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| Mike Tyson was in town over the weekend, most likely sightseeing because he surely didn’t come here to fight. Don’t be surprised one day when you show up at your local McDonald’s, look up at the menu, look down at the clerk and it’s guess who...Mike Tyson himself. “Supersize or I will knock you out!” Definitely take the knockout, much safer as anybody who viewed the movie “Supersize Me” can attest. While Ali created “Float like a butterfly, sting like a bee,” Tyson’s motto should be “Punch like a butterfly, sing like a Bee Gee.”
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Nearman Financial Report
Financially entertaining since 1992
From the folks at Nearman Financial Consulting of Old Town
GOOD NEWS for NFC. In late May, Steve Nearman of Nearman Financial Consulting was awarded a 5-star rating and was admitted to the Paladin Registry.
The Registry is an online service that, according to Paladin’s standards, documents and validates the credentials of high-quality financial professionals who rank in the top 10% of their profession. Investors can use this free service to find, evaluate and select advisors who have the knowledge and ethics to help them achieve their financial goals.
Jack Waymire, Paladin founder and author of “Who’s Watching Your Money? The 17 Paladin Principles for Selecting a Financial Advisor,” said this website solves three major problems for investors who rely on financial professionals.
“First, advisors don’t have documented track records,” Waymire said. “They compete with credentials when they have them and sales skills when they don’t. Because individuals don’t want sales reps investing their assets, they need a way to select advisors with the best credentials.
“Second, investors have trouble finding competent professionals they can trust. Advisors who call them are usually sales reps and the professionals who have the knowledge to help them do very limited marketing. Third, it’s not enough for investors to find someone they hope is an expert. They need proof the advisors are every bit as good as they say they are. That’s what the Registry does. It documents the credentials and integrity of advisors, then validates the documentation with a rating.”
Advisors can't buy ratings or admittance to the Registry. They have to earn them with top-notch credentials, full disclosure, and investor-friendly business practices, according to Waymire. Advisors pay a referral fee to Paladin each time an investor who is a potential match is identified.
Waymire acknowledged that Paladin admittance requirements are designed to exclude bad advisors. His company’s independent documentation of advisor credentials and integrity reduces the number even further. The result is a directory of high-quality professionals that’s the first to provide the following combination of services:
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High admittance standards that protect investors from bad advisors;
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A quality rating for each advisor that validates competence, integrity and risk of bad advice;
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Online access to documentation for professional credentials;
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Full disclosure for compliance records, compensation, investment expenses, and potential conflicts of interest; and
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Advisor agreements that put investor interests first.
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You can check out Nearman Financial on Paladin’s website at www.paladinregistry.com for additional information.
How Long Could You Make it Without a Paycheck?
If you have disability insurance, you may skip this section and go to the next. If you do not have disability insurance, OH MY!
The statistics are frightening. During our working years, we’re more likely to become disabled than to die. Yet most of us plan for the likelihood of death by purchasing life insurance, but not for the probability of becoming disabled. Ask yourself...if you were unable to work, how long could you survive financially without an income, and how long would the cat food still taste good? Sorry for the vivid picture here.
Since many companies do not offer disability insurance, it is up to many people to purchase an individual policy. They aren’t cheap, which is why we do lots of illustrations but few people, once they recover from the sticker shock, even buy them.
NOW we have an opportunity for you to buy inexpensive disability insurance. Get two other people in your company who work 30 or more hours a week interested in voluntary short-term disability and you can qualify for affordable insurance with no evidence of insurability.
All employees must be receiving W-2s from their company and each employee must pay 100% of the premium. Some occupations are not eligible. Call 703-683-4660 for your instant personalized quote on this income protection program.
Who’s Giving You Financial Advice - Dear Abby?
That would surprise us because she is no longer living.
But we were not at all surprised when a recent survey pointed to where people turn for financial advice. We’ve known for years: they turn north.
OK, maybe not, but tarot card readers and fortune tellers are not our idea of sound financial advisors. These guys don’t charge enough to be financial advisors!
Some 31% of the respondents said they act on advice from a relative, who probably is relatively clueless about their financial condition and risk tolerance. Just 27% are the smart ones who consult a financial services professional, which bodes well for Nearman Financial with lots of people - doing the math here, 73% of the population of the United States - potential clients for us.
Now it gets REALLY scary. Some 16% talk to a co-worker or friend (if he/she is a co-worker, they are not independently wealthy and retired so what do they know – and friends don’t give friends investment advice if they care about the friendship under the same premise as why you don’t loan money to a friend). Scarier yet, 8% rely on financial publications and television shows and a death-defying 4% get all the information from the same place we do, the internet...ha!
The last 10%, if you were counting, are the do-it-yourself types.
Thrivent Financial for Lutherans conducted the survey. They say they are a nonprofit financial services organization. We are left to ponder the following question: Is that nonprofit for them or nonprofit for their investors or both?
The Naked Truth aka Corporate Lesson #1
A man is getting into the shower just as his wife is finishing up her shower when the doorbell rings. The wife quickly wraps herself in a towel and runs downstairs.
When she opens the door, there stands Bob, the next door neighbor. Before she says a word, Bob says, "I'll give you $800 to drop that towel."
After thinking for a moment, the woman drops her towel and stands naked in front of Bob. After a few seconds, Bob hands her $800 and leaves. The woman wraps back up in the towel and goes back upstairs.
When she gets to the bathroom, her husband asks, "Who was that?"
"It was Bob the next door neighbor," she replies.
"Great!" the husband says, "Did he say anything about the $800 he owes me?"
Moral of the story: If you share critical information pertaining to credit and risk with your partner, you may be in a position to prevent avoidable exposure.
Nearman Financial Report is a complimentary newsletter for clients and friends of Nearman Financial Consulting Inc. of Old Town Alexandria, a leading provider of financial products and services including stocks and bonds, mutual funds, annuities, retirement plans, life/health/dental/ disability and long-term care insurance, mortgages and personal financial planning and advisory.
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