First Financial Coach

Stephen Taub is a corporate financial consultant with long term experience in the financial services industry. Taub develops financial plans and executes strategies for taking over and merging with other companies.

According to Stephen Taub every organization that require expertise in finance, insurance, accounting and other aspects related to finance usually hire financial consultants. These consultants must be recognized by the Institute of Financial Consultants. There are two types of financial consulting: personal and business. Although they deal mostly with finances and investments, the skills required for these two different roles are slightly varied.

Companies hire financial consultants who have knowledge about insurance, finance, and accounting. Clients usually have specific plan and they just need an opinion from an objective third party. The consultant will be tasked to review and analyze the proposed plan. He will identify its strengths and weaknesses. Later on, the consultant is expected to offer advice on pending government regulations, risk managements, long-term viability, and industry trends.

Stephen Taub said that a good financial consultant will help you make investment decisions that are appropriate for your business needs. These days financial consulting is one of the most lucrative fields in the business world today. If you want to sink your teeth into this endeavor, it is recommended to start early for getting relevant degree and relevant experiences. You will need a minimum of ten years experience in financial planning and personal finance management before you can get started. If you already have enough experience and education, Stephen Taub recommends that you watch financial consultants in action so you can get techniques and strategies as to how you can get started on the right foot. Keep in mind that your goal here is to give your clients with the best and most appropriate advices so they’ll be able to grow their financial resources in no time.

Therefore financial consultancy is an ongoing, collaborative relationship. Your financial consultant can help you identify your dreams, create a plan tailored to your dreams, and track your progress along the way. Choosing your best financial advisor can be as important as choosing your best Physician, so compare the experience and references that you receive from several different consultants, and once you decide upon a particular one begin with a trial of their services.

Is there really a need to hire a financial adviser? What does an adviser do? Is it worthy to get an adviser? These are some questions an investor might have in mind.

Most of these investors often face the challenge of not being able to handle their very own investments. This may be brought about by lack of patience, understanding or even the self-discipline to administer their financial portfolio.

Given these issues faced by a typical investor, thus a need to hire an adviser arises.

Selecting the right financial adviser is very critical, and may be expensive. Hiring one means that the investor will be delegating management of his financial goals to another person, who most of the time may be a complete stranger to him.

Arriving at the right decision on who to hire is a truly complicated process. A lot it is at stake, therefore, choosing the right one is a must.

Here are 10 tips to help you find and hire the right financial adviser for you:

Tip #1: Research for People who fit your needs

Knowledge is power. Identify your current status, needs and opportunities you want to explore. This way, you will be able to streamline candidates, and ensure that the financial adviser you are considering will be aligned with your needs.

Tip #2: Educational Background

Education is important. Check if the the person you are considering is a Certified Financial Planner or a Resident Financial Adviser.

Tip #3: Know how long the person has been in the industry

You can research or ask the person directly to know how much experience he has in financial management. It is evident for any investor to know if he is entrusting his money to a well-experienced adviser.

Tip #4: Credibility Check (referrals; affiliations)

It is imperative for an investor to know the financial capabilities of a prospective adviser. Know his affiliations and past clients.

Tip #5: Know if the person has been reprimanded for disciplinary actions by a professional or regulatory board.

An investor logically wants to work with someone who has a clean record. Check his background and make sure that he is worth working with.

Tip #6: Ask how much is the fee

Know if you can afford your prospective financial adviser. He may be excellent at what he does, but make sure to ask yourself if hiring a financial adviser is realistic for your current financial standing. Weigh your needs and your capability to pay him.

Tip #7: Know how many clients the adviser currently works with

If you will be hiring an adviser, you would want that person to focus on your needs, and be able to address your financial goals. Know how many clients the adviser is currently working with. Make sure that if you are going to hire him, he can promise to deliver your expectations and manage your financial portfolio very well.

