BY SUZANNE HAZLETT, MBA, CIMA®, CFP®
Where Are the Customers’ Yachts? initially published in 1940, is a book by Fred Schwed, Jr., a former trader on Wall Street and later author, after losing much of his wealth in the stock market crash of 1929. In his book, Schwed used wit and sarcasm to provide some transparency to the murkiness of the investment world. His title originates from an anecdote about a New York tourist who, when seeing the impressive array of yachts owned by Wall Street money-changers, asked the enduring question. When engaging a financial professional, take a hint from Schwed and consider the following.
CHECK OUT YOUR INVESTMENT PROFESSIONAL
Investment Adviser Public Disclosure www.investor.gov
The U.S. Securities and Exchange Commission (SEC) sponsors this website. Here you can search for an Investment Adviser firm and view an individual’s professional background and conduct, including current registrations, employment history, and any disclosures about certain disciplinary events involving the individual. Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings, and certain civil or criminal proceedings.
BrokerCheck www.finra.org/brokercheck
The Financial Industry Regulatory Authority (FINRA) is an independent, non-governmental regulator for all securities firms doing business with the public in the United States. Congress tasks FINRA to protect investors by requiring the securities industry to operate fairly and honestly. BrokerCheck is a tool to research the background and experience of financial brokers, advisers, and firms.
CREDENTIALS
When vetting advisors, you may encounter several financial industry designations. Financial certifications represent expertise and may indicate a commitment to professional ethics standards.
CERTIFIED FINANCIAL PLANNER® (CFP®)
The CFP® designation includes all areas of financial planning, including investments, taxes, insurance, retirement, and estate planning.
Certified Investment Management Analyst® (CIMA®)
CIMA® designation holders tend to have careers that involve extensive engagement with clients and the management of their portfolios.
Certified Private Wealth Advisor® (CPWA®)
The CPWA® is a professional certification for advisors who serve high-net-worth clients with sophisticated wealth strategies and family legacy planning.
Chartered Financial Analyst® (CFA®)
CFA® charterholders tend to be analysts who work in institutional money management and investment analysis and less in personal financial planning.
Certified Public Account and Personal Financial Specialist (CPA and PFS)
The PFS designation is only granted to Certified Public Accountants and is awarded by the American Institute of CPAs.
Suzanne Hazlett, MBA, CIMA®, CFP®, is an investment advisor and financial planner at HAZLETT WEALTH MANAGEMENT, LLC, which is independent of Raymond James and is not a registered broker/dealer. Investment advisory services are offered through Raymond James Financial Services Advisors, Inc. Securities through Raymond James Financial Services, Inc., member FINRA/SIPC. All investing involves risk, including the possible loss of the principal amount invested. 675 Sun Valley Road Ketchum, Idaho, 208.726.0605. HazlettWealthManagement.com
