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By Eileen Ambrose, The Baltimore Sun | May 6, 2012
Financial advisers often have an alphabet of professional designations behind their names, but the dominant one remains "CFP," or certified financial planner. The CFP Board, which sets the national standards for financial planners, has announced in the past year or so a series of changes meant to strengthen the designation. It beefed up the ethics curriculum and hired a director of investigations to make sure planners comply with standards. And this summer, it will begin disclosing whether members have filed for bankruptcy within the past five years — something that could affect a consumer's decision to hire them.
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BUSINESS
By June Arney, For The Baltimore Sun | April 25, 2014
As private-sector companies that offer traditional pensions grow scarce, individuals are left to navigate retirement savings largely on their own, often turning to employer-sponsored 401(k) programs to help create a nest egg. Those who don't can turn to Individual Retirement Accounts offered by many financial institutions. Whether people tap into programs through an employer or use other vehicles, what is important is taking that first step toward security, financial planners say. "Saving something, even later in life, is far preferable to throwing up your hands and doing nothing," said David C. John, senior strategic policy adviser AARP Public Policy Institute.
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BUSINESS
By Thomas Watterson and Thomas Watterson,Boston Globe | February 7, 1993
A story in the Sunday Business section listed an incorrect phone number for the American Institute of Certified Public Accountants. The correct number is: 1-800-862-4272.The Sun regrets the error.Financial planners had several chances to continue raising the standards of their profession in 1992, but couldn't manage it. Maybe they'll do better in 1993.The delay is unfortunate for the industry, because as people start putting their income tax records together in the next few weeks, many will once again ask themselves whether they need long-range financial and investment advice.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | November 14, 2013
Most of the federal workers calling financial planner Stephen Zelcer have an observation and a question. They're worried Congress will kick off a shutdown sequel in January - and they want to know what, financially speaking, they should do to protect themselves. "All the negotiations that we just saw were just a temporary Band-Aid and have to be readdressed again in 2014," said Zelcer, a federal employee benefits specialist with Rockville-based Wealth Strategies Group. "As a result of that, a lot of people are second-guessing the security of their job altogether.
BUSINESS
By Jane Bryant Quinn and Jane Bryant Quinn,Washington Post Writers Group | July 14, 1997
FOR FINANCIAL planners and investors who use them, this month marks the changing of the watchdogs. It has opened a hole in the investor-protection net.Until last Tuesday, investment advisory firms, including financial planners who give investment advice, had been regulated by the Securities and Exchange Commission.The SEC rarely got around to checking planners, especially the little guys. But at least the planners were making key disclosures on the SEC's form ADV (for "adviser").The ADV, Part 2, lists the planning firm's services and investment methods, the principles' education and business background, and the way customers are charged.
BUSINESS
By JULIUS WESTHEIMER | May 30, 2001
"The free-falling Nasdaq and slumping Dow are sending many a do-it-yourself investor scurrying for advice from financial planners," says Financial Planning Perspectives newsletter. "It's not that clients of financial planners are immune to bad markets, but, unlike go-it-alone investors caught up in the high-tech hype or water-cooler advice, most financial-planning clients keep a more diversified portfolio, so they aren't hit as hard when a particular sector tumbles." More excerpts: "Financial planners help keep clients from overreacting to market vicissitudes.
BUSINESS
By Jane Bryant Quinn | October 21, 1996
IF YOU WORK with a financial planner, some valuable new disclosures will be coming your way. Thanks to a law just passed by Congress, plus a new initiative by state regulators, you'll be able to learn a lot more about the person who guides your investment decisions.The new rules cover investment advisers. That doesn't mean stockbrokers. You already have access to a stockbroker's background and disciplinary history, just by calling your state's securities commission.vTC Investment advisers manage your assets or advise you on how to manage them.
BUSINESS
By Eileen Ambrose | September 5, 2004
MANY PEOPLE have the same financial questions, whether they are executives earning a generous six figures or grade-school teachers making a fraction of that, financial planners say. What size mortgage can I afford? Do I need long-term-care insurance? Should I buy or lease a car? And this year, people are bombarding advisers with questions about how to become a real estate investor or whether the outcome of the presidential election will affect their investments. "There are a certain number of questions that we go over and over and over again," said Sheryl Garrett, a Kansas financial planner and author of Just Give Me The Answer$.
BUSINESS
By Lorraine Mirabella and Lorraine Mirabella,SUN STAFF | October 3, 1999
Whether you're saving for retirement or your children's college fund or wondering how best to make the most of your money, financial planners say they can help consumers set and reach achievable goals.But consumers would be wise to first do some research of their own -- on financial planners.Most planners carry a designation awarded by a college, board or association, each of which sets its own standards for education, experience and ethics.For instance, there are certified financial planners, chartered financial analysts, chartered financial consultants and accountants, among other types of advisers.
