If you do a quick search for, “Find a financial advisor” or “Best financial advisor” you’ll end up seeing paid ads at the top. In our search through the first two pages of Google and Bing we found the following: Paid Ads: Find Your Independent Advisor – this is actually Charles Schwab but their is
Insights / Thoughts
Founder and CEO of Moenio, was recently interviewed by The Miami Herald on Monday, Q&A. Similar to Business Insider, Bloomberg Radio, and the New York Times, The Herald wanted to understand how investors can be certain they are working with not only a good but great advisor. As Kevin explained, “the key area is to
In a typical week we will evaluate two to three financial advisers or brokers for our clients. Part of our job, when trying to make certain they are one of the best, is to find out their knowledge level. We try to never make a question black or white, but we want to see how
Man plays college football. Man gets drafted into the NFL. Man makes millions doing what he loves. Man loses it all.
It’s a story you’ve heard time and time again. That’s because an estimated 80% of retired NFL players go broke in their first three years out of the League, as Sports Illustrated and Forbes report.
So how do these star athletes go from multi-million dollar contracts to bounced checks? Take Mark Sanchez, John Elway, Terrell Owens, and Clinton Portis. They all have one thing in common: they were NFL players involved in unsavory activities by their investment advisor.
Though the NFL provides a list of “approved financial advisors”, that doesn’t mean they are the best choice. In fact, Mark Sanchez’s financial advisor was on the list and he was barred by the U.S. Securities and Exchange Commission (SEC) in an action five months ago for stealing $20 million dollars from Sanchez and two other players.
This year’s NFL draft just took place. What’s the best advice for the 2017 draftees?
Here are 3 tips from leading national financial expert Kevin Neal:
1) What does your financial advisor’s background check show?
The first step should be using BrokerCheck to see if the financial advisor has the proper experience and has not had any disclosable actions against them. BrokerCheck is the first step but not the last as many disclosable items such as fraud, civil cases, DUI’s and more are left to the advisor to share with FINRA and the SEC.
2) Does the advisor have good historical returns?
An advisor is being hired to help with planning and cash flow but the real money paid to an advisor is for risk-adjusted returns based on clients’ goals. Make certain you know how the advisor has performed in the past.
3) Where does the advisor work?
We don’t mind advisors striking out on their own or deciding to work for a large Wall Street firm but regardless of where they work the choice has consequences. If on their own, we need a deeper dive on who controls the accounts, how reporting is done, and what happens when something goes wrong. For larger Wall Street firms, we want to know the clients’ interests are first and how investment decisions are made.
The key to avoiding incompetent financial planning advice or corruption is asking these three important questions. Players who lack the financial understanding to properly evaluate their advisors can easily become yet another cautionary tale. Never stop educating yourself and never stop asking questions.
We just finished a review this past Friday with a client requesting an advisor search. He wanted our firm to find the best advisor for him and his family. After finishing 50+ hours of review work on the advisors covering historical performance, background check on the advisors and their assistants, checking out fees on the assets
I’m sitting in a client meeting with the advisor. The “monthly review” meeting. The advisor tells the clients and I, “We know we underperformed a little bit, but there was a good reason and we are comfortable with the portfolio, let me explain.” It helps to have a more robust picture so let me fill
How do you find a financial advisor? Not just an advisor but one of the best? An advisor delivering outstanding service and investment performance that matches your goals and need? This seems like a straightforward question but unfortunately, this has become a challenge for many people looking to find an advisor who can help with the
New York Times reached out to Kevin on the issue of suitability for investors when they use Securities Backed Loans (SBL). Kevin adds suitability is higher for those in an SBL but, more importantly, we see other areas of concern such as Structured Notes, Bond ETF’s and mutual funds, as well as advisors not
Held during the final week of the 2016 Olympics in Rio Janeiro, Bloomberg Advantage reached out to Kevin for a live, on-air interview on “Olympic Athletes and Investing.” With athletes gaining endorsement deals, how do they make certain they are working with one of the best, if not the best, advisors and brokers available with
Business Insider reached out to Kevin with a request that then lead into the article they published. “We understand your work at Moenio involves helping families find or evaluate financial advisors. What can you share with us that would be interesting to others.” After putting some thoughts together one key area kept coming up – protecting