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Class 14 - • CFP’s • Broker/Dealer-How to know if you...

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Advisor, Planner, or Sales Person? - Advisor/Planner o Investments o Taxes o Retirement o Insurance o Estate planning - Sales o Investments o Buy? Sell? o Broker Dealer - What to look for: Credentials o CFP 5 Exams = 10 hour exam + 3 years o PFS CPA + exams + 3 years o ChFC 10 years o None? - Counseling Model Build a relationship Diagnose needs and set goals Generate alternatives Choose plan Implement the plan Evaluate - What to look for: References o Ask for references Who are they? Like you and your needs? o Compatibility - What to look for: integrity o How do you develop your recommendations? Do they meet your plan or theirs? - How are they paid? o Commissions o Assets under management o Fee-Based o Fee-Only Hourly fee Your interest in mind - Which one to choose? o Ethics requirements: Fiduciary or suitable for client?
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Unformatted text preview: • CFP’s • Broker/Dealer-How to know if you are mismatched? o Bully o Not accessible o Rude o Jargon o Cannot understand paper work o Not diversified -Protections? o FDIC – insures bank depositors o SIPC insures brokerage firms o SEC registers (not approves) advisors and brokers-Trading options o Stock broker/Dealer Types • Full service (> $250,000) • Discount or phone services (know what you want and they buy or sell for you) • Online-Trade off o ETrade $9.99 o TD Ameritrade $9.99 o ScottTrade $7.00 o Fidelity $7.95 o Sharebuilder $9.95-Purchasing stock o Ordinary Share price → $$ o Sharebuilder.com $$ → Buy shares or partial shares...
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