What If You Lose Your Financial Professional?

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I hope you have the best Financial Professional in the industry!  Seriously, I do.  But Financial Professionals, good and bad, leave their current broker dealer (e.g. Morgan Stanley, Wells Fargo, Merrill Lynch, LPL, and more) for all kinds of reasons–good and bad.

And it isn’t always pretty!  We could spend days talking about this.  But we will not because my goal today is to get you thinking about a backup plan if you do lose your professional.

As a woman in the industry for 25 years, I was impressed at times when a woman in the financial services industry was recognized as a “Business Woman of the Year”.  In 2013, Ami Forte held that title.    I did not know Ami Forte when she was at Bank of America or Morgan Stanley.  I never knew the story of Ami Forte until this week.  This week Morgan Stanley let Ms. Forte go, and she joined Pinnacle Investments in Florida to develop Pinnacle’s profile there.  So, she left, and no one knows where her clients went.  Ms. Forte’s story is a little tawdry–she became the mistress for a dozen or so years–to Roy Speer, the founder of St. Petersburg’s Home Shopping Network.  Mr. Speer died in 2012 at the age of 80 at the stage in his life where his mental and physical capacity left him unable to do math and wearing a diaper.  His account when he came to Morgan Stanley with Ms. Forte as his advisor was $150-200 Million.  In his last 5 years, 12,000+ transactions occurred at Morgan Stanley.  Following his widow’s legal action, Ms. Forte, Morgan Stanley, and the manager of the Morgan Stanley office holding his account were fined with all costs $34 million.  This was all reported in the Tampa Bay media; I pass no judgment.  This is simply an example of elder exploitation, breach of fiduciary duty, constructive fraud, excessive trades,  and more.  

Just as in the case of Bernie Madoff several years ago, all of the clients of Ms. Forte’s probably had a choice to make to go with her to Pinnacle or to stay with Morgan Stanley or more choices.  No matter what, they no longer had their Financial Professional.  

The financial services industry has been an industry where moves among advisors were common:  I started in banking, was recruited by then Smith Barney, recruited to Morgan Stanley, and then recruited to Edward Jones.  These were all moves I made for improvement for me.  In many cases, my clients chose to follow me.   But I was a good advisor for them.  I loved what I did, and I am a rule follower.  This is their money.  This is your money.  I think you should be prepared to be able to make the best decision of who will handle your money for you.  You need to know many things, and that is what I do today.  I do not sell products (and that is what investments are), and I do not represent any company.  I work with clients to give them the Positive Energy and education to make informed decisions about their money.  I think they deserve that.  I think you deserve that!

And, as a closing note, I was recruited and trained by FINRA to become an approved FINRA Dispute Resolution Arbitrator in early 2017.  FINRA is the Financial Industry Regulatory Authority.  

 

Financial Wellness….What is It?

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When it comes to money, everybody wants to tell you how to invest, how to save, how to retire rich.  That is like telling someone that they will be well every day of their life. Does not happen that way.  Life is a balancing act.  Life is ups and downs.  Life is learning as we go.  We know we want to be well physically and emotionally, but sometimes life gets in the way.  It is the same with financial wellness.  We all know that there are things we need, that there are things we want, but we hold onto our dreams, hoping that it will all come together.

Financial wellness to banks is having a checking account and a savings account and a financial planner with the bank–they want it all, they want all of your money that it.  That is their business.  Financial wellness to a financial professional is having all of your assets with them so that they can guide you through the needs, the wants, and the dream.  That is their business.  And then there is basic financial wellness.

Basic financial wellness is you feeling good, feeling confident thinking and talking about money and YOUR money.  That is financial wellness.  It is the empowerment tool for you to talk with anyone at any time about money, including your banker and your financial professional.  It is the basic tool to learn about everything YOU need to know about money…It is YOU in the raw about money.   This is you in your light and feeling good with the people who surround you because they appreciate you in the raw.

 

Money in Your Head, Money in Your Heart?

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decisions are always hard…until they are easy

Where are you trusting your energy when it comes to decisions about money?  Interestingly enough, on a nice April morning in Ohio, more than 12 people came to a program about money.  Some came because they were unhappy with their financial professionals; some came because they did not use a financial professional; some came because they are hoping to become a financial professional; some came because their spouse made them come.  But they came and spent two hours discussing financial professionals.  It is always interesting to see how a session like this goes.  There was no discussion about the emotional decisions people make in their financial lives.  But there could have been because it is a factor in those decisions.

