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Financial Advisors - How they help you
 

Financial Advisors - How they help you

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This is the final presentation in this series. All of the Financial Freedom Seminar presentations are available for viewing and you can contact me about arranging a class or purchasing materials. You ...

This is the final presentation in this series. All of the Financial Freedom Seminar presentations are available for viewing and you can contact me about arranging a class or purchasing materials. You can now view the presentation here, order the Family Financial Freedom book from any of the ebook sites for iPhone, iPad, Kindle, Nook, Kobo reader etc. contact me at floyd.saunders@yahoo.com for a copy of the presentation or more information on how to get seminar materials.

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  • None of can plan for every event that might happen in our lives, but we can take charge of owning our financial future and developing a common sense plan to more financially secure.
  • Certified public accountants (CPAs) are regulated by state authorities and have expertise in tax planning, filing income tax returns and preparing personal and corporate financial statements. In recent years, CPAs have begun expanding into other areas of financial planning, including investments. The American Institute of Certified Public Accountants (AICPA) offers a Personal Financial Specialist (PFS) designation to the growing number of CPAs wishing to demonstrate specialized proficiency in financial planning. To quality, CPAs must be members in good standing of AICPA and complete educational and testing requirements.
  • Lawyers must pass a bar examination in the state where they practice and, in the context of financial advice, typically specialize in trust, estate or tax planning. Often attorneys partner with investment advisors, brokerage firms and financial planners to refer business to each other. Trust and estate lawyers draft trusts, handle trust disputes, and write wills and powers of attorney as well as comprehensive estate plans. Many attorneys who specialize in tax and estate-planning work are solo practitioners or part of a larger firm with many specialties. Still, there are several well-known national and international private client law firms focused exclusively on the personal, business and even charitable needs of wealthy individuals and families. Private client law firms may also handle transactions that involve a family business or family office, as well as litigation, family and employment law. The American College of Trust and Estate Counsel has a website featuring attorneys who have made substantial contributions to the field of trust and estate law.
  • Like “investment advisor,” “broker” is a legal term that refers to a professional who buys and sells securities on behalf of a client. (The term “broker/dealer” describes firms that also sell securities they own.) In addition to being regulated by state securities commissioners and the SEC, brokers are subject to oversight by the Financial Industry Regulatory Authority (FINRA), a self-regulatory body. (To vet a broker online, go to finra.org/Investors/ToolsCalculators/BrokerCheck/index.htm.) Brokers are generally not considered to owe a fiduciary duty to their clients. Instead, they must recommend “suitable” investments, a generally weaker standard. The lines are blurry, however: Some brokers may also be investment advisors, and the advice they provide on certain products and services may be held to the higher fiduciary standard. Brokers are legally called “registered representatives,” but may also call themselves “financial advisors,” “financial consultants” or “investment consultants.” The term “ wirehouse broker ” refers to the large, national firms. Independent broker/dealers, by contrast, are stand-alone operations that affiliate with a national broker/dealer for infrastructure and investment support. Discount brokers tend to charge lower commissions than do full-service rivals, but the trade-off can be no-frills service.
  • “ financial planner” commonly refers to advisors who develop and implement comprehensive financial plans based on an analysis of long-term goals, including investments, estate planning, tax planning, insurance and even debt management. Some 90 different professional designations in existence today are designed by various entities to convey expertise in some or all aspects of financial planning. Not all of them are credible; still fewer may be relevant to your situation. The most widely respected designation is Certified Financial Planner (CFP). These advisors must pass a comprehensive financial planning exam; abide by a code of ethics, which includes adhering to a fiduciary standard; and comply with certain practice standards. Most financial planners are investment advisors, but the reverse is not necessarily true. Some financial planners also call themselves “wealth managers,” especially those aiming for higher net worth clients. Financial planners may be fee-based, meaning they charge both commissions and fees, or fee-only. You can find an advisor with a CFP designation at cfp.net/search.
