Clients Area

Financial Planner’s Net Worth–Right Answer to Wrong Question

What’s your net worth? Financial professionals like me think nothing of asking clients this question. If the tables were turned, though, and clients or prospective clients asked the same question of us, how would we respond?

Every now and then this issue comes up in conversations among financial planners. Some advisors think their net worth is none of their clients’ business, any more than doctors’ cholesterol levels are any business of their patients.

Others are concerned that a single number like net worth is incomplete information and can even be misleading.

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A Fast Way to Find Out if a Financial Advisor is a Fiduciary

If you consult an attorney or a doctor, you don’t have to ask whether their advice is intended to serve your best interests. It’s understood they have a responsibility to put your welfare first.

There is no such understanding when it comes to financial services. Some financial advisors have a fiduciary duty requiring them to act in your best interest. Others do not. Even more confusing, the same professional can be held to a fiduciary standard at some times but not others. It’s hard for consumers to know the difference.

Last week I promised a “five-minute” solution to clear up this confusion. Here it is:

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Does Your Financial Advisor Owe You Trust?

In today’s complex world of technology, regulations, and finance, a critical life skill is finding advisors and service providers we can trust.

Few of us know how to repair a laptop, grasp the details of income tax regulations, or understand the nuances of selecting the best mutual fund. We must rely on others to help us out.

In the legal sense, there are very few people who “owe” us their trust.

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Managing Your Career As An Asset

Is your career part of your net worth? Should you include it as an asset class in a diversified investment portfolio? While we consider careers as essential aspects of financial and professional success, few of us think of or manage them as financial assets.

Michael Haubrich, CFP, of Financial Service Group, Inc., in Racine, Wisconsin, encourages clients to think of careers this way. Some of the following ideas come from his new book, Career Asset Management.

If you consider your career an asset, then managing it means paying attention to the return you get from that asset. Here are a few things to consider in order to get the most value from a career.

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