks, insurance companies or investment firms often favor their own company products, even when less competitive. The planner may also have relationships or partnerships that should be disclosed to you, such as business he or she receives for referring you to an insurance agent, stockbroker, accountant or attorney for implementation of planning suggestions.
9. Have you been publicly disciplined for any unlawful or unethical actions in your professional career?
Several government and professional regulatory organizations, such as the National Association of Securities Dealers (NASD), your state insurance and securities departments, and the CFP Board keep records on the disciplinary history of financial planners and advisers. Ask what organizations the planner is regulated by, and contact these groups to conduct a background check. All financial planners who have registered as investment advisers with the Securities and Exchange Commission or state securities agencies, or who are associated with a company that is registered as an investment adviser, must be able to provide you with a disclosure form called Form ADV or the state equivalent of that form. Many financial planners do not hold securities or insurance licenses.
10. Can I have it in writing?
Before handing over any money, ask the planner to provide you with a written agreement that details the services that will be provided. Keep this document in your files for future reference.
Check List For Interviewing A Financial Planner
Planner Name:
_______________________________________
Company:
_______________________________________
Address:
_______________________________________
Phone:
_______________________________________
Date:
_______________________________________
1. Do you have experience in providing advice on the topics below? If yes, please indicate the number of years.
* Retirement planning ________
* Investment planning ________
* Tax planning ________
* Estate planning ________
* Insurance planning ________
* Integrated Planning ________
* Other________________________________________
2. What are your areas of expertise and how do your qualifications in those areas compare to others?____________________________________________
__________________________________________________
3. How long have you been offering financial planning advice to clients?
* Less than one year
* One to four years
* Five to 10 years
* More than 10 years
4. Briefly describe your work history:
_______________________________________________
_______________________________________________
_______________________________________________
_______________________________________________
5. What are your educational qualifications? Give area of study.
Undergraduate Degree _________________________
Advanced Degree _____________________________
Other ______________________________________
6. Which planning or investment management designation(s) do you hold?
* Certified Financial Planner or CFP
* Certified Funds Specialist (CFS)
* Certified Public Accountant - Personal Financial Specialists (CPA-PFS)
Several weeks ago I asked my Newsletter subscribers to send me their biggest sales challenges. So far, I have received 275 challenges. While I am still in the process of categorizing them, Inoticed that a number of them mentioned "Closing the sale" as yourbiggest challenge. Closing the sale, cinching the deal, tying up all the loose ends, and getting to a yes decision is an important skill in the selling process. Even getting a "No" decision is better than holding onto an everlasting pending one. Joe K., a friend and former client, discovered the importance of an effective close at an early age. Joe has been the president of major corporations and currently serves on several corporate boards - so pay attention to his comments. Here's what he has to say about closing the sale . . . "When I was in high school in downtown Philly, I went into a men's clothing store to buy a new suit. Obviously, many of the salespeople are career salespeople, and know all the lines and closing techniques. After trying on one suit, I came out of the dressing room and looked into the three-way mirror. The salesman approached me, smoothed out the back of the suit, tugged a little on the cuffs, and told me, "On you it looks good." I continued to look in the mirror, and moved from side to side, and he sensed some reluctance on my part. That's when he came up with the best close I have ever heard. He said," If you
· fees based on an hourly rate, a flat rate, or on a percentage of your assets and/or income.
· commissions paid by a third party from the products sold to you to carry out the financial planning recommendations. Commissions are usually a percentage of the amount you invest in a product.
· a combination of fees and commissions whereby fees are charged for the amount of work done to develop financial planning recommendations and commissions are received from any products sold.
7. How much do you charge for your services?
While the amount you pay the planner will depend on your needs, the financial planner should provide you with an estimate of possible costs based on the work to be performed. Such costs include the planner’s hourly rates, flat fees or the percentage he would receive as commission on products you may purchase as part of the financial planning recommendations.
8. How are you licensed?
Many financial planners offer advice in securities or insurance when they are not licensed in these areas. Some states may not require licensing but consumers may want their advisor be properly regulated and licensed. Licensed persons pass examinations and have many hours of continuing education annually. However, there are some licensed advisors who are are merely salesmen in an advisors suit.
Ask the planner to provide you with a description of her conflicts of interest in writing. For example, financial planners who are employees of banks, insurance companies or investment firms often favor their own company products, even when less competitive. The planner may also have relationships or partnerships that should be disclosed to you, such as business he or she receives for referring you to an insurance agent, stockbroker, accountant or attorney for implementation of planning suggestions.
