During a discussion with a group of financial planners, mostly fee-only “solo-preneurs,” I suggested that many of us would be extremely challenged to serve all clients as their fiduciary and provide all their needed services.
One advisor shared that she had recommended outsourcing the ongoing management of a client’s portfolio to a highly regarded, low-cost money management firm. All things being equal, she said, she couldn’t provide the services for anything close to the price of the outsource firm.
This advisor recognized that her highest and greatest good for her clients was in her financial planning skills and in serving as a catalyst to help them do what was in their best interests. She felt that their portfolio needed ongoing oversight and recommended someone other than herself to provide that service. The advisor acted in her clients’ best interests — just as all fiduciaries are required to do.
The client appreciated the thoughtfulness of the recommendation but elected to keep everything with the planner. With full disclosure and informed consent, the advisor had fulfilled her fiduciary duty.
But what is our fiduciary obligation to prospective clients, as opposed to existing clients? Investment advisors are fiduciaries under the Investment Advisers Act of 1940, not only for our clients, but also in recommendations given to prospective clients, including the recommendation that they work with us and how that arrangement will be structured.
In other words, our fiduciary duty applies at the point where we propose how we enter into the equation. Are we the best choice of advisor to meet a prospective client’s needs? Could we be a great help in most areas and provide outsourcing options for everything else? Are there similar services available for less money?
Some states require disclosures of this type, and many professionals argue that it’s their ethical duty to provide them Most registered investment advisors have standard disclosure language regarding the fact that “like services may be obtained at a lower cost elsewhere,” but many may not be aware of our responsibilities at the point where we make a pitch to a prospective client.
Consider the common scenario of a holistic solo practitioner with multiple service offerings — for example, a retainer for long-term planning engagements, an assets-under-management fee structure for the portfolio, and hourly or project fees for everything else. We have to be equipped to offer these services as promised, yet I’ve found that most solo practitioners and small planning firms are better off if they focus on one, or possibly two, pricing or service-offering options.
Let’s consider an advisor who does primarily project work and charges an hourly or flat fee. The work is limited in scope, and the engagement is complete upon delivery of that work product. But the advisor may also work with a few clients on retainer, who are welcome and encouraged to contact the advisor anytime, day or night, if they have questions or concerns. On top of that, the advisor provides ongoing portfolio management, comprehensive planning and tax return preparation services for clients.
Financial emergencies come in all shapes and sizes. They are, by definition, obligations that you haven’t planned for and that will be difficult to pay. Whether you should have anticipated an expense is irrelevant once you’re faced with it. If you must pay it soon, and if not paying it will bring serious consequences, then you have a financial emergency.
Many people have an emergency fund — money set aside for no other purpose than to bail them out of a crisis when they have no other cash available. Even if you don’t have such a fund, there may still be ways for you to make room in your budget to accommodate the urgent expense. And if you do have an emergency fund, you can use those same methods to put off having to dip into it, which will make your “rainy day” money last longer — or preserve it for the next unforeseen expense.
Reducing regular expenses
Your first line of defense in a financial emergency should simply be changing the way you spend money. In other words, tighten the belt. Delay, reduce, or do without certain things so more income can be used to meet the emergency. With smaller unexpected expenses, you may take this first step instinctively and not even think of it as an emergency. Perhaps you get a costly parking ticket and, because of it, decide to skip taking your family to the movies. You rent from Redbox instead and pay a few dollars instead of $50 or more.
Redirecting cash saved for irregular expenses
“Flexing” your spending to deal with an emergency between paydays only goes so far. You may need to reduce spending over several pay periods to cover the emergency — but you still you need the money now. Before taking it from a designated emergency fund, look to your next line of defense: savings earmarked for an annual or irregular expense, such as a vacation, home or vehicle maintenance, or a bill that gets paid once a year.
Setting aside cash for these irregular expenses is part of any solid budget. Of course, if you tap such funds in an emergency, you’ll need to pay yourself back before these bills come around. Do that by continuing to flex your spending over multiple pay periods until the reserves are restored.
