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May 5th, 2010
01:08 PM ET

Buyer Beware: Broker Tricks

Looking to save money?  We've got some tricks that you should know before you invest your hard earned cash.  Things that your financial planner doesn't want you to know!  Join us this Saturday at 2pm ET.  Ken and Daria Dolan have important tips you don't want to miss.

And if you have any $$ questions of your own, send them in.  We'll read them live on the air and get you some answers!


Filed under: CNN Newsroom • Fredricka Whitfield • Josh Levs
soundoff (7 Responses)
  1. Carl

    I dont think Republican Congressmen/Senators are even worth the price of their custom suits let alone the $200,000 salaries they steal from us taxpayers. I dont want to pay their salaries any longer. How do we change that salary expense for the American taxpayer?

    May 5, 2010 at 2:48 pm |
  2. Bonita

    Josh – I've been trying to help my sister find affordable health insurance. Its impossible with 5 and 10K deductibles. What are her options?

    May 8, 2010 at 1:34 pm |
  3. anthony tensley

    Can a person on disability purchase
    financial products...because I was under the
    impression that you can't. I was told by a banker
    that if you don't have a job an earn your income
    youi're stuck as for as investing is concerned
    you're locke out of game you can't prepare for
    your financial future.

    Is that true??

    May 8, 2010 at 1:45 pm |
  4. Arthur D. Kraus

    Thank you for a wonderful program with the Dolan's. I have been a planner for 50 years and felt they did a very nice job explaining what investors might want to know. I would add two comments: 1. Find out what your advisors' credentials are. Certified Financial Planner and Chartered Financial Consultant are examples of courses that are stretching and indicate that your advisor is serious about learning about his or her career. They probably have enough education to guide you even though you may feel your needs are different. (Don't be afraid of opinions that conflict with yours. That's why we hire advisors.) 2. Experience is important. That may sound self serving. But examine what the experience has been. Some people who have as much time in advising as I have had have 50 years of experience. Others have 1 years' experience repeated 50 times.

    Thank you, Dolan's, for reminding those watching the program to go to broker-check at Finra.org. I can solve problems before they start!

    May 8, 2010 at 1:45 pm |
  5. David Zolt

    Re: Broker "Tricks"

    The Dolans just gave about the worst advice I've ever seen about how to pick a broker or financial planner.

    To begin with, they didn't tell the public the difference between a broker and a financial planner. Granted, many brokers masquerade as financial planners, but that's no excuse. The Dolans should know better. Brokers are salespeople who charge commissions and are not required to look out for your interests. Financial Planners charge fees and are required to look out for your interests. Fee-only financial planners don't take commissions and don't sell products.

    They should have told people to look for a fee-only financial planner. The websites to look for are the National Association of Personal Financial Advisors (NAPFA), The Alliance of Cambridge Advisors (ACA) and The Garrett Planning Network.

    May 8, 2010 at 1:52 pm |
  6. AL Landolph

    I think your insurance advice was very wrong. I purchased a term and a Whole Life policy 18 years ago. I have since become medically uninsurable and cannot renew my term which ends in two years. My Whole Life policy is paid up, earns 7% plus each year and will be there for my lifetime. Please warn your clients not to fall into the silly Term insurance trap. My Whole Life policy is the best and most stable piece of my portfolio. Wish I had purchased twice the amount when I was able to !!

    May 8, 2010 at 2:01 pm |
  7. Arthur D. Kraus

    Anthony, of course you may invest in financial products. Broker's hunt for clients who have huge assets and don't need to work and don't. In your case the planning may be a little more tricky, depending upon the amount of liquidity you might need to pay for any extrordinary medical expenses, but you have every right to invest as you see fit. My suggestion is to go to one of the websites the Dolan's suggested and find a planner in your area who wants to take the time to work with you.

    May 8, 2010 at 2:01 pm |