Posted by Alex Juel

Getting an Education

The best way to start a career in financial planning is by getting an education. If you take courses at a CFP recognized school, it will count towards the module work needed to attain Certified Financial Planner (CFP) status. This will allow you to take the CFP exam immediately after graduation. You still need three years of experience in the industry before you can use the designation though.

Fee-Only/Fee-Based Firms vs. Commission-Based

A fee-only financial planner is someone who makes their living by charging fees for their advice. They are compensated only by their fees and not by commissions or kickbacks. These are typically the types of jobs most financial planners want. Commission-based financial planners instead provide low-fee for free advice and expect to make money on the back end by selling products which implement their advice. Advice from commission-based planners can still be considered high-quality, but it’s often biased based on financial compensation.

Many people looking for a place to start tend to look towards large financial services companies such as MetLife, Northwester, Mass Mutual, Ameriprise, and others, but opinions on these types of companies vary. Many in the financial industry will agree that places like this are sales factories, but if you’re comfortable with sales, this would be a good place to start. The training programs at companies like this can also be beneficial.

If you go the route of the small boutique firms on the other hand, you are more likely to be on the support part of the business as opposed to being in sales and marketing. Support is a great position to start in, especially early on in your career. There’s also a greater opportunity to eventually buy and own the practice you work with, which some financial planners might find appealing. Small boutique firms can sometimes be difficult to get a job with though.

The Benefits of Networking

Times are tough and even if they weren’t, you want to land a job that can provide the most fulfillment in your career – a place you can be happy working in. That’s why networking is so important. As mentioned previously, getting a job in a small boutique firm can sometimes be difficult, but making connections in the industry can certainly make that process much easier.

Networking can also help you learn more about what the various firms in your area offer. A great fee-based, high paying salaried job with built-in performance benefits can be found if you connect with others and attend meetings with your local FPA or NAPFA chapters.

Do What Makes You Happy

Whatever career decision you choose to make, be sure that you choose one that makes you happy. You might end up working with companies in positions you don’t particularly enjoy, but treat it as a part of figuring out where you really want to take your career. Take advantage of what these companies have to offer, work on earning your licences, and continue to do what you love.
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Alex Juel is a freelance writer and editorial coordinator working with the financial planning degree program at California Lutheran University.

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Posted by Krystal Smith

Finding your dream home is a mammoth job in itself – with so much choice out there, it can be a daunting prospect to even set foot on the property ladder.

The home buying process can be a long and drawn out one and it seems that the list is never ending – structural surveys, solicitors’ fees, chains and moving vans are just part of that process. Often, it’s the little things that get missed and insurance is certainly one of those things.

Buildings insurance, which covers the structural integrity of your home, is required by law and often, homeowners think – that’s it, it’s all done and covered. But they couldn’t be further from the truth – contents insurance, whilst not a legal requirement is essential for homeowners, both new and established. Contents insurance covers everything that buildings insurance doesn’t – that is, everything that’s in your home that is not a permanent feature. Think of how much it would cost to replace all of your belongings; when you add it all up, it becomes a really costly business. If you were burgled or your home was damaged in some way, such as through flooding or fire, then your items would need to be replaced. Contents insurance will ensure that you don’t end up footing the bill to replace to repair your items, instead you have the peace of mind that your insurance company will take care of it.

When you are choosing your insurance policy there will be various different categories – these will usually include furniture, such as  your sofa and bed, electricals, such as your TV, games consoles and kitchen electricals, plus any other miscellaneous items, such as
clothing, books, DVDS and all those other little items that you can’t live without! In order to find cheap contents insurance, it is worth comparing quotes from various insurance providers which can be done by companies such as Endsleigh.

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Posted by Elizabeth Retton

Unfortunately, the answer to this question is not a simple yes or no.  I would love to be able to say, “Yes!  Absolutely any time you have to pay an attorney some ridiculously astronomical sum, you can at least get the benefit of writing it off so that you aren’t taxed on that money!”  Wouldn’t that be nice?  But I’m sorry to say that, like most deductions, the rules are not cut and dry.  Whether or not you can claim some or all of your legal fees as a deductible in a given year depends entirely on the circumstances surrounding your legal expenditures.  So here’s the skinny on what you can use as a write off and what you can’t when it comes to legal fees.

For starters, personal legal fees are not deductible, not even if they concern your property or if you’re the one being sued.  Sorry about that.  Did half of the readers just log off?  If you thought you might be justified in writing off your legal expenses for a divorce, a custody battle, wrongful termination, injury due to faulty consumer goods, slipping on a wet floor, suing for defamation on Facebook, or anything else unrelated to business, you’re out of luck.  While you may be able to recoup your losses (including legal fees) through settlements or a win in court, you cannot write off any out-of-pocket attorney fees for any legal disputes that are purely personal in nature.

Now for the good part: the legal fees that can be written off.  Anything that is related to your business can be written off, and this applies to anyone who has a sole proprietorship, a partnership, an LLC, or some other form of incorporated business.  Further, any legal expenditure related to your business (either operations or investments) is considered fully deductible, which means you simply list the entire expense as a deduction.  Of course, the rules may differ slightly if you operate on a contract or freelance basis, in which case you may be limited to listing legal fees under miscellaneous itemized deductions and having to deal with certain restrictions.  You’ll certainly want to talk to your tax preparer or attorney to see if your business-related legal fees qualify as a deduction.  As a bonus, though, you can also deduct any legal fees incurred for getting tax advice from a lawyer!  And by the way, this last one works for both businesses and individuals.

So, even though you can’t deduct legal expenses that are purely personal, there are some instances in which legal gains may be tax deductible.  For example, if you get alimony or child support payments but you aren’t receiving them, you may be ale to write off legal fees that you acquire in the pursuit of payment.  You may even be eligible to write off the expense of resolving legal issues concerning your taxes.  But you’ll really need to check with the IRS or an attorney to see if you qualify.  So whether you’re hiring a Charleston South Carolina Attorney or one in Los Angeles, California, you should know that your personal legal expenses are what they are.  But if you happen to be paying a lawyer for anything business-related, you can definitely get a break on your taxes.

Elizabeth Retton is a contributing writer for Howell and Christmas, a law firm specializing in accident and personal injury law.

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