Personal Finance News Monday 9/10

Phil's Personal Finance Tip of the Day:

10 Things You Should Know About Your Financial Adviser
By CNBC

Choosing an adviser could be the most important financial decision you make in your lifetime. The adviser you choose may mean the difference between financial freedom or paying wasted fees and, in some cases, becoming a victim of fraud.

With so many candidates from which to choose, you need to learn some of the industry jargon, understand the options and define your needs - much like you would with any other professional service.

Here are 10 things the Securities and Exchange Commission, as well as many financial planners, say you should know.

See this slideshow: 8 Ways to Avoid Financial Abuse

1. They're not all pros.

Anyone can call themselves a financial planner, but that doesn't mean they're an expert investment adviser. So look for experience and credentials.

Check out the person's background and designations at the SEC and FINRA websites. You probably want a certified financial planner, CFP, at the very least, someone who has passed rigorous standardized exams about managing personal finances.
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2. An investment adviser may not be a financial planner.
Most financial planners are also investment advisers, but not all of them. They may be able to recommend some or all of the range of products out there: stocks, bonds, mutual funds, exchange traded funds. They may not, however, be able to assist you in other aspects of financial planning: insurance, taxes, retirement and estate planning.

Either is fine, depending upon your needs. Find out the professional's limitations, if any. If you're just starting out or are not a "do-it-yourselfer," a financial adviser who can offer you all types of services and products, as well as a comprehensive financial plan, may be the way to go.

To read the entire article from CNBC:
http://finance.yahoo.com/news/10-things-know-financial-adviser-175750420.html

Scripture of the Day from Dave Ramsey.com:
Ephesians 4:16 — From him the whole body, joined and held together by every supporting ligament, grows and builds itself up in love as each part does its work.

Please listen to the Dave Ramsey show live on WOR 710 from 2-4 PM EST. You can also listen to the 3rd hour 4-5 PM EST. at Dave Ramsey.com.