BUSINESS
By NEWSDAY | July 21, 1996
Struggling through the jungle of mutual funds to find one that won't bite you in the wallet is getting tougher as more and more funds, ravenous for your cash, keep appearing.Financial planners and money managers who set up portfolios of funds for their clients must make that trek regularly. So several were asked what criteria they use in determining which funds to buy for their clients.Good performance is a given. But the planners used three words constantly in explaining how they determine what caused a fund's performance: "managers," "risk" and "Morningstar."
BUSINESS
By Eileen Ambrose, The Baltimore Sun | April 21, 2013
As a senior financial planner with Baltimore money manager T. Rowe Price, Stuart Ritter spends much of his time on the job - and off - educating people about personal finance. April is Financial Literacy Month, and as many surveys show - including one by Price - we have a long way to go before we're a money-savvy nation. That means Ritter has his work cut out for him. Ritter took some time to answer questions about personal finance as it relates to parents and their children.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | August 26, 2012
Baltimore police arrested five people last week accused of impersonating city tax collectors and going to the homes of elderly residents to rob them. These are disturbing allegations. But apparently, scam artists who pretend to have ties to the government so they can take advantage of older consumers aren't all that rare. That's what senior advocates are telling the Consumer Financial Protection Bureau, the federal agency with a mandate to promote financial literacy among those 62 and older and protect them from fraud and abuse.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | May 6, 2012
Financial advisers often have an alphabet of professional designations behind their names, but the dominant one remains "CFP," or certified financial planner. The CFP Board, which sets the national standards for financial planners, has announced in the past year or so a series of changes meant to strengthen the designation. It beefed up the ethics curriculum and hired a director of investigations to make sure planners comply with standards. And this summer, it will begin disclosing whether members have filed for bankruptcy within the past five years — something that could affect a consumer's decision to hire them.
BUSINESS
Eileen Ambrose | January 11, 2012
Got a retirement or estate planning but don't have the $150 to $300 an hour to pay for professional advice? Now, or at least Thursday and Tuesday, you can get your questions answered without having to pay. From 9 a.m. to 6 p.m. Thursday, Jan. 12, you can call or submit questions online to a planner with the National Association of Personal Financial Advisors . The trade group is partnering with Kiplinger's Personal Finance in...
NEWS
By Frederick N. Rasmussen, The Baltimore Sun and Baltimore Sun reporter | September 4, 2010
W. Riley "Skip" Whorton, a semiretired financial planner and life insurance agent, died Aug. 27 of leukemia at Johns Hopkins Hospital. The Timonium resident was 68. Mr. Whorton was born on Long Island, N.Y., and then moved with his family to Whortonsville, N.C., where his father worked in the family seafood business. In 1950, he moved to Ellicott City when his father and uncle moved the business to the old Wholesale Fish Market on Market Place in downtown Baltimore.
NEWS
By Frederick N. Rasmussen | August 10, 2009
Kennedy "Ken" Rice, a financial planner and a fitness enthusiast, died July 31 of a cancerous brain tumor at his Cape St. Claire home. He was 37. Mr. Rice was born in Washington and raised in Laurel. He was a 1990 graduate of St. Vincent Pallotti High School, where he had been a defensive tackle on the school's football team for four years. He also had been a starter on the school's undefeated 1989 team and had earned all-conference honors that year. In 2008, he was inducted into the St. Vincent Pallotti High School Athletic Hall of Fame.
BUSINESS
By EILEEN AMBROSE | August 2, 2009
What a difference five years -- and a recession -- make. When financial planners were asked in 2004 for the most frequent questions from clients, the queries were largely about investing in real estate, how big of a mortgage they could swing and whether to buy or lease a car. The real estate market has since imploded, and many homeowners and would-be real estate moguls are underwater on mortgages. And the government is now giving money away to get consumers to buy or lease new cars to rescue the auto industry.
NEWS
By Eileen Ambrose and Eileen Ambrose,SUN STAFF | February 16, 2004
Gayle Lomax of Columbia figured she had successfully launched her first child from the nest four years ago when her daughter moved to Washington to attend Howard University. But six months ago, her daughter was back home, no longer able to afford her apartment on a part-time job and saddled with more than $5,000 in credit card debt. The 22-year-old has finished school and is working as a waitress while searching for a job in television production. "The prospects aren't really good. She may be home longer than a year or so," said Lomax, a single parent.
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