Excellent article on the ickiness of vanity pubs

Discusses abuses and issues in financial planning, including questionable compensation practices, bogus institutes and accreditations, bad products, annuity abuse, inappropriate life insurance sales, living trust mills, and related misconduct. Also answers questions about usually legitimate but developing areas such as life insurance premium financing, life settlements, charitable gifting strategies, etc. Includes discussion of asset protection scams.
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Excellent article on the ickiness of vanity pubs

Post by Demosthenes » Thu May 07, 2009 8:12 pm

http://www.forbes.com/2009/05/02/americ ... uncil.html

'Top' Financial Planner Honor Less Than It Seems
William P. Barrett, 05.03.09, 06:00 PM EDT
Consumers' Research Council of America is an elusive stalking horse for a pricey plaque seller.

SIMI VALLEY, Calif. -- Last month, the grandly named Consumers' Research Council of America touted its new 2009 edition of "Guide to America's Top Financial Planners" to the public and especially to financial pros who learned about their big honor in a mailing offering them award plaques costing as much as $243. The council, which says it produces 30 "top" guides, mostly covering medical specialties, lists a tony Washington, D.C., address on Pennsylvania Avenue, four blocks from the White House.

But the real action seems to be at the far-away office here of an outfit called S L D Industries, Inc. Its rented space is located on--we kid you not--Easy Street, near the Ronald Reagan Presidential Library and Museum in this distant and dusty Los Angeles suburb.

The saga of Consumers' Research and S L D Industries is a cautionary tale for financial planners, doctors and other professionals, and for any consumer who relies on a list or ranking to choose among professionals, without looking deeper.

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Re: Excellent article on the ickiness of vanity pubs

Post by absdes96 » Thu May 07, 2009 10:11 pm

What is a good Financial Planner/Advisor ? When a long-time client would gladly refer you to a family member or friend.
The mongoose of a disciplined mind and will is more than a match for the cobra of desire and emotion. - Professor Dallas Willard, USC