  • Insurance agents—many of whom are also financial planners—are licensed and regulated at the state level and tend to work on commission. Independent insurance agents sell policies for more than one insurance company; exclusive agents represent a single company. Some large national and international insurers coordinate their services to high net worth individuals and families through dedicated private client groups, which offer advice and underwriting for property, casualty, life and long-term care polices, and can advise on the integration of insurance into estate planning.
  • Frequent Insurance Designations include: CLU as a Chartered Life Underwriter, ChFC as a Chartered Financial Consultant, LUTCF as a LUTC Fellow Designation, RFP as a Registered Financial Planner, RHU as a Registered Health Underwriter, FIC as a Fraternal Insurance Counselor. Other common related insurance Designations are: CSA as a Certified Senior Advisor, CIC as a Chartered Investment Advisor, FSS as a Financial Services Specialist, and CPC as Certified Pension Consultant. The insurance designation CLTC as Certified in Long Term Care is increasing in numbers exceptionally fast. This rising amount of designations also apply elsewhere. CEBS is a Certified Employee Benefit Specialist, REBC is a Registered Employee Benefits Consultant, CIC is a Chartered Investment Counselor, AEP is an Accredited Estate Planner, CSS is a Certified Senior Specialist, CPA is a Certified Public Accountant, and RIA is a Registered Investment Advisor. Although the later is not really an insurance designation. Lesser known financial and insurance designations follow. CAA is a Certified Annuity Advisor, RFC is a Registered Financial Consultant, LIFA is a Licensed Insurance Financial Analyst, CEP is a Certified Estate Planner, AFC is a Accredited Financial Counselor, CFA is a Chartered Financial Analyst, MSFS is a Masters of Science in Financial Service, FLMI is a Fellow Life Management Institute designation, CPC is a Certified Pension Consultant, CAC is Certified Annuity Consultant, RFG is a Registered Financial Gerontologist, FFSI is a Fellow Financial Services Institute designation and CRP is a Certified Risk Professional.
  • This legal term describes advisors who provide advice on investments and are registered with state securities regulators or with the U.S. Securities & Exchange Commission if they have more than $25 million under management. Investment advisors are typically paid based on a percentage of assets under management, not commissions on transactions, and must provide certain up-front disclosures to investors. (To research basic information about an advisor, visit adviserinfo.sec.gov.) Most importantly, investment advisors owe a “fiduciary duty” to their clients and are thus legally bound to put clients’ interests first. Investment advisors must have a reasonable basis for the investment decisions they make and ensure that those decisions are consistent with a client’s strategy and objectives. Most investment advisors are small businesses that operate independently of big financial services firms. They may also call themselves financial advisors, money managers, asset managers, investment managers, investment counselors, portfolio managers or registered investment advisors (RIAs)
  • Private banking dates back to 2000 BC, when the first private banking system recorded was established in Babylon. In Switzerland, where most private bankers can trace their origins back to the 18th century, when King Louis XVI of France appointed the Genevese private banker Jacques Necker head of the royal treasury, the term has legal significance: It refers exclusively to firms structured as private partnerships in which at least one partner has unlimited liability for the bank’s obligations. Outside of Switzerland, all manner of firms, from commercial bankers to trust bankers to wirehouse brokers, refer to themselves as private bankers or as providers of private banking services. The common thread: All are aiming to serve high net worth and ultra-high net worth investors. Another common thread among firms that call themselves private banks is the service model. Typically, a relationship manager serves as the point of contact and coordinates advice from various parts of the bank or firm, including investments, trusts, philanthropic services, insurance and tax planning.

