Welcome to our first session of eight meetings called “It’s Your Money.”  The name came about because many people relinquish their responsibility to people when it comes to their money.  This could be the spouse, children, neighbor, broker or the advisor.  We believe the longer you stay in control of your money either through a fee only advisor (owes a fiduciary duty to you) or through your personal efforts the longer and happier you will live!

Our mission is stated on our workshop schedule as well as our rules for the series.  WE ARE NOT LIKE 95% OF THOSE OTHER “Free Lunch or Dinner” FINANCIAL PROGRAMS – we do not sell insurance or financial products.  Our only bias is that we think folks should consider charitable organizations in their financial plans because our tax system encourages us to do so and giving tells the world about our personal values and interests.  We especially encourage giving through your estate plan.  Consider a Charitable Remainder Trust or Charitable Gift Annuity when selling a highly appreciated asset and definitely make a charitable organization a beneficiary on your IRA, 401K or 457 plan – it is very tax wise!

We use the quiz as an introduction to the financial world and have included the answers below.

The concepts we want you to understand are as follows:

  1. The financial world is a sales world.  It is very similar to real estate although the sales folks in the financial world don’t call themselves “agents” (there is no law as to what you call yourself; wealth advisor, financial planner or consultant, etc.) According to the regulators, they are Registered Representatives of the company they work for.  Since they are employees of their broker/dealer (Morgan Stanley, Merrill Lynch, LPL, Ameriprise, etc.) they have a greater duty to the company than to the client (A duty not to sell an unsuitable product to the client.)
  2. Most individuals do not know much about their advisor
  3. Most of us are not rational when it comes to money
  4. Investing a dollar does not come first – only after we have reviewed our goals and objectives, time horizon, risk tolerance, tax bracket, asset allocation, diversification strategy and cash flow needs should we invest a dollar.
  5. The Securities and Exchange Commission oversees all investments in the USA and operates on the premise that if everything is fully disclosed about an investment that a reasonable person can make up their own mind.
  6. The first thing you should ask a professional who wants to give you advice is – “HOW ARE YOU PAID?”


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Outline – IYM Week 1 – PDF
Quiz / Answers
Ask First Form – blank
Stock Market Contest


Why AUM Fees Still Make (Im) Perfect Sense
Your worst money habit might not be that bad
Americans Aren’t Saving Enough for Retirement, but One Change Could Help
SEC Exam Chief Sends Warning on Wrap Accounts
FINRA Sends Broker Bonus Plan to SEC for Approval
Let the sunlight shine on fee disclosure
Schwab aims to help breakaways skip IBDs on path to independence
The Crushingly Expensive Mistake Killing Your Retirement
California Advisor on Moving to $5 Million Minimum
Soaking the rich is institutionalized
Seducing Citron – How Merrill Influenced Fund and Won Profits
Changes expected as Finra weighs controversial broker-comp rule
Highest Paying Broker-Dealers to their Representatives
UBS advisers break $1 million per FA revenue mark
Uncovering the Hidden Fees in Retirement Plans
Two dentists drill down into bonus-disclosure controversy
Financial Literacy vs. Fees-Does It Pay to Use an Advisor.docx
Sparks fly over plan to disclose bonuses
Hedge fund managers pulling down nearly twice as much in pay this year
Ron Rhoades sounds off on the RIA industry and why the term ‘fee-based’ is inherently ‘fraudulent’
New website promises investors a peek at prices
Study – Fee-based biz boosts revenue
Will FiNet’s (Wells Fargo Advisors Financial Network LLC) new bonus scheme change the industry
Bank of America raises the compensation bar for Merrill brokers