Tip #8: Ensure frequency of meeting with the adviser

It is important for you to be transparent with the adviser and clarify the frequency of your meetings. Regular meetings will be a venue for you to update each other, strengthen your working relationship and review financial matters.

Tip #9: Make sure all transactions and communication are well documented

Things that are not written are forgotten. Financial management is a very important matter. You would want to ensure that everything is well documented. This will protect both of you from any miscommunication that might happen.

Tip #10: Trust your instincts!

You have to trust your instincts. If you are uncomfortable with the person, don’t push yourself to work with him. Trust your instinct. Working with a financial adviser doesn’t only require money and knowledge. Trust is also a vital part for a successful working relationship and achieving your financial goals.

With a complicated and confusing economy, many people are looking for Christian financial advice that will help bring security in these insecure times. Whether you are just beginning your journey, wanting to rebuild after a crisis, or simply seeking advice for achieving a stronger financial future, there are basic principles that will always apply and, if followed, will bring success. Too often we want quick remedies when lasting prosperity comes from a strong and properly built foundation. True financial freedom is reached one step at a time and involves hard work, careful planning, and personal discipline.

“Good planning and hard work lead to prosperity, but hasty shortcuts lead to poverty.” Proverbs 15:22

By following simple advice and smart money management tips, financial freedom is still possible, even in the most difficult and uncertain economies.

1.Build on Biblical Principles.

“My God shall supply all your needs according to his glorious riches in Christ Jesus.” Philipians 4:19

It is easy to place confidence in our own wisdom and success during times of prosperity, but when we face a crisis or encounter a threat to our future security, we begin to realize the true weakness of our financial foundation.

It often seems as if we live in a world where financial success is simply an illusion – the proverbial house on the sand that creates temporary feelings of grandeur but is unable to withstand the storms of life, so it is washed away with the tides of economic change. We believe we have done all the right things so we are devastated when we find ourselves sitting amidst the rubble of poorly devised financial plans.

The only way to true financial security is to build on Biblical Principles. We need to “cease from our own wisdom” (Proverbs 23:4) and rely on the wisdom of the One who promises to guide our steps and supply our needs.

Changing the way you view your finances by committing to follow Biblical instruction is the first step in achieving the financial success you have always dreamed about.

2.Be a Wise Steward.

“Moreover, it is required of stewards that they be found trustworthy.” 1 Corinthians 4:2

The road to financial ruin is usually paved with bad decisions, unwise spending habits, and poor budgeting. To enjoy financial success you must take care of your money and develop a plan that will allow you to track your expenditures and achieve your goals. To be a wise steward you must:

a. Develop a Budget – A detailed budget is crucial in helping to maintain a clear picture of your financial situation.  Knowing where your money is going will help reduce irresponsible spending, prevent unnecessary debt, and allow you to stay in control of your finances.

b. Eliminate Debt – Debt is never a good thing, and too much debt will create stress that can affect every area of your life. Proverbs 22:7 tells us that the “borrower is servant to the lender” and true financial freedom comes when you take the steps necessary to simplify your budget and eliminate debt. And, a lack of debt will inevitably result in more available funds for wise investments, putting your money to work for your future. If your budget has become completely overwhelming, you may find it helpful to consider one of the many available debt relief options.

c. Develop Wise Spending Habits – Good habits usually bring good results and wise spending is a key to smart money management. Excessive credit card use, committing to deferred payment plans, leasing a vehicle, or borrowing against your home may sound like appealing ways to make desired purchases, but high interest rates and depreciating values could leave you with a mountain of debt and a heavy financial burden. Carefully considering purchases and avoiding impulse buying will help you avoid difficult situations.

d. Prepare For the Unexpected – Unexpected expenditures can shatter your neat and tidy budget and cause significant stress. If you are able to set aside a little money each month in an emergency fund, you will be better equipped and prepared to deal with problems when they arise.

3.Seek Wise Counsel.