Financial Advisors - How they help you Financial Advisors - How they help you Presentation Transcript

  • FamilyHow Professionals CanHelp Financial Freedom Seminars Financial AdvisorsSaunders Learning Group, LLC
  • Training from Saunders Learning Group Saunders Learning Group provides a variety of training programs, workshops and seminars targeted to the financial services industry. Programs are available in a wide range of topics, and we are specialists in developing custom programs that are targeted to your needs. Contact the founder, Floyd Saunders at 316-680-6482 or at floyd@floydsaunders.com for more information. Saunders Learning Group, LLC, Andover, KS Financial Advisors & How They Can Help2
  • AgendaSaunders Learning Group, LLC, Andover, KS Financial Advisors & How They Can Help
  • “In this world nothing can be said to be certain, except death and taxes.” Benjamin FranklinSaunders Learning Group, LLC, Andover, KS Financial Advisors & How They Can Help 4
  • Accountants & Tax preparers Accountants —Public Accounts —Certified Public Accountants —CPA/PFS – Personal Financial Specialist Tax Preparers —Enrolled Agents —Registered Tax Preparers On Your Own —Online tax preparation http://www.irs.gov/Filing —Free file - IRS Saunders Learning Group, LLC, Andover, KS Financial Advisors & How They Can Help
  • Attorneys Attorneys often partner with investment advisors, brokerage firms and financial planners to refer business to each other. Trust and estate lawyers draft trusts, handle trust disputes, and write wills and powers of attorney as well as comprehensive estate plans. Many attorneys who specialize in tax and estate-planning work are solo practitioners or part of a larger firm with many specialties.o On Your Own: — http://www.freeadvice.com/ — www.legalzoom.com Saunders Learning Group, LLC, Andover, KS Financial Advisors & How They Can Help
  • Stockbrokers & Investment Advisors Stockbrokers (Series 7) — “Suitable” investments Registered Representative (Series 6) Brokers are legally called “registered representatives,” but may also call themselves “financial advisors,” “financial consultants” or “investment consultants.” Broker/dealers Discount Brokers On Your Own: Comparing discount stockbrokers: http://www.stocktradingtogo.com/discount-stock- brokers/ Saunders Learning Group, LLC, Andover, KS Financial Advisors & How They Can Help
  • Financial PlannersFP designation at cfp.net/search.  Fee Based — Charge both commissions and fees  Fee-Only — Charge fees for comprehensive financial plans only  Certified Financial Planner (CFP)  Wealth Managers — Aimed at higher net worth clients  On Your Own: — http://quicken.intuit.com/ — http://personal-finance-software- review.toptenreviews.com/ Saunders Learning Group, LLC, Andover, KS Financial Advisors & How They Can Help
  • Insurance Agents Independent agents — sell policies from more than one company. Exclusive agents — Represent a single company May also sell property, casualty, disability and long-term care policies in addition to life insurance Certification: — Chartered Life Underwriter (CLU) — Chartered Financial Consultant (ChFC) On Your Own — http://www.intelliquote.com/ — http://www.netquote.com/ Saunders Learning Group, LLC, Andover, KS Financial Advisors & How They Can Help
  • Insurance Designations CLU as a Chartered Life Underwriter  AEP is an Accredited Estate Planner ChFC as a Chartered Financial Consultant  CSS is a Certified Senior Specialist, RFP as a Registered Financial Planner  LIFA is a Licensed Insurance Financial RHU as a Registered Health Underwriter Analyst FIC as a Fraternal Insurance Counselor  CEP is a Certified Estate Planner CSA as a Certified Senior Advisor CIC as a Chartered Investment Advisor  AFC is a Accredited Financial Counselor FSS as a Financial Services Specialist CPC as Certified Pension Consultant.  CFA is a Chartered Financial Analyst CLTC as Certified in Long Term Care  MSFS is a Masters of Science in CEBS is a Certified Employee Benefit Financial Service Specialist  FLMI is a Fellow Life Management REBC is a Registered Employee Benefits Consultant Institute designation CIC is a Chartered Investment Counselor  CPC is a Certified Pension Consultant CAA is a Certified Annuity Advisor  CAC is Certified Annuity Consultant RFC is a Registered Financial Consultant  RFG is a Registered Financial Gerontologist Saunders Learning Group, LLC, Andover, KS Financial Advisors & How They Can Help  FFSI is a Fellow Financial Services
  • Investment Advisors Registered with State Securities Regulators and/or U.S. Securities and Exchange Commission Typically paid on a percent of assets under management Have a “Fiduciary Duty” to put clients interests firstMay also be called: financial advisors, money managers, asset managers, investment managers, investment counselors, portfolio managers or registered investment advisors (RIAs)To research basic information about an advisor, visit adviserinfo.sec.gov. orhttp://www.adviserinfo.sec.gov/IAPD/Content/IapdMain/iapd_SiteMap.aspx Saunders Learning Group, LLC, Andover, KS Financial Advisors & How They Can Help
  • Bankers Private Bankers — Service for high net worth clients Trust Bankers Consumers Bankers — Service for consumers that need a range of banking services, but may not be high net worth customers. On Your Own: http://www.bankrate.com/brm/olbstep2.aspSaunders Learning Group, LLC, Andover, KS Financial Advisors & How They Can Help
  • QuestionsSaunders Learning Group, LLC, Andover, KS Financial Advisors & How They Can Help
  • Post Workshop Action Plan  Complete the Post Workshop Action Plan Saunders Learning Group, LLC, Andover, KS Financial Advisors & How They Can Help14
  • Reference Material Family Financial Freedom 140 pages ISBN 978-1-60-746269-9 Available Formats: 6"x9" paperback PDF download eBook download Link to order: http://www.fastpencil.com/publications/4498-Family-Financial- Freedom?tid=bookbuy#read_book Also available on Kndle, Nook, iPad and other popular e-readers can be ordered from Amazon or Barnes and Noble in paperback (available soon). Book summary: You might be struggling to make ends meet, but achieving true financial freedom is still possible. The good news is virtually anyone with a desire to learn and the willingness to plan can achieve a considerable degree of financial security. This book is a road map to the personal financial freedom you want and deserve. There are no quick-rich schemes here, just common sense advice on how to manage your money, protect your family from risks and start making the moves to being more financial secure.Saunders Learning Group, LLC, Andover, KS Financial Advisors & How They Can Help