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A Week Focused on Advisors

Submitted by Larry Light on Saturday, October 4, 2014 - 9:00am

AdviceIQ has a central credo: Everyone should have a financial advisor. But not just any advisor – a good advisor, and the right one for you. So for one week in New York’s Times Square, Sept. 15-19, our company, AIQ Inc. put on National Financial Advisor Week.

This was an intensively practical forum to inform the public about personal finance – about how to deal with matters that affect their lives, ranging from funding a retirement to paying for higher education. And about how to get the best guidance on these crucial issues.

An Advisor for Everyone

Submitted by David Geracioti on Sunday, October 5, 2014 - 3:00pm

There are many different financial advisors catering to different kinds of investors, including those with few assets, which may surprise some people.

At a panel of advisors, they discussed the different compensation models to choose from – some charge one-time fees for a financial plan (that often appeals to the self-directed-investing-leaning individual); others charge fees based on assets, typically 1% yearly; and some charge commissions for individual transactions.

The Advisor Team Approach

Submitted by Jeff Stimpson on Saturday, October 4, 2014 - 3:00pm

The do-it-all professional who plans your financial future appears as quaint – and rare – these days as the old country doctor who cured all ills. Today’s good advisors can help you sort out your myriad money details by tapping a network of experts in law, estate planning, taxes, insurance and other fields.

The Future of Financial Advice

Submitted by Jeff Stimpson on Monday, September 29, 2014 - 3:00pm

Financial planning looms in everyone’s life, including yours. Not all money advisors are created equal, though. Does yours do the best job for you – and how can you contribute to making your own plan?

“Is your advisor asking you, the investor, the right questions? Is the investor asking the right questions of the advisor?” said Jeffrey Vivacqua, senior vice president of business strategy at the Fairfield, Iowa-based broker-dealer Cambridge Investment Research, speaking at a recent advisory panel.

Largest Wealth Shift Looms

Submitted by Larry Light on Saturday, September 20, 2014 - 9:00am

A huge amount of assets will move from baby boomers to their millennial offspring over the next decade, according to the chief of a leading investment firm during National Financial Advisor Week.

“This will be the largest transfer of wealth in history,” said Nicholas Schorsch, executive director of the board of RCS Capital, who estimated the amount millennials will inherit at $30 trillion.

Why You Need a Financial Coach

Submitted by Cherice Chen on Monday, September 22, 2014 - 3:00pm

Advisors are coaches who see your financial blind side. Even the best, market-savvy players can benefit from having an advisor.

“You don’t know what you don’t know,” said Larry Light, editor-in-chief of personal finance site AdviceIQ, during a panel discussion for National Financial Advisor Week. He gave an example of how his advisor, Jim Ludwick of Main Street Financial Planning, got him into a free health-care program that he otherwise would probably never know he is eligible for.

Don’t Understand an Advisor?

Submitted by Rick Kahler on Tuesday, September 2, 2014 - 3:00pm

What if you don’t understand what your financial advisor tells you? When the advisor uses abstruse (to you) financial or legal terms, you’re left in the dark. That is obviously not good for you in planning your finances. Here’s how to get clarity on the advice you hear, and pay for.

One of my staff members several years ago drove the communications problem home to me with this useful bit of advice: “Rick, your clients don’t understand half as much about investing as you think they do.”

Gurus - Are They Really?

Submitted by Rick Kahler on Wednesday, August 27, 2014 - 3:00pm

When a financial advisor or an author of financial books becomes well-known, investors may assume they can trust that person’s advice. This isn’t necessarily the case.

Fame and quality don’t always go together. Recently, I was selected by an Internet community site called moneytips.com as one of their top 50 “social influencers.” This is a list of professionals in the areas of wealth and personal finance who use social media and other Internet tools effectively.

More Than an Advisor

Submitted by Rick Kahler on Wednesday, October 8, 2014 - 12:00pm

Great advisors not only help you with complex financial decisions, but they are your friends who support you for decades. My former business partner and mentor, George Chell, is a shining example.

I was in a cab, returning to our ship after a day of touring Belfast, Ireland, when I received a text from my father: “George passed away this morning.” He was 92.

I last saw George this past October, when he drove to my office, and we went to lunch. We ended our lunch the way we always did for the past 33 years, playing Liar’s Poker to see who would pay the tab.

Checking Your Advisor

Submitted by Gary Brooks on Tuesday, September 16, 2014 - 3:00pm

If you’re one of the some 10,000 people turning 65 every day for the next 15 years, your looming retirement probably spurs you to seek out a financial advisor to help with money decisions as you leave the workforce. Everywhere you see professionals with strings of letters after their names. How do you find the right advisor with the right credentials for you?

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