July 26, 1988 |
Reported cases of fraud and abuse by financial planners have jumped 155 percent in the last two years, costing investors $400 million, a study released yesterday by the North American Securities Administrators Association Inc. showed. The survey, which covered 30 states and 79 incidents, found that more than 22,000 investors lost money through apparent fraud or abuse between mid-1986 and mid-1988. That compares with 31 cases of fraud and abuse and $91 million in losses reported in a comparable two-year study done in 1985.
June 27, 2012 |
America's so-called fiscal cliff is making it hard for investors to plan ahead. The fiscal cliff is the paradox that Congress and the White House now face: If they pass measures to slice the country's massive budget deficit — potentially raising taxes and cutting spending — the very austerity measures helping to reduce a government budget crisis could ultimately plunge us into another recession. What's an investor to do in a portfolio? The fiscal cliff is prompting consternation among financial planners, some of whom warn their retirement-age clients to avoid the stock market.
February 16, 2003 |
ChFC, CFP, RIA, CLU, EA, PFS. Investors face an alphabet soup of certifications and credentials as they shop for financial advice. Many need help as the bear market rips their account balances. But the proliferation of acronyms adds to the problem of finding the right advice. Experts say the Certified Financial Planner or CFP designation is the gold standard for generalist financial advisers because testing for it is rigorous and the CFP board has proactive disciplinary procedures.
June 12, 1990 |
Campbell Soup has laid off 1,400 employees in Camden over the last several months. AT&T has been cutting tens of thousands of workers nationwide and is closing a plant in King of Prussia. General Electric, Unisys, SmithKline, Fidelity Bank, Penn Ship - the list of companies merging, divesting, reorganizing, downsizing, restructuring and streamlining goes on. No matter what they call it, the result is likely to be the same: Employees from the mailroom to the board room, from the factory floor to the sales floor, suddenly are out of work.
December 4, 2001 |
There is a pernicious myth about retirement that goes like this: You have to set up your savings and investments so that they throw off enough income to pay yearly expenses. For many people, this means yanking most or all of their wealth out of stocks, and investing in certificates of deposit, money-market accounts, and bonds. The idea is that retirees should put up with the lower returns on those vehicles in exchange for the security of guaranteeing an income every year. But often, financial planners say, the so-called income portfolio falls short, leaving retirees without enough money to pay the bills.
May 19, 1986 |
Few professions have grown as fast as financial planning. From several thousand practitioners nationwide in the late 1970s, the number of individuals calling themselves financial planners, or some derivative, has exploded to 200,000 to 300,000 today. They are everywhere: Insurance companies have sprouted financial-planning departments, stock-brokerage firms tout the virtues of their financial consultants. Most major banks have hired financial planners. And thousands of lawyers and accountants have added personal finance to their lists of skills.
May 25, 1988 |
On a recent Thursday night, the popular television series L.A. Law focused on the doings of today's version of a snake-oil salesman - a financial adviser. The adviser is an oily character, indeed. While his brochures preach "diversification," "conservative estate planning" and "a varied portfolio to minimize risks," the evil counselor knowingly sinks every last cent of a 74-year-old widow into a gold mine without gold. When told his action has reduced the widow to welfare, he snarls, "I don't care if she has to hock her dentures.
August 15, 1988 |
There is a trade-off between risk and profit. Biggest profits can mean gravest risks. For decades, this has been a popular adage for investors. But just how well do people understand the relationship between risk and return? Not well at all, say two Philadelphia-area professors, Michael J. Roszkowski, a research psychologist at the American College in Bryn Mawr, and Glenn E. Snelbecker, a psychology professor at Temple University. Early in 1989, the men will complete a year-long study on financial risks and how investors associate risk with return.
May 17, 1993 |
Want to give the bride and groom a gift that will be remembered long after the thank-you notes are sent? Think stocks, not silverware. Bonds, not blenders. Calculators, not china. Investments and money-management tools are great gifts for newlyweds, says New York investment consultant and author Nancy Dunnan. "I think it's a wonderful way to introduce young people into the world of finance and into taking care of their own finances," she said in a phone interview. Ditto for college grads, Dunnan says.
April 10, 2012 |
We all dream about it - but what if it actually happened? What if, like those winners of the $656 million Mega Millions lottery, we actually had to wonder now what to do with the money? What financial planners and people of means advise is that lottery tickets are just that - a lucky win. But there are real issues associated with planning for a sudden windfall. The Mega Millions winners will now be targets of both legitimate and illegitimate financial advisers, says securities attorney Andrew Stoltmann, who has represented lottery winners who have been defrauded out of the entire amount.