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Financial Advice and Advisers

Take This Rule of Thumb Quiz

by Luke Landes

I often rail against “financial rules of thumb” for their overly simplistic view of what are often complex situations. There is far too much potential for snappy catchphrases to lead people to refuse to think and evaluate situations on their own. Rules of thumb don’t take into account individual circumstances and even the most popular ... Continue reading this article…

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5 Stupid Financial Mistakes I Made in 2007: Underutilizing Financial and Tax Advisors

by Sasha

In 2007, I actually sought a financial advisor, developed an asset allocation model, and started to track my finances more closely than ever. All good moves, but after reallocating some of my investments, I made my third mistake: 3. Underutilizing Financial and Tax Advisors I mentioned that I developed an asset allocation model with my ... Continue reading this article…

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Financial Advisers and Stock Brokers: What’s the Difference?

by Luke Landes

You would think that the roles and responsibilities would be clear and there would be a strong line between individuals who call themselves financial advisers and those who call themselves stock brokers. The obvious answer is that advisers give impartial advice based on the best interest of the client and brokers sell products as a ... Continue reading this article…

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Money Magazine: No Fees? Get It in Writing!

by Luke Landes

Money Magazine is sharing an interesting piece of advice in their September issue. This comes from “The Mole,” the magazine’s “underciver financial planner.” If your financial advisor or broker tells you there are no fees for a particular investment or no risk for some product, ask to confirm in in writing. Even though my clients ... Continue reading this article…

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Get Your Personal Finance Questions Answered

by Luke Landes

On Friday, August 17 and Thursday, August 30, the National Association of Personal Financial Advisors and Kiplinger’s Personal Finance are presenting free one-on-one discussions with professional advisors. To get your questions answered, either call 888-919-2345 on one of those two dates between the hours of 9:00 am and 6:00 pm or email your questions in ... Continue reading this article…

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Your Advice to Your Younger Self

by Luke Landes

The two winners of the free copies of Cash, Cars, & College, by Janine Bolon were informed last night. If you entered the contest, check your email to see if you’ve won. In order to enter the contest, I asked that commenters provide some financial advice they’d give their teenage self if they were able ... Continue reading this article…

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Sometimes Financial Decisions Must Consider More Than Just Money

by Luke Landes

I alluded to this in a post yesterday, the title of which got my girlfriend’s attention. Anyway, sometimes it makes more sense not to chase the highest returns. The Money Magazine Expert, Walter Updegrave, agrees. In his latest advice column, he tackles the problem of a couple with a healthy emergency fund and student loan ... Continue reading this article…

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David Bach’s Five Rules for Hiring an Financial Advisor

by Luke Landes

A few years ago, I had a brief chat with a financial advisor provided to me by my company, which also happens to be in financial services. I listened to what he had to say, but he was searching for commissions. His only offerings were expensive mutual funds. I decided to wait until I had ... Continue reading this article…

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36% Say They Use a Financial Advisor

by Luke Landes

In an incredibly unscientific web poll, Yahoo Finance discovered (as of 11:12 pm last night) only 36 percent of the 2,200+ respondents — Yahoo Finance readers probably already biased towards the financially savvy — use a financial advisor. Almost the same amount (35 percent) say they do not take advantage of the help from a professional. The ... Continue reading this article…

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Find a Financial Advisor Online

by Luke Landes

Some readers of financial blogs keep coming back for the free “advice.” There are some better ways to get in touch with financial advisement online, and Kiplinger’s Personal Finance has a few suggestions for finding a real advisor through the internet. * The Alliance of Cambridge Advisors is a network of 75 advisors in 25 ... Continue reading this article…

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Can You Trust Your Financial Advisor? Or Anyone?

by Luke Landes

The truth is people are selfish. A person makes decisions on what actions to take based on what they believe will benefit him or her. Is there such a thing as true selflessness? Even when someone helps another individual “out of the kindness of his heart,” isn’t she really acting in order to get that ... Continue reading this article…

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The Top 25 Money Tips of All Time, Part 5

by Luke Landes

I’m finally delivering the last installment of MoneySense’s top 25 money tips of all time. This follows parts 1, 2, 3 and 4. Now, without further ado, are the final five money tips, as decided by Canadian financial experts.

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Does This Number Impress You?

by Luke Landes

$400,000. Do you consider someone with a net worth of $400,000 rich? Well-off? Comfortable? Would you set a lifetime goal for yourself at $400,000? Actually, a net worth of $400,000 sets you well above the median net worth in this country, and in the world, to say the least. But these statistics don’t matter… what ... Continue reading this article…

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Be A Financial Advisor

by Luke Landes

Money Magazine has ranked hundreds of careers and have decided that the job of Financial Advisor ranks third. That’s not too shabby. Here are the stats provided by the magazine. The average salary is $122,500, which is a little less than three times what my base salary would have been this year had I not ... Continue reading this article…

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HOWTO Get Personalized Financial Advice

by Luke Landes

I get a number of emails from individuals looking for financial advice. Presumably, these people read this blog and are hoping I will have some insight into their own personal finances. Even more often, I receive emails with requests for a certain topic they’d like to see me cover. While I’m flattered, those seeking personal ... Continue reading this article…

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A Look At The Number, Part 4: Advisors

by Luke Landes

This is Part 4 in a series about The Number by Lee Eisenberg. Part 1 is here, Part 2 is here, and Part 3 is here. Chapter 11 of Lee Eisenger’s book, The Number, focuses on the topic of financial advisors. The author’s opinions of the financial advice industry is neatly summarized by the second ... Continue reading this article…

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7 Reasons to Fire Your Advisor

by Luke Landes

Liz Pulliam Weston gives us seven reasons to fire your financial advisor. If you hear these phrases or witness these attitudes, the MSN Money Queen’s advice to dump your advisor and find someone new. 1. Who cares what you think? 2. Don’t worry your little head. 3. It’s not my fault… and if it is, ... Continue reading this article…

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