What happens when you fully flex your spending and drain your cash reserves? Will you have to sell off belongings, liquidate investments or compound the problem by borrowing money? You can avoid pawnshops and payday lenders if you have an emergency fund on top of your earmarked cash reserves. Selling stuff is usually the last line of defense.
Finding quality financial advice can be a chalenge, especially if you’re already very wealthy. And offers of “free advice” almost certainly turn out to be sales pitches. But there are accessible, affordable financial advisors for the not-yet-wealthy.
Every day, members of the Garrett Planning Network provide truly useful financial advice, not cleverly disguised sales pitches, to people from all walks of lives. And who couldn’t use a little bit of competent, objective financial advice from time to time?
Garrett Planning Network members are bona fide financial planners who tailor services to your specific needs and circumstances. You pay for advice based on the amount of time involved. Services and costs are always agreed on in advance providing you with simple transparency.
To help minimize potential conflicts of interest all Network members are Fee-Only, which means the only compensation these financial planners ever receive comes from clients, no commissions, no referral fees. Garrett planners work solely for and always in the best interests of their clients.
With affordable advice and over 300 Network members across the United States, anyone can find and hire an actual financial advisor. No financial planners located near you? Many Garrett planners provide long-distance advice by telephone, email, and virtual meetings on-line. Good financial advice often pays for itself many times over, and cost or geography should not prevent anyone from accessing such advice.
Get an All- Inclusive Holiday as Your Alternative Getaway
Nowadays, there are several all-inclusive holidays for you and your family that are being offered with great deals. A combination of cuisine, activities, rest and relaxation are offered without continuously getting money from your wallet through this means of holidays. With an all-inclusive holiday, you will be paying full before you go and the amount is perfect for your budget, and the rest that you will have to do is to have fun and relax during your trip. Today, travel agencies are offering affordable all-inclusive holidays especially to those who want a luxurious holiday but on a limited budget.
There are several sites that you can search offering an extensive range of cheap all-inclusive holiday offers that will find you a perfect place to stay in your holiday. With this site’s deals of all-inclusive holidays, your dream of a worry-free family vacation, or your romantic getaway, or a holiday among your best friends will become a reality and what you do is just to enjoy and relax on your holiday.
Island getaways are an example of a cheap but stylish all-inclusive holiday. One favoured spot is the Canary Islands with its whole year round of sunshine, sandy beaches and beautiful resorts. You have a choice to discover the diverse landscapes of Lanzarote’s volcanic sands and green landscapes, where you can go on a dune buggy and thrash the sand, or have a sip of cocktail with the view. Perfect for couples who just want to relax is Tenerife, with its luxurious all inclusive breaks hotels and delicious Canarian cuisine and on site spa to delight on.
If you want a holiday where you and your kinds can have fun, Malta is a great place with its soft beaches and adventure parks that are made for an all inclusive family getaway.
You can also spend your holidays on one of the idyllic islands of Greece or Turkey with its culture. There are several water parks that they offer for the kids, and lots of ruins for you to browse around.
Another If luxurious and very affordable all inclusive holiday to consider is the Caribbean retreats. It is considered as the best destination to discover because of its paradisiacal escapes and desert island fantasies.
If you are after for a thriving cultural scene and lingering reggae beats, then Jamaica is your destination, while if you are on your honeymoon or anniversary, Mexico is your romantic getaway.
Know that flights are being offered cut off when you are getting an exotic all inclusive escapes. There are other far flung destinations to explore like the pyramids and camels of Egypt, or the sands, endless coastlines and sunshine of Morocco.
Important Information That You Need To Know With Regards To Debt Management
Speaking of debt management, as what its name implies, this is just one of the number of solutions available that anyone who are having some serious problems with regards to the debts that they have can choose from. If you are wondering why we are suggesting you to look at and consider these options, well, that is because we are aiming to help you decide which among the options available is right for the type of circumstances you are facing at the moment. Talking about debt management, it is a term that is commonly used to define a certain act of managing the debt of the borrower. When it comes to debt management, one very important thing that you need to know about it is the fact that there might just be quite a number of factors that greatly influence your debt.
