Summary of Dan Gallagher's The Secrets of Successful Financial Planning

Everest Media

Description

Please note: This is a companion version & not the original book.
Sample Book Insights:
#1 Your attitude and actions toward your problem will determine its nature and severity. If you act like a victim, your problem may become one. If you act like a victor, you may find yourself in a better situation than you were in before. Always remember that attitude and perception are reality. -> The way you approach and deal with a problem is just as important as the problem itself.
#2 The way you approach and deal with a problem is just as important as the problem itself. If you act like a victim, your problem may become one. If you act like a victor, you may find yourself in a better situation than you were in before.
#3 If you're dealing with a problem, act like a victor and you'll be in a better position than you were before.
#4 The media regularly reports on financial professionals committing rip-offs. Because of this, people become wary of consulting or selling financial products, and this affects the industry’s reputation.

Sujets

• Law
• Droit et juridique
• Torts

Informations

• Publié par: Everest Media LLC
• Date de parution: 13 septembre 2022
• Nombre de lectures: 0
• EAN13: 9798350001907
• Langue: English
• Poids de l'ouvrage: 1 Mo

Extrait

Insights on Dan Gallagher's The Secrets of Successful Financial Planning
Contents Insights from Chapter 1 Insights from Chapter 2 Insights from Chapter 3 Insights from Chapter 4 Insights from Chapter 5 Insights from Chapter 6 Insights from Chapter 7
Insights from Chapter 1

#1

Your attitude and actions toward your problem will determine its nature and severity. If you act like a victim, your problem may become one. If you act like a victor, you may find yourself in a better situation than you were in before. Always remember that attitude and perception are reality. -> The way you approach and deal with a problem is just as important as the problem itself.

#2

The way you approach and deal with a problem is just as important as the problem itself. If you act like a victim, your problem may become one. If you act like a victor, you may find yourself in a better situation than you were in before.

#3

If you're dealing with a problem, act like a victor and you'll be in a better position than you were before.

#4

The media regularly reports on financial professionals committing rip-offs. Because of this, people become wary of consulting or selling financial products, and this affects the industry’s reputation.

#5

If you want to sell someone something, make sure they need it.

#6

A fiduciary is a person or firm that acts legally or contractually in the best interest of another. Fair dealing is a legal obligation of agents to all parties involved, regardless of their duty to all.

#7

If you need active management of your money, separate advisors are needed.

#8

Firms and individuals who provide financial services are regularly reported on in the media for committing rip-offs. To assume that a firm is still bad just because of a few bad apples is inaccurate. You should evaluate a fine firm based on its merits.

#9

The government watches your emails, monitors your phone calls, and checks your ads. These are the so-called fiduciary regulations. They are needed to protect you from over-promising or misrepresenting, but they have sowed confusion and fear among honest professionals.

#10

If you can't afford an advisor, you can't afford to buy and hold stocks. The best stocks are the ones bought and held by institutions, not individuals. -> There are State Farm agents and other one-brand or limited-brand agents who are retiring because of lower commissions. They know they cannot shop the market for the best product. They can only offer very fine and competitive products, and lack a way to evaluate the best.

#11

Brokerages give their reps very little training in how to find and sell the best products. The solution is to shop around, find an advisor, or hire one if you can't afford one.

#12

Avoid one-brand agents, and find a firm or individual that provides financial services. The government monitors your emails, phone calls, and ads.

#13

Insurance agents are widely trusted professionals. They have always known who triggered their compensation, even if the check has the carrier’s logo on it: you, their client.

#14

To avoid one-brand agents, find a firm or individual that provides financial services. The government monitors your emails, phone calls, and ads. Insurers and stockbrokers sell insurance and stock products, but their reps have very limited training and analytical capabilities.

#15

One-brand insurance and stock brokers sell insurance and stock products, but their reps have very limited training and analytical capabilities.

#16

If you can't afford an advisor, you can't afford to buy and hold stocks. The best stocks are those bought and held by institutions, not individuals.

#17

IARs are not well trained, and their software is often outdated or nonfunctional.

#18

The Monte Carlo method is a way to statistically simulate the random changes that have occurred in each asset class, year by year. It does include random losses and gains, but these are at the frequency and magnitude that were actually recorded in decades of real history.

#19

If you can't afford an advisor, you can't afford to buy and hold stocks. The best stocks are those bought and held by institutions, not individuals.

#20

If you can't afford an advisor, you can't afford to buy and hold stocks. The best stocks are those bought and held by institutions, not individuals.

#21

The six functions of financial planning are: 1) evaluate your objectives and design a plan to meet all objectives; 2) optimize your plan; 3) build the team to accomplish these tasks; 4) involve the client in the process and their satisfaction with results; 5) seek compliance with their wishes and legal ramifications of not meeting them; and 6) resolve any conflicts that arise.

#22

Some advisors and brokers have impressive credentials. Do not assume that their main competence is financial planning.

#23

If you can't afford an advisor, you can't afford to buy and hold stocks.