9. Have you been publicly disciplined for any unlawful or unethical actions in your professional career?
Several government and professional regulatory organizations, such as the National Association of Securities Dealers (NASD), your state insurance and securities departments, and the CFP Board keep records on the disciplinary history of financial planners and advisers. Ask what organizations the planner is regulated by, and contact these groups to conduct a background check. All financial planners who have registered as investment advisers with the Securities and Exchange Commission or state securities agencies, or who are associated with a company that is registered as an investment adviser, must be able to provide you with a disclosure form called Form ADV or the state equivalent of that form. Many financial planners do not hold securities or insurance licenses.
10. Can I have it in writing?
Before handing over any money, ask the planner to provide you with a written agreement that details the services that will be provided. Keep this document in your files for future reference.
Check List For Interviewing A Financial Planner
Planner Name:
_______________________________________
Company:
_______________________________________
Address:
_______________________________________
Phone:
_______________________________________
Date:
_______________________________________
1. Do you have experience in providing advice on the topics below? If yes, please indicate the number of years.
* Retirement planning ________
* Investment planning ________
* Tax planning ________
* Estate planning ________
* Insurance planning ________
* Integrated Planning ________
* Other________________________________________
2. What are your areas of expertise and how do your qualifications in those areas compare to others?____________________________________________
__________________________________________________
3. How long have you been offering financial planning advice to clients?
* Less than one year
* One to four years
* Five to 10 years
* More than 10 years
4. Briefly describe your work history:
_______________________________________________
_______________________________________________
_______________________________________________
_______________________________________________
5. What are your educational qualifications? Give area of study.
Undergraduate Degree _________________________
Advanced Degree _____________________________
Other ______________________________________
6. Which planning or investment management designation(s) do you hold?
* Certified Financial Planner or CFP
* Certified Funds Specialist (CFS)
* Certified Public Accountant - Personal Financial Specialists (CPA-PFS)
A recent Harris poll indicated that 72% of adult Americans are thinking about starting a home-based business. Surely having your own home based business – irrespective of whether this is to serve as your primary revenue source, or as a second income stream - offers many opportunities. But the problem for many is - they don't know from where to start.Yet there is a simple answer! All you have to do is to look within yourself - find an interest, a hobby, preferably a passion, and transform that into an online business activity.The real challenge here is not to build a simple website – this cannot be the type of ordinary site that you would build to have something to show to friends and relatives, but one that would possibly enable you to monetize on your knowledge and passion in order to build a reliable income stream by working online from the comfort of your home.Maybe you think that this is easier said than done, yet this is something truly achievable. Thanks to the use of the right website building tools and equally important, the right e-commerce solution, it is even possible to build a successful online business without having any prior knowledge of web design, search engine optimization techniques, domain registrations, etc.A Journey to Online Success It is important to realize here that
9. Have you been publicly disciplined for any unlawful or unethical actions in your professional career?
Several government and professional regulatory organizations, such as the National Association of Securities Dealers (NASD), your state insurance and securities departments, and the CFP Board keep records on the disciplinary history of financial planners and advisers. Ask what organizations the planner is regulated by, and contact these groups to conduct a background check. All financial planners who have registered as investment advisers with the Securities and Exchange Commission or state securities agencies, or who are associated with a company that is registered as an investment adviser, must be able to provide you with a disclosure form called Form ADV or the state equivalent of that form. Many financial planners do not hold securities or insurance licenses.
10. Can I have it in writing?
Before handing over any money, ask the planner to provide you with a written agreement that details the services that will be provided. Keep this document in your files for future reference.
Check List For Interviewing A Financial Planner
Planner Name:
_______________________________________
Company:
_______________________________________
Address:
_______________________________________
Phone:
_______________________________________
Date:
_______________________________________
1. Do you have experience in providing advice on the topics below? If yes, please indicate the number of years.
* Retirement planning ________
* Investment planning ________
* Tax planning ________
* Estate planning ________
* Insurance planning ________
* Integrated Planning ________
* Other________________________________________
2. What are your areas of expertise and how do your qualifications in those areas compare to others?____________________________________________