There are also other definitions about debt management that you can find in books or in the internet, one of which talks about debt management being just one of the debt solutions existing these days in which people who are having a hard time paying off their debt can opt for. If you are looking for someone whom you can approach with regards to the dilemma that you have pertaining to your debt, you can actually go to CCCS as they offer free advice and counselling related to debts. When it comes to debt management, you need to know that this certain kind of solution is nothing for you to be worried about as this will only help you fact the kind of predicament that you are having at this moment and pay off the debts you have. One example of this is the common practices observed during house buying as almost all of us will always be in need of mortgage to do so but, even with this kind of predicament, it would be unreasonable on our end to think that it would be best to buy our homes with the savings that we have. This is one common reason why debts exist or why we have a debt. With this kind of situation, you surely need to have debt management as debt management is a process in which the debts that you have will be consolidated into a one lower monthly payment. And the one payment that you will have from having your debts consolidated will be an amount that you can afford and also, this amount will be apportioned to all the creditors that you have.
Debt management is also a kind of solution that is necessary when it comes to solving bad debts but, that is not all there is to it as you also need to know how you can properly use this solution for good.
What Help You Can Get From A Debt Management Company?
Does your credit card payments are going out of control and causing you to be in deep debt recently and now, trying your very best to keep up with mortgage demands, making it harder to pay for other debts that you have? If yes, then there’s a great chance that your life when not working is frequently spent answering phone calls from creditors leaving you hopeless, down and depressed.
Getting debt help is basically the main help that anyone who suffers from debt issues. With the continuous rise in debt problems for the past few years, there’s been accompanying rise in debt management companies wanting to help people who are stuck in this situation. There are lots that are offering free advice without obligation whether you believe it or not so you don’t just sit there and let the total debt you have grow on levels that are beyond your control. There are lots of options out there that can help you out. As what said earlier, there are many companies offering debt solutions and some include:
Debt management program – simply known as DMP and it is one flexible and effective way to manage debt. If you’re in debt to several creditors, then there are lots of such companies that will be willing to help you in consolidating your debts in just one affordable monthly payment that is appropriate to your means.
With DMP, there’s no reason for you to deal with calls from creditors and your interest charges can be greatly reduced or at times frozen, making it what seems to be the perfect solution. You can do all these sorts of things without putting your home at risks or taking out further loans, which is the best part of it.
Individual voluntary agreement – known simply as IVA which can free you from debts in as short as 5 years. The simplest way to describe IVA is a formal agreement between you as well as your creditors which you mutually agrees with series of reduced payments for your total debts. This as a matter of fact is an alternative to bankruptcy and also, come with less consequences. Well, as long as you have regular income and agree to meet the set payment terms for fixed period, you will be suitable to apply for this.
Credit counseling – there is no doubt that debt advice is going to be your initial steps on that treacherous and long road to enjoying financial freedom. Debt is easy to get yes but very hard to get out of. This is the reason why getting debt advice is important as you can learn strategies on how you can free yourself from debts such as taking debt consolidation and the likes.
Different Types of Credit Counseling
What you will need for credit counseling would be a reputable agency to which will give services and provides you with various options. If you approach a credit counseling company, you definitely will be surprised to see the different kind of services to which will be provided for you to help satisfy your needs. Every aspect of your debt relief need will be treated with a certain service. The article below discusses some of the services being offered by credit counseling firms that will help satisfy your needs.
The first thing that we need to know about first is what credit counseling is. This refers to counseling and practical aid that you can actually get from a firm for you to be out of debt. This will involve following some advice to how you could get out of debt and prevent yourself from getting more debts. The services to which you would find below are services that are being offered by a credit counseling agency.
Housing credit counseling is a service to which is being offered to you through a credit-counseling agency. This kind of service is going to enable you in giving you the advice if it is financially okay for you to borrow money or to make a purchase of a house. The agency will actually help you to get advice that saves you from going bankrupt when you are planning to get a new home. This kind of option is considered to be the most likely if you have to borrow when buying for a home.