“Plans fail for lack of counsel, but with many advisers they succeed.” Proverbs 15:22

Developing or writing a financial plan is an important aspect of future financial security. Consulting an expert in financial planning will help you set goals, maintain focus, and make wise decisions. Choosing the right investments can be confusing, and a golden opportunity can quickly become a devastating mistake so, too often, we avoid it altogether.  Seeking the advice of financial planners who understand Biblical principles will allow you to make smart investment choices that align with your goals and provide future security.

Biblically based Christian financial advice will help you get your finances in order so you can enjoy true financial freedom.

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Many of us are not familiar about the facts and aspects pertaining to Financial services like mortgages, insurance, investments, loans and other financial matters. Currently, there are no of Financial services providers available. But one should be very careful while seeking Financial Services. It is wise to seek professional advice from a financial advisor. To achieve your financial goals, it is important to choose a competent and experienced financial advisor.

In most of the cases, people get a financial advisor on recommendations from their friends, colleagues and relatives. Although these recommendations are always desirable, it is equally important to confirm about the particular financial advisor that whether he’s willing to offer you the best services tailored as per your needs. It’s advisable to talk to different financial advisors and compare their financial plans they offer. Here are a few valuable tips for choosing a financial advisor.

1. The first and the most important thing- confirm about the qualification of the financial advisor. Whether he has a certification as a legitimate financial planner or an accountant, or a bachelor’s or master’s degree in financial planning or business administration. Is he a Juris Doctor or an investment adviser registered. Educational qualifications are of paramount importance as the qualification signify that the person has undergone extensive training in his field and is therefore qualified to give financial advice.

2. Confirm about the type of financial services being offered. These services vary from planner to planner, depending on their qualifications, work experience, work permits, and financial literacy.

3. Verify whether the financial advisor a registered investment advisor with the Securities and Exchange Commission (SEC)?

4. Does he has a federal license Securities of the National Association of Securities Dealers. It is important if you will sell you securities.

5. Ask about a criminal record of regulation from the financial advisor. A sale of professional values will be a central repository for recording (CDR) file, giving its complete detailed work.

6. What is the Experience of the Financial advisor? It is very important to confirm that how many years of experience does the financial advisor has got in his respective field. Ideally, A financial advisor should with at least 5 years of business experience is ideal.

7. How many customers do the Financial advisor has? There should be enough customers to offer experience and respectability, and not as much as to indicate a lack of time to attend to your needs.

8. Try to know the category or type of clients. If there are other customers like you, the financial advisor will be better equipped to deal with your type of finances.

9. Confirm about whether that the Financial advisor will himself assist personally or will assign you a member of his office. Most planners have a personal finance good size to help with the work, then it should not be an issue. This will let you know that who will be handling your personal portfolio.

10. Do ask about some references from the Financial Advisor. He must give you at least 3-5 references.

Clarify all your queries that you do not understand, and take note of all the other things you want to know. Please do not hesitate to ask for. All the above mentioned tips will help you a lot while looking for a suitable Financial Advisor. You can also look for Medical Financial Services at  http://www.medicsfs.com/ .

When looking for any type of financial services, it is important look for the ones that are available and convenient to them. It is important to conduct proper research so that you get a company that offers the best services that will cater to your individual needs. You will be required to pay some amount of money in order to benefit from these services.  The costs vary from one company to another. You also have to investigate the type of services that are offered in comparison to the charges.

It is possible that you may come across a company that charges a lot more and offers fewer or similar services than another. In addition, inquire about any penalties they may have for things like late payments. There are many types of financial services available that help people manage and grow your money. One of this is the business banking services. It can help you especially if you manage your account, income, payments etc. They have even made this service more accessible with the introduction of online banking.

You are provided with a secure way to check all the activities of your account from the comfort of your home. This is a convenient way for you to get your finances taken care of especially when you don’t have the time to queue in the banking hall. There is also investment banking whereby capital is created through the various client investments.