__________________________________________________
3. How long have you been offering financial planning advice to clients?
* Less than one year
* One to four years
* Five to 10 years
* More than 10 years
4. Briefly describe your work history:
_______________________________________________
_______________________________________________
_______________________________________________
_______________________________________________
5. What are your educational qualifications? Give area of study.
Undergraduate Degree _________________________
Advanced Degree _____________________________
Other ______________________________________
6. Which planning or investment management designation(s) do you hold?
* Certified Financial Planner or CFP
* Certified Funds Specialist (CFS)
* Certified Public Accountant - Personal Financial Specialists (CPA-PFS)
Lubricants are a substance that sits between two moving surfaces to reduce wear and friction on the moving parts. Maintenance Lubrication is used in anything that has a moving part from a computer hard disk drive to an airplane and beyond.Lubrication can be either liquid or non-liquid. Liquid lubricants are often made of 90 per cent oil base and 10 per cent additives. Most often the oil that is used in industrial maintenance lubricants are mineral oils, which are petroleum fractions. Other synthetic oils and liquids can also be used such as flurocarbons and silicone. The additives to the industrial maintenance lubricants help to reduce the friction and wear, disperse heat that is caused by friction, increase the viscosity of the lubricant, reduce oxidation and contamination. Some of the most common additives in industrial maintenance lubricants are metal deactivators, corrosion and rust inhibitors, anti-oxidants, anti-foaming, demulsifying or emulsifying compounds and others that help to reduce wear and friction in the moving parts as well as reduce pressure and increase viscosity.The non-liquid industrial maintenance lubricants often include grease, powders, Teflon tape, ball bearings, roller bearings or air bearings.Industrial maintenance lubricants all have a job to do, none the less and regardless of their type or how they are manufactured. Their job is primarily to reduce friction and heat build u
_______________________________________
Phone:
_______________________________________
Date:
_______________________________________
1. Do you have experience in providing advice on the topics below? If yes, please indicate the number of years.
* Retirement planning ________
* Investment planning ________
* Tax planning ________
* Estate planning ________
* Insurance planning ________
* Integrated Planning ________
* Other________________________________________
2. What are your areas of expertise and how do your qualifications in those areas compare to others?____________________________________________
__________________________________________________
3. How long have you been offering financial planning advice to clients?
* Less than one year
* One to four years
* Five to 10 years
* More than 10 years
4. Briefly describe your work history:
_______________________________________________
_______________________________________________
_______________________________________________
_______________________________________________
5. What are your educational qualifications? Give area of study.
Undergraduate Degree _________________________
Advanced Degree _____________________________
Other ______________________________________
6. Which planning or investment management designation(s) do you hold?
* Certified Financial Planner or CFP
* Certified Funds Specialist (CFS)
* Certified Public Accountant - Personal Financial Specialists (CPA-PFS)
* Certified Senior Advisor (CSA)
* Other_________________________________________
7. How many financial planning related continuing education requirements do you fulfill? ______hours every______
8. What licenses do you hold?
* Insurance (Life, Health, Disability, Long Term Care)
* Securities (NASD Series 7, 24, 63)
* Other ______________________________________________________
9. A. Are you personally licensed or registered as an Investment Adviser with the:?
State(s)?
_________________________________
Federal Government?
If no, why not?
_________________________________
B. Is your firm licensed or registered as an Investment Adviser with the:
State(s)?
_________________________________
Federal Government?
If no, why not?
_________________________________
C. Will you provide me with your disclosure document Form ADV or its state equivalent form?
* Yes
* No
* If No, why not _________________________________________
10. What services do you offer?
_________________________________________________
_________________________________________________
_________________________________________________
_________________________________________________
11. Describe your approach to financial planning.
_________________________________________________
_________________________________________________
_________________________________________________
_________________________________________________
12. A. Who will be working with me on my plan?
Planner __________________________________
Associate(s)_______________________________
B. Will the same individual(s) review my financial situation?
* Yes
* No
* If no, who will? _________________________________________
13. How are you paid for your services?
* Fee
* Commission
* Fee and commission
* Salary
* Other________________________________
14. What do you typically charge?
A. Fee:
Hourly Rate $_____@ hour
Flat fee (range) $_____ to $________
Percentage of assets under management _______ percent
15. A. Are you employed by any company whose products or services you recommend?
* Yes
* No
* Explain
_________________________________________
B. Can you implement the plan by making transactions for us or do we have to find a properly licensed person?
* Yes
* No
Explain _________________________________________
C. Do professionals and sales agents to whom you may refer me to send business, fees or any other benefits to you?
* Yes
* No
Explain _________________________________________
D. Are you regulated by the National Association of Securities Dealers (NASD)?
* Yes
* No
E. Do you have oversight specifically for your insurance recommendations (i.e. licensed with the State Insurance Commissioner)
* Yes
* No
Explain _________________________________________
16. Do you provide a written client engagement agreement?
* Yes
* No
Explain _________________________________________
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