A reverse mortgage service is being offered usually to elderly people. This means it is for people who are 60 years old and more. This kind of service will actually enable you in borrowing more money even when you still haven’t paid for your mortgage. The condition for it is that you need to live in that house for you to be not obligated in paying off the loan.
Education services also still are provided by credit counseling agencies. Such service will in fact instruct you to basic approaches for learning self-mastery through a financial control. They in fact will organize workshops and seminars and is going to give you educational materials that are helpful.
Another is with the budget and credit advice service, which would be the main service of credit counseling providers. This in fact is what makes this kind of agency a credit counselor. You are going to be provided with a particular counseling that talks with certain financial situations that borders you. Whatever the need, the agency is going to advise you and will lead you with financial independence.
The services to which are provided above are not the only things to which are being provided by credit counseling firms. There in fact are still others which are developed in tackling certain areas of credit counseling.
Ways in Deciding Whether to Buy or Rent a Home
There are pros and cons between renting a home and owning one as experienced by many homeowners. One big disadvantage for example when you rent a unit is how close your neighbours are, to the point of hearing their shouts and footsteps.
For those who has the money, purchasing a home makes sense to them coupled with the fact that it adds stability to their wealth acquirement and the freedom to do what they want with their property. But eventually, owning a home may not be the best action, like if you are in the Pacific Northwest, because of the costs of maintaining the property like taxes, insurance, maintenance and so on that is often significantly greater than renting the house.
Therefore, on the assumption that you are to make a decision based on your financial condition whether to rent or buy your place, there are some ideas to help you stay objective in your decision.
First way to tell what is better, to rent or to buy, is to find out the P/R ratio or called price-to-rent ratio. From this number out of the ratio computed will give you an idea on how the homes in that area are fairly valued. The computation of this ratio is first you look for two similar units, where one is for sale and one is for rent, and divide the sale of the for sale unit to the yearly rent of the unit for rental, and the resulting number after your division is the P/R ratio. One expert says that if you get a ratio of higher than 20, it is better to rent than to buy the unit in that particular area. There is no available P/R ratio always in your interested area, and so it is best to contact a real estate agent to consult the matter.
Your next pointer in gauging the cost of the housing in the place you are interested is to make a comparison with it to your family’s income. If you find out that the housing in that area is overpriced against your income, then you have the option to think twice in purchasing the property.
There is also a rent versus calculator that can help you decide what to do and this information you can get from magazine source. In general, your plan of owning a house should be grounded on the reality of your financial situation and not based on what others will tell you. Depending on where you want your family to settle or where your work will take you and your family, you can already start to compare the housing costs in that area against the possible income you will get if you settle there.
The Music Startup Industry and some Tips
The music industry is undergoing changes because of the influx of startups that now gives artists more control with their careers. Before it was thought to be a dying scene, but the music industry is actually reviving itself through change, everything with how this is made and is consumed to the case on how musicians are compensated for their work.
Most of the music startups are in fact made to target one of the two markets, which are either the fans or the musicians. The article below discusses the things regarding the music startup industry.
If you are a musician and an entrepreneur, you may already have known how tough it could be in standing out from the rest. However, if you already have stood on both sides of those industry, you may also have noticed strategies that are being used mostly by successful companies. You can however use music and technology in order to help grow your startup.
New technologies nowadays now opens up their doors to fans for them to interact with musicians in a more tangible way, which helps to give more opportunities for the artist and also the entrepreneurs. This is going to help increase more the interaction with millennials and is able to also increase your social media engagement so much.
For you to actually succeed with the millennials, you have to adapt yourself on the generational shift to which is happening, in a way to where they are going to consume, listen and engage with music. You can in fact engage them through their own turn by incorporating music with your startup’s marketing procedures by finding a publisher who has a music library that suits your needs and in licensing music that is going to appeal them.
