A second opinion.Q: Although I trust my financial planner Financial Planner A qualified investment professional who assists individuals and corporations meet their long-term financial objectives by analyzing the client's status and setting a program to achieve these goals. , should I have my portfolio periodically reviewed by another financial planner, and if so, how often? --A. Salters, A Newark, New Jersey A: Your relationship with a financial planner is much like the one with your family doctor. You're trusting both professionals with your well-being. Even if you have a good relationship with your planner, seek out a second fiscal opinion if you have doubts about the advice. When should you get another opinion? Think major surgery. Let's say you inherit To receive property according to the state laws of intestate succession from a decedent who has failed to execute a valid will, or, where the term is applied in a more general sense, to receive the property of a decedent by will. inherit v. a windfall windfall An unexpected profit or gain. An investor holding a stock that increases greatly in price because of an unexpected takeover offer receives a windfall. of $100,000 and your planner wants to invest the money in a more speculative investment than normal. It could be the equivalent of an unnecessary operation, so seek out another point of view. Seeking an outside opinion can get expensive, so you should limit your queries to every other year. And if you find yourself constantly second-guessing your advisor's counsel, then maybe you need a new planner. Contact the National Association of Securities Professionals--an umbrella group for minority and women securities professionals--in Washington, D.C. (202-371-5535), to find an African American African American Multiculture A person having origins in any of the black racial groups of Africa. See Race. financial planner. Another resource is the National Association of Personal Financial Advisors National Association of Personal Financial Advisors (or NAPFA) is an American organization created in 1983 to aid the field of Fee-Only financial planning by encouraging interest and establishing a new level of professional standards and reputation for excellence. (www.napfa.org), whose Website lets you locate a fee-only planner in your area. Above all else, be honest with your planner. If you think the advice isn't sound, let him or her know. Perhaps you can come to an understanding without having to consult another advisor. And always review your financial plan with your regular advisor, on a quarterly or annual basis to ensure your financial goals are being met. Mail your finance questions to Ask B.E., BLACK ENTERPRISE, 130 Fifth Ave., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , NY I0011, or send an e-mail to cintroni@blackenterprise.com. |
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