But one of the most gratifying comments made was by one gentleman who waited for me as we were leaving, and he offered me this thought, which is a great one that I want to share here:  “The secret of being good with money is to not let it bother you.”  So true…be free of bothersome thoughts this weekend.

 

janicelitterst@gmail.com

empowerexcellencewithjan.com

Include the Universe in Your Marketing Budget & Save Money!

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there is no easy, simple way to say this, but, here goes:  The Universe is not only a co-conspirator but also a creative force in your small business!  Think about this.  If you consistently put your wishes for your business out into the Universe by talking about your hopes and dreams and what you need to focus on, the Universe does listen!  

FROM THE BEGINNING OF THIS YEAR, I HAVE BEGUN TO FOCUS ON SEVERAL AREAS.  

one of those areas is “How To Choose YOUR Financial Professional”, and I have been putting more promotional communications out on it.  professionals I work with kept telling me that I needed to do more of those sessions with folks.  I did a program in a local adult education program, and the participants wanted to know why the local library was not hosting a program like this.  The library is talking with me about the program for financial literacy month in April of 2016, but no commitment yet.  I kept trying, people kept encouraging, but no major breakthrough.  until this morning.  the speaker was presenting on buying/selling a business, and he mentioned that his financial advisor really made a big difference in his family’s life.  a participant in the audience, a gentleman I did not know, asked the speaker “HOW DO YOU FIND A GOOD FINANCIAL ADVISOR?”

BE STILL MY HEART, THIS IS A PROGRAM I DEVELOPED AND WANT TO OFFER MORE.

WELL, I DID SPEAK UP AND OFFERED A 30-SECOND COMMERCIAL ON MY PROGRAM.  FOUR PEOPLE OUT OF THE EIGHT REMAINING AFTER THE PRESENTATION SPOKE TO ME ABOUT IT.

there is no doubt, The Universe has been listening, the Universe brought together the perfect situation for me to shine.  

THE UNIVERSE HAS BEEN A PART OF MY LIFE FOR MANY, MANY YEARS.  NOW I AM READY TO OFFER THE UNIVERSE A POSITION ON MY MARKETING TEAM–IT WILL BE WELL WORTH THE MONEY.  OH, I FORGOT, THE i DOES NOT CARE ABOUT MONEY, ONLY ABOUT HELPING US FIND OUR ABUNDANCE!

I think this is a definite win-win position!

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Tell Me Why? Why Do Women Look for Financial Answers More Than Men?

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REALLY, I WANT TO KNOW.  MEN, PLEASE TELL ME.  WOMEN, PLEASE TELL ME.  I HAVE JUST FINISHED PRESENTING A PROGRAM ON “HOW TO CHOOSE YOUR FINANCIAL PROFESSIONAL”, AND EVERY PARTICIPANT WAS A WOMAN.  AND THAT IS GREAT, BUT…IT DOES BEG THE QUESTION:  “WHY?”  

WHILE MEN ARE PREDOMINANT IN THE CORPORATE WORLD OF FINANCE, DO THEY REALLY ALREADY KNOW EVERYTHING THEY NEED TO KNOW IN THE FINANCIAL REALM?

THIS PARTICULAR PROGRAM IS ONE THAT I HAVE PRODUCED AND PRESENTED AND AT LEAST IN NORTHEAST OHIO NO ONE ELSE OFFERS ANYTHING LIKE IT.  IT IS SOMETHING THAT I DO IN PRIVATE COACHING AS WELL AS IN PUBLIC PROGRAM PRESENTATIONS.  THE ATTENDEES ARE TOTALLY LOVING KNOWING WHAT THEY REALLY NEED TO KNOW BEFORE THEY MEET WITH A FINANCIAL PROFESSIONAL AS THEY SEEK A NEW ADVISOR FOR ANY REASON.  THEY ARE ARMED WITH QUESTIONS AND REALITIES OF HOW THE ADVISOR LOOKS AT THIS FIRST MEETING.  AND, YES, AFTER 20 YEARS IN FINANCIAL SERVICES, I AM EXTREMELY WELL QUALIFIED TO PRESENT THIS PERSPECTIVE.  PLUS, I REPRESENT NO COMPANY, NO PRODUCT.  I AM THERE TO WALK THEM THROUGH THE STEPS THEY NEED TO CONSIDER BEFORE THAT ALL-IMPORTANT FIRST MEETING WITH A FINANCIAL PROFESSIONAL–AND I AM NOT SELLING THEM ANYTHING!

SO WHY DO ONLY WOMEN ATTEND?  

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