When you already have found the right music in enhancing your special event or your advertising campaign, you could in fact license that song for you to launch a new product like Jeep did with the song Renegades, which actually is an ideal tune for capturing millennial hearts with the message that echoes Jeep’s that its new vehicle is found to be perfect for adventure.
After the younger fans will see you supporting their favorite artist, they then will be able to know your startup shares the same values with them. This will later help to form an instant emotional connection with your business. Different startup firms will not only help enhance live music experience, but also with the streaming one. For some websites, their platform actually offers mobile-streaming capabilities with live music events that includes intimate performances, unique concerts, programming and music festivals with multistage and multi day coverages.
Why The Use Of Home Loan Calculator Is Advantageous
At the moment, one cannot deny the impact made of the internet and technology for the reason that it can be felt as well as seen the world over, and this is the reason why one is not surprise anymore that it is also felt and seen even in the housing market. There are many homebuyers nowadays who are making use of the internet for them to search for homes for sale that they can buy. That is why there are a lot of home loan calculators available on the internet. Even supposing that these home loan calculators are known to have a little different features, they still share a number of fundamental functions and can offer you a helpful insight in the home mortgage procedure. This article will talk about the different valuable functions of a home loan calculator.
First, your monthly mortgage payments can be calculated with the use of a home loan calculator. What you must do is put in the complete amount along with the length of your mortgage, in addition with the interest rate and also the starting date, after that, a monthly payment figure will be provided to you by the program. Several extra features available on different kinds of a home loan calculator involves how favorable it is going to be to make increased or extra monthly payments. And aside from that, you will also discover how quickly you can pay off your mortgage in the event you will make additional or bigger monthly payments.
By using a home mortgage loan calculator, you will have the ability to analyze your amortization program; no matter if the schedule is rooted in pre-payments or not, as a monthly figure can still be obtained. There are various data which can be used to calculate this such as the yearly rate of interest, the term, as well as the borrowed amount. You can make your amortization schedule the moment you have analyzed the monthly figure.
These calculators can assist you in discovering extra payments by way of accomplishing particular bi-weekly mortgage payment estimate. These are quite painless methods of doing extra payments that can keep you from paying interest, and as a result, the term can then be shortened. You will need different data for you to accomplish this such as the amortization period, the yearly interest rate, as well as the balance of your loan. The program will be able to give you the needed information the instant you key in these data.
And last but not the least, you will have the capability to estimate certain things by using a home loan calculator like how much money one still needs to come up so that a certain mortgage can be handled.
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Which Is Better, Renting Or Buying A Home?
Transfer of residency is quite exciting and fun for some people.
Undeniably, you might feel lost and contused whether you are going to rent a property or go for a home loan, this kind of scenario is completely understandable. One thing is for sure, both options requires huge financial expenditure at a given time.
You must know the pros and cons of both options, which is why it would be best to read several information relevant with those to fore you to make a sound decision.
The Benefits of A Mortgage
If you are going to avail a mortgage then you are able to own a particular property. With the information at hand, it only means that you are able to decide with regards to the exterior and interior design of the house without any hassles.
If by any chance you want stay for that place for a long period of time, for instance for five years or more then this is the perfect option for you. Staying in a particular place or home for quite some time is actually beneficial for this gives you the opportunity to regain the amount that you spend in purchasing the property.
You must be cognizant with the fact that most banks require their clients to start up with a minimum deposit of 20% for the property that they intend to buy.
The ideal candidate for mortgage are those individuals who can afford a 20% deposit or those who have huge amount of money save in a particular bank.
That is why it would be best if you will look for mortgage with an interest rate that is quite low, this way you will pay lesser amount of money to repay the loan hence making it a good investment.
For instance you want to know more about the mortgage rates of a particular property then it would be best to use home loan repayment calculator to know the approximate amount you need to pay every month.
This is quite different with renting a property since the money that you pay every month will go directly to the landowner. The money that they are able to get from your payment will be used for the mortgage of the property. Is it really beneficial to rent a home?
What Makes Renting A Home Beneficial?
Since you have come across already with the advantages of a mortgage, it is possible that you have already made up your mind.
