What does it mean when you see a list of the top 100 financial planners? Usually, such a “list” is only based upon the amount of money that is “managed” by a particular financial planner. Such a “list” is not necessarily based upon how successful such financial planner has been in managing a client's money. In fact, more than a few financial planners with substantial assets of clients not only do not make the proper decisions to have the clients' investments grow, but make decisions that cause the value of the clients' investments to lose value. Merely having a substantial sum of money to manage does not necessarily mean that a financial planner had made money for clients nor that he/she has happy clients. If you want to have someone manage your money in an intelligent and prudent fashion, you must take the time to do some “homework” on your own. Listen to your friends who are happy with the people who have been taking care of their money. Ask to see and study the “track records” of financial planners you interview. Choose someone you can hold accountable – someone local and easily accessible. Since the horrendous financial upheaval that has basically destroyed the public trust in big banks and those who make decisions on behalf of big banks, think long and hard before you obligate yourself to have your assets turned over to a financial planner merely because he/she works with a highly advertised financial company. Be satisfied that the financial planner you eventually choose will always have your best interests in mind when he/she makes an investment decision on your behalf.
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