.jpg)
E-mail
Print
RSS
G-bookmarks
Live
TechnoratiSurrounding ourselves with wise counsel is an integral part of a successful plan. Though it is doubtful if any of us would perform our own operation due to the detail of expertise required, many of us would and will continue to make our own investment decisions absent the experience, expertise, and wisdom of a certified financial planner. Though you might have a gifted investment track record, the odds are against you when you plow forward without properly using the vast amount of resources that are at your disposal by solely picking up the phone. It is prudent to seek the referral of a trusted CPA when making the decision to interview a financial adviser. He or she will be better served to both differentiate between having a professional whom is geared towards assisting you. Left alone we are much more apt to fail then if we seek wise and judicious counsel.
"Plans fail for lack of counsel, but with many advisers they succeed." (Proverbs 15:22)
Hiring a Certified Financial Planner
Being a pilot of a small plane does not provide the requisite knowledge to fly a Space Shuttle. One would find flying a craft into space with all the advanced technology and equipment daunting for even the best single engine pilot. However, I would be eager to fly at a moment's notice with a Space Shuttle pilot anywhere in the world.
In seeking out advisers we are best served by finding expertise that relates to the decision at hand as well as someone who is seasoned in wisdom and expertise in the area where you are investing your time and resources. Many times people will seek out advisers whose chosen field of expertise is not much different than their own, or not directly in the field of experience one needs. Just as you would not seek the medical advice of a CPA, you should not pursue investment counsel from someone who is not in the field full-time.
Though even a blind squirrel might find a nut or a lucky investor hit a home run, we are most apt to find long-term success when we surround ourselves with the requisite knowledge, certification, and experience we will be needing as we pilot through uncharted waters. Though certification does not guarantee wisdom, it does provide a building block upon which decisions are made, allowing an adviser to have a broader and more stable base to guide your retirement.
Just as you would not trust your children to anyone who is not trustworthy and able to provide the very best care, you should not trust the savings for your child's education to anyone who is less than the best at what they do. Reviewing a planners track record including their resume, education, honors both within and after school, investment into their profession and community would all be important criteria during the evaluation process. Also checking references and a careful review of an adviser's investment strategy and temperament against that of your own will help to ensure a better long-term choice.
Investment Philosophy
Buying should be a well thought out and prudent decision involving cash forecasting, a long-range view, and a tough skin. Volatility in the market will often prompt individuals to do exactly the opposite of would be wise. We are most apt to invest emotionally rather than rationally. When the market starts a good positive run/a bull market, there are many who will run out and invest when the market is at or near its peak. As well, many if not all of us desire to sell when the market falls/a bear market guaranteeing that we sell at or near the market's/a stocks lowest price. What we should be doing, however, is exactly the opposite from what our heart tells us to do as we ought to buy when a market is low guaranteeing ourselves a better price than not and sell, generally speaking, when a market is high allowing ourselves to maximize our rate return on a particular investment. Continue >>