BofA cross selling plan costs Merrill veteran team
Top ten indie broker-dealers who have $500K producers
Why It Matters How Your Advisor Is Paid
10 Reasons Brokers Dont Like Index Funds – Paul Merriman
Seven Questions to Ask When Picking a Financial Adviser
Schapiro: SEC will act on 12(b)-1 fees this year
Banks get a boost from annuities
Morningstar Study Says High Fees Are Bad for Investment Performance
The Hidden Costs of Annuities
WSJ – How Advisors Manipulate you
Smith Barney revamps pay grid
Questions to ask your new financial advisor
SEC wraps up B share fraud case
Retainer fees – ethical fee arrangement
Fidelity eyes fees for its adviser referral program
SEC Chief Valediction
Annuity fees a turnoff for clients and advisers
Representatives – Advisors Value based on Production Numbers
Recruiting Tug of War
National Association of Fee Only Advisors – Questionnaire to use for choosing a new advisor
MSSB hits small accounts with new fees
Fund fees baffle MBA students, according to study
Fees drive bond fund returns
Goldman Sachs Ripped by Critics for History of Putting Profits Over Clients
Investors loading up on no-load funds
Wells Fargo Advisors unveils new bonus plan for brokers
Hilarious Spoof of Modern Day Brokers
Remember the titans – Wall Street elite got $1.2T in secret loans
Fees on Broker sold notes exceed interest


Secrets Of The Wirehouse – Self Regulatory Bodies Favor Themselves
How to Explain Fiduciary Duty to Clients
Top 10 Smartest States for Financial Literacy
Edward Jones settles cold-calling case for $750,000
4 Ways Women Are Better Investors Than Men
2013 Tax Reference Sheet
Living Legends Article
Couples fight five times a year about finances
Dually registered advisers in SEC sights
No Country for Old People
Finra takes foot off suitability pedal
SEC Offers Primer on Selecting a Financial Planner
SEC cracking down on investment advisers
CFP Board Wants U.S. to Rate Financial Certifications
Ratings needed for alphabet soup of adviser certifications
The Biggest Risk to a Senior’s Finances – Family
Financial Titles can mislead

Financial Designations proliferate
MSSB’s margins still somewhat marginal
FINRA Panel Orders Wedbush, Former Broker to Pay Investor $2.9M – Unsuitable Investment Lack of Supervision
Fidelity brokers claim sales pressure
FINRA Hits Chase Investment Services With $3.6 Fine
The ABCs of Planner Titles
5 Financial Mistakes That Ruin Your Marriage.pdf
New American Dream Is Renting to Get Rich
10 essential financial facts about women
Shopping for Insurance
A look at the Seamy Side of Wall Street
First, Tell Them You’re No Financial Guru
Fraud Charge Tracker $10B for 2010 & 2011
The Business of Money – Broker-dealers brace for lower trading volumes
Finra beefs up online disclosures of brokers


What Doctors and Families Have That Advisors Don’t Have
Don’t let brokers keep watch on themselves
SEC advisory-panel proposal calls for tough fiduciary standard
EC’s Walter Calls for Uniform Fiduciary Standard for Investment Industry
A Modest Proposal – Prosecute Non-Fiduciaries Using Term ‘Advisor’
SEC Will Pursue Fiduciary Rule in 2013
Fiduciary Now! How to Protect Main Street from Wall Street’s Casino Culture
Wells to pay $2M to settle claims broker sold unsuitable investments to seniors

Goldman Sachs Ripped by Critics for History of Putting Profits Over Clients
FINRA Hits Chase Investment Services With $3.6 Fine
Defining Fiduciary
New Finra suitability rule worries B-D’s
Fiduciary Standard gets new and influential advocate
It Is Time to Embrace Fiduciary Standard – Raymond James
Fiduciary Rule Could Be Years Away
Fiduciary Stardard – SEC rules what’s next
Fiduciary timetable pushed back into 2012


Study – Some 20% of Oppenheimer financial advisers cited for misconduct
Protect Your Future Self From Financial Abuse
‘The Big Short’ Writer Finds Dark Humor in Financial Meltdown
Officials Seek Clampdown on Elder Fraud


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Part 3:

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Part 5:


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