Another very convenient financial service is asset management. It helps those individuals who cannot or choose not to manage their assets. This could be in various forms ranging from property to stocks and bonds. When you engage financial services, you are able to handle other aspects of your business while they handle your affairs with extreme confidence and competence.

It is inevitable but everyone gets old not only physically but by numbers. When one reaches a certain age, retirement is definitely the next step. Today, because of people’s new way of life and because of science development people now go beyond the limits of the normal work age. Due to these consequence is the emergence of financial planning for seniors. It also paves way for early planning of the younger and more active people for their retirement. People now realized how important financial planning is. The schemes that goes with financial planning is a big help for people who may want to plan their hard earn money so when they finally relax and settle they can get the best out of it.

1. Late Financial Planning

Almost everyone knows the consequences of having no financial plans when one is still young or starting a career. One cannot certainly have a good and comfortable life. The investments made early on will not bear fruit. This is quite true based on the experiences of some people. Financial planning schemes given to seniors can give them a chance to live a comfortable way of life. Also the possibility of having more money during these times is included with financial plan with the help of a financial advisor.

2. Consulting a Financial Advisor

Creating a financial plan is easy but it is advisable to consult a financial advisor or planner. A certified financial advisor can present you with options that will suit your situations and other concerns. They can give variety of options that is designed to suit the needs of anyone opting to resign. The money investment in financial plans is a hard earned one that is why investing wisely is very important. If one forego this opportunity then it maybe too late. Getting a good financial that you can rely on upon the day of your retirement can give a life that you are entitled too. Financial planning for seniors is definitely something a lot of people can take advantage especially when one can no longer work and earn the way they used to.

The New York Stock Exchange has always been seen as a trusted investment institution where people become rich.  The Stock Market has produced many millionaires who followed the right stock advice and invested in the right stocks at the right time.

Many average Americans have followed suit and put their faith in the stock exchange as a trusted wealth producing institution.  They are happy to include their S & P Fortune 500 stock or two in their 401K or retirement plan.

Choosing the right investment often times is left to the professional financial planner or broker’s investment research and 401K advice by trusting average Americans. The planner tries to diversify the investments.  Sometimes they include gold or other precious metals because they know the gold price will rise during difficult economic times such as a recession.

The old adage “It takes money to make money” is true on Wall Street.  The more money one has to invest, the better stock portfolio can be created. The average American has to count on their 401K portfolio that the company offers.  Many long term employees bought shares in their company stock year after year.

In 2001 the average Americans learned a hard lesson with the highly touted Fortune 500 Enron stock.  Whether you were an employee of the company or whether you or your investment consultant decided to include Enron as one of your investment opportunities, the collapse of the Enron Corporation destroyed these investors and their retirement planning dreams.

A friend of mine confided in me that he really took a hit with the Enron collapse, and he has to keep working beyond his planned retirement date. The Enron Employees lost everything…..their job, their 401K, and all their stock holdings.

Due to the greed and manipulation by the corporate heads of the company, the Enron collapse had an estimated loss of $618 million and eliminated $1.2 billion in shareholder equity. This should have been a warning to all investors.

WARNING: Greed and manipulation is a part of corporate America!  We may never know how many individual lives were affected by the Enron collapse, just as we never know how many average American families’ lives have permanently been altered by the abuses of corporate America in the housing and banking crisis of 2007-2008.

In a recent conversation with my brother he shared with me that his company’s stock shrunk to $0.97 per share down from a high of $57.00 (December 2006). His company’s stock portfolio was going to be the means by which he would pay for his three boys to go to college.  But all he has left is a penny stock.  I didn’t need to ask how many shares he had; it wouldn’t make a difference.

 In 2009 the same corporate greed of the last two years reaches far beyond Houston, Texas, where Enron was located.  Across America, from California to New York average American families who had pinned their hopes and dreams for the future on their stock and 401K investments have lost everything including their jobs and their homes. By now 8.5 million Americans have lost their jobs.

