Month: August 2012
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Employers may be legally required to reduce 401(k) plan fees
This excerpt on “What Plan Sponsors Can Learn from Tussey v. ABB, Inc.” comes from a marketing email from the 401(k) Coach Program. “The importance of understanding and upholding fiduciary duties is more critical than ever as recently demonstrated by the Tussey v. ABB, Inc. verdict. A judgment against ABB and its record keeper, administrator…
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Lock and load alarm clock appropriate for back to school?
I happen to know some students who would appreciate this “lock and load alarm clock” advertised in Cabella’s back to school flyer.
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Delaware Bay was “discovered” today in 1609.
This excerpt comes from famousdaily.com on August 28, 2012 The Dutch East India Company is one of the first international corporations in the world. Henry Hudson was enlisted by this company to find an alternate route to China, as Asia was crucial to Western trading. His goal was to find a Northwest Passage, and eventually…
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Considering using Brand Advocates to market professional financial services
This excerpt comes from Zuberance: “Brand Advocates are people who frequently recommend brands and products without being paid. Brand Advocates are a company’s most engaged, loyal, and valuable customers. Size: About one in four adults in the U.S. – about 60 million people – are Brand Advocates. Influence: Advocates are about 3X more trusted and influential than…
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Only 1% of financial advisers completely embrace fee-only service
PriceMetrix research consultants report that only 1% of financial advisers have completely converted to fee-based services. 99% cling to the older commission-based approach despite overwhelming evidence that clients are surging to fee-based approach. I am quite surprised by this study; other indicators led me to believe that as much as 5% of financial advisers, especially…
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Comments on “Know Who to Trust” editorial about financial advisers
Today I had an email exchange with a CPA who commented on the editorial I recently posted in CBSPhilly on the issue of establishing a basis of trust with a financial adviser. Sometimes these little bits of encouragement make all the difference so I compiled and re-posted the email conversation here as an ego reward…
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Know who to trust for financial advice
Reproduced from CBSPhilly at http://philadelphia.cbslocal.com/2012/07/25/3-on-your-side-many-have-no-financial-plan/#comments Knowing whom to trust for financial advice is not a simple subject. It requires an understanding of four separate intellectual concepts that must be reduced to simple and clear personal resolutions. Those concepts are: 1. Avoid potential conflicts of interest 2, Use an adviser who has fiduciary responsibility 3. Keep…
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Repeal of estate taxes in 2013?
This excerpt comes from an email from Jeff Reed at KestlerFinancial about the possibility of a capital gain tax replacing the estate tax. My gut reaction is to respond with an argument on the impact of these taxes on social policy but that clearly misses the point of the discussion. He is absolutely correct in…
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Annotated copy of “Death and Taxes for Zombies”
This is my annotated copy of another writer’s work used for noncommercial purposes. DEATH AND TAXES AND ZOMBIES Adam Chodorow† The U.S. stands on the precipice of a financial disaster, and Congress has done nothing but bicker. Of course, I refer to the coming day when the undead walk the earth, feasting on the living.…
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The value of financial planning
New study reveals significant differences between “planners” and “non-planners” This except that I’ve annotated below comes from “Accounting Today” July 23, 2012 article titled “Families with Financial Plans Manage Money Better” includes some powerful data in support of the value of financial planning across all income levels: Families who have prepared a personal financial plan report more…