But you must bear in mind that there are also several benefits that renting can give to you.
You must be aware that purchasing a mortgage is quite expensive. Aside from the initial payment that you need to pay, you are also oblige to pay a deposit on the property.
If by any chance your money is not sufficient then renting is your best option.
Quality Services Offered by an Accountant to Your Business It is not easy to run a business successfully. Not only do you need to ensure the staff is working well, you also have to deal with finances. Even if you know how to do all these things, they will take a lot of your time and you may find yourself sleeping late and waking up very early in the morning. Dealing finances when you are tired is not a good idea. This is why you need the services of professional accountant to help you manage the finances properly keeping your business running as it should. You can decide to hire a full-time company accountant or you can choose to only hire on a part-time basis when you need a certain task done. Whichever way, you have to get an accountant who is specialized in exactly what you need. Making the proper choice is the only way you will get an accountant who delivers as per your expectations. Here are some of the services that you will get from an accountant. Bookkeeping is one of the most essential functions of a business and it entails tasks such as preparing financial statements, recording financial transactions, keeping sales ledgers, as well as maintaining journals. The way finances are managed is crucial to business operations. Getting a good bookkeeper is the first step towards ensuring proper financial management.
Questions About Experts You Must Know the Answers To
Employees are a crucial part of the business and should be paid when it is due. The accountant will do all the work including preparing pay slips, calculating deductions, completing tax information, and ensuring that the payments are made on properly. This process is tiresome and the accountant will have eased a big burden off your shoulder. The accountant will also prepare financial statements and payroll taxes as well as deal with any queries arising from the salaries.
What Do You Know About Experts
VAT filing can be complicated sometimes when you do not know which amount is taxable and which one isn’t. An accountant helps you eliminate this dilemma, making it easy for your business to operate. He or she will be responsible for filing the VAT as well as determine areas where your business can get tax cuts. Apart from taxes, the accountant will also be responsible for conducting business audits and give you a sense of where the business is heading. The only way you can get quality services from an accountant is to choose one who is qualified at what he or she does. Make sure to research the portfolios of the accountant so as to ensure you get the right fit. The one you hire should have lots of experience especially in a similar company.
The Best Strategies for Buying Medical Marijuana Stocks You’ll find that there are a lot of different laws that are changing each year, especially when it comes to the use of marijuana. In particular, there have been quite a number of changes that have happened in the world of medical marijuana, since it can directly make people’s lives better. Basically, it seems like a lot of different states are now passing laws that will make medical marijuana a regulated business. As you can imagine, this also means that there have been some incredible opportunities opening up for those who are looking to sell this type of marijuana to the masses. Countless new businesses have opened up in recent times that are designed to offer medical marijuana to those who need. If you’re the type of person who likes to invest in growing industries, there is little doubt that medical marijuana will be an area you’re going to want to focus on. Of course, it’s quite common to have plenty of different questions about just how to go through the process of buying medical marijuana stocks. In the article below, we’ll look at a few of the things you should know about buying medical marijuana stocks. The primary thing you’ll have to consider when investing in medical marijuana is whether or not the company you’ll be investing in is actually capable of sustaining a profit. You’ll tend to find that there’s a large gulf between the companies who are hoping to make a quick buck on the medical marijuana industry and those who are in it to completely change the industry and make sure they’re a consistent and reliable business. As you continue checking out a range of research about the different companies you can work with, you’ll soon come to a solid conclusion about which one you’re going to want to put all of your money into.
A Simple Plan: Stocks
Another factor you’re going to have to think about will be whether or not you’re able to find the kind of medical marijuana service that is able to sell stocks. The truth is that many of the new companies out there are going to be still getting their act together, which means they will not be at a point where they’re ready to go public quite yet.
Overwhelmed by the Complexity of Marijuana? This May Help
If you’re in the market for a good investment into medical marijuana, you’re going to have to do a bit of research to make sure that you’re making the smartest possible decisions. There is no question that the right kinds of smart investments, however, will be able to help you make as much money as you could possibly want.