“Who do you trust?” Where can the average American go to invest in his/her future? Are we ever again able to believe corporate America, Wall Street Brokers, the New York Stock Exchange, Banks, Financial Planners to direct us to a place where one can locate a high yield safe investment?  Does anyone have any other investment ideas as where to put their money?

Will my brother’s stock ever reclaim the $57.00 value it once had? Can the average American trust themselves with an investment program of their own?  Are they willing to do their own investing?  Are banks and their 3% return on CD investments of $10,000 for 30 months the answer?  Does the average American have that kind of cash flow to give to Banks?

What’s the difference between a 3% return on $15,000 investment and a $15,000 return on a $3 investment?  The first answer is cash flow.  Most Americans may be able to afford the three dollars, but definitely not the fifteen thousand, and especially not for thirty months!

A lot of people are against gambling for a lot of different reasons. But the stories of Enron 2001, and corporate America 2007-2008, whom we thought we could trust have gambled away our money with reckless abandon with unregulated hedge funds for their own profit taking.

Which is worse — to risk your own money or to give your money to someone else who could possibly gamble it away?  What is the difference of investing your money in a low risk high yield Pick 4 investment—win or lose, or give your money to a stock broker who could gamble it away?

Every successful investment system is based on KNOWLEDGE & STRATEGY. If an investor of any kind gains this knowledge and learns the strategies, they can be SUCCESSFUL, too.  But does the average American trust him or herself enough to handle his or her own investing?  Or are we stuck with Corporate America?

Dr. Benjamin Spock once said: “Trust yourself. You know more than you think you know.”

The darkest days of winter are here, but there is a silver lining: Wedding season is just around the corner. As the blushing bride or the proud groom, you’ve likely spent hours planning for the big day. But, what happens when the wedding bells stop and the wedding bills begin? Making sure the two of you are on the same financial page is essential to ensuring your marriage begins with a strong financial foundation. Here’s a short check list to get you started:

1. A personal finance review: Each partner should share their personal balance sheet to determine total assets and debts. Take this opportunity to plan how debts and income will be split or shared. A solid plan can alleviate problems later.

2. Get legal advice: Do you have a will? If not, have one drawn up. If you already have one, is it up to date and do you have a power of attorney? This might be a morbid topic for some people, but clearly defining your final wishes and naming the person who will act on your behalf is a vital part of your financial plan. This information should be updated every five years.

3. Consult a financial advisor or accountant: Marriage will change your tax situation, so an advisor or accountant can show you how to minimize your potential new tax burden.

4. Protect what you have: Protecting and maintaining your standard of living is important at every life stage. Do you have a plan for how you’ll manage your obligations if you become ill or injured? Review your insurance coverage and consider updating your portfolio if you find gaps.

More advice about your financial check list can be found online at www.desjardins.com

www.newscanada.com

Choosing the right financial adviser can be a difficult process.  How can you find a professional with the expertise you need?  Someone you can trust to assist you in planning your financial future.   Where should you start?  What should you look for?

Here are some things you should consider:

your current situation - before meeting a financial planner, get a good idea of where you’re currently at financially.  You might like to use these free online calculators to help you get started: Free Financial Position Calculator  Free Budget Calculator
your goals – What are your financial goals in the short, medium and long term?
what do you want a financial adviser to do for you?  There are lots of options when it comes to financial advice.  Some people just want help with a specfic area of concern (eg divorce), or at a particular life stage (eg retirement).  Other people want to get financial advice in all areas to help them get ahead financially – the choice is yours.

You should take your time and do your research before you choose your financial adviser.  Some things you might like to think about before you decide on one are:

are they properly licensed?  In Australia, financial advisers should be the holder of or authorised under an Australian Financial Services Licence.
do they have appropriate experience?  Are they experienced in all the areas you identified you want financial advice in? 
are they recommended?  Do you know anyone who has had experience with this financial adviser?  Do they come recommended?
how do they charge?  Some advisers receive commissions from product providers.  Others charge the client directly for their time (known as fee for service).  Do you know and are you comfortable with how this adviser charges?  Be aware that financial advisers who charge commissions may have an added conflict of interest as they receive payment when selling you a product
who are they owned by/affiliated with?  Sadly in Australia, the overwhelming majority of financial advisers work for or are affiliated with larger financial institutions and banks.  This poses a problem where many of these groups impose restrictions on the types of products and advice that these financial advisers can offer their clients.  If this concerns you, you should seek out the advice of a financial adviser from a privately owned financial planning firm.  Remember that this information must be disclosed in the Financial Services Guide (FSG) so be sure to read the fineprint.

For more information on how to choose a financial adviser, be sure to download our free ebook Choosing a Financial Planner

Usually people don’t choose financial advisors; they simply get in touch with them. Many a times in some private banks you will find a super consultant or super advisors who will sell you everything like insurance, credit card, and even mutual funds. Banks are distributor of mutual fund and not the advisors.

Mind it; if you are investing advice from any bank you actually take advice from a distributor and it that case it is not necessary that you get a fair and quality advice.

An adviser should be one who can provide his customers with real value based advice rather than simply pushing sales in order to earn a better commission. Advisor’s role assumes significant importance in an exuberant scenario like the present one, when it is easy for investors to lose track of their objectives and make wrong investment decisions. Conversely, an association with the wrong investment advisor can spell disaster for investors. We present a few pointers which will help investors gauge if they are with the wrong investment advisor.

If the Advisor is offering rewards in terms of payback.

Select an advisor for his ability to recommend the right investment avenues and manage your investments rather than his willingness to refund commission. By offering payback the advisor is not doing justice to his to his work as he is luring you towards doing that investment. This specifies that an advisor is putting your money at risk by giving you commission.

This practice (widely prevalent despite being explicitly prohibited) among investment advisors is to rebate a part of commission earned, back to investors i.e. the investor is ‘rewarded’ for getting invested. What investors fail to realize is that the commission offered by the advisor is actually reward for taking more risk. Wealth creation for investors should come from the investments made and not commissions. Select an advisor for his ability to recommend the right investment avenues and manage your investments rather than his willingness to refund commission.

The advisor only advices top few funds most of the time.

Most of the time an advisor will suggest you some fund and will show you its annual returns. Most of the top ranking funds are sectoral funds and they carry a certain amount of risk. Usually sector funds being a fund with major allocation to specific sectors they are high risk funds. Many times in order to generate large funds from the market the fund houses have fallen prey to herd mentality and launched similar offerings in quick succession. The banks and investment advisors have played their part by indiscreetly pushing these products since they get better commission.

Think again before you take suggestion from such advisors.

If the advisor always have an NFO to pitch for.

Investment advisors have earned well through the mutual fund New Fund Offer’s by convincing investors that it is cheaper to invest during the NFO stage. But be careful this is not the truth. Mutual fund distributors and advisors mostly take benefit of the lack of knowledge on investor’s part by pitching the mutual fund NFOs as stock IPOs, distributors have only discredited themselves by not being true to their investors. Advisor should only recommend a new fund if it add value to the investor’s portfolio or is a unique investment proposition. Any advisor who is true to the profession will pitch for an existing scheme which has a good track record and proven rather than a similar scheme in its IPO stage.

If Advisor’s role is restricted to delivery and pick up of forms.

Investment advisor’s primary role includes creating a portfolio for the investor based on his needs, risk profile and successfully managing the same. While maintaining high service standards is pertinent, it shouldn’t gain precedence over the advice part. Most of the advisors I have seen are usually working for big distributors such as banks, big brokerage houses. The main work for them is meeting the targets rather than provide value base advisory service. Independent individual Investment advisors prefer to make their work simpler by showing them selves only when they had to collect the form.