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How To: Interview a Financial Planner

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Hiring a financial planner can make a significant difference in a person’s life by improving their financial situation, as well as reducing the stress associated with reaching long term financial goals such as retirement. That said, hiring a great financial planner can feel like looking for a needle in a haystack. There are thousands of financial planners to choose from, and it’s difficult to identify which ones have both the aligned incentives and the competence to earn the trust of a client. That’s why it’s important to interview more than one financial planner, rather than hire the first one that has the right credentials. A proper interview allows the client to understand the services an advisor offers, their philosophy and prices. Zoe Financial makes the process easier by identifying the top 10 questions to ask a financial planner.

The Top 10 Questions to Ask A Financial Planner

1.  What is your firm’s philosophy?

When it comes to their firm’s philosophy, the financial planner should have a very clear answer as to where they add value. Although there are many ways that they can answer, clients should be cautious of planners that highlight their portfolio performance, or emphasize financial products they would recommend without first understanding your specific situation. Do they focus solely on investments or provide comprehensive planning? Their answer can provide clues on if the services they offer are right for you.

2.  How do you get compensated?

Those looking for financial help should feel confident they understand how their financial planner gets paid. They should be certain that there aren’t alternative motives behind their services and recommended investment vehicles. For example, if they work off commission, they will likely try to sell products that yield them the highest commission rather than the one that is more applicable to your situation. For instance, if they work for an insurance company, they may try to persuade their clients to buy insurance products rather than invest in low-cost investment vehicles. All things considered, clients should be very clear about how the financial planner is compensated for their services.

3.  What services are included in the fee offered?

Financial planning fees vary widely depending on the service provided and the level of customization. As a result, it is critical to ask specific questions about which services are included in the fee paid. For instance, do they provide tax planning and estate planning as part of the service? Will there be additional fees if the consumer changes their financial plan? How often will you meet to discuss the progress of my financial plan?

4.  Are you associated with any broker-dealer?

This goes hand-in-hand with incentives. If an advisor is associated with a broker dealer, they are likely to have incentives to sell financial products. This is an indication that they will most likely not be working in the client’s best interest 100% of the time.

5.  What financial planning services do you offer?

It is very important that clients find financial planners who have expertise in the areas that they need. For example, some financial planners have spent years helping clientsmanage their investment portfolio as they approach retirement, while others might be really strong inestate planning. Not all clients are the same, just as not all financial planners have the same experience. The key lies in finding a planner that is well-equipped to help the client reach their specific goals.

Zoe Financial offers examples of some other financial planning services questions to ask a financial planner:

●     “Do you offer investment advice for retirement accounts such as 401(k)s and IRAs?

●     Do you offer estate or college planning services?

●     How will you help me manage an inheritance or my business?”

6.  What is your approach to investment planning?

When it comes toinvestment planning, a great financial planner will want to understand their client’s complete financial situation before making any recommendations. The planner should understand their short-term and long-term goals as well as their risk tolerance and risk capacity. Anyone looking for a financial planner should be cautious of planners that immediately start talking about their stock market performance. Andres Garcia-Amaya, founder of Zoe Financial, states, “We are big believers that the value-added of a great financial planner is not to ‘beat the market’, but to rather be your household Chief Financial Officer (CFO).”

7.  What is your tax planning strategy?

Taxes play a big role in everyday life, as well as financial plans. A great financial planner will be able to assist in optimizing their client’s taxes. A successful tax planning strategy analyzes income, assets, and liabilities to determine where their taxes can be optimized in the short and long term.

For example, if a person hires a financial planner to help them with creating a holistic retirement plan, they should consider which account offers the best tax benefits. For some, traditional IRAs may be the best choice, while others could benefit from Roth IRAs.

8.  Why do you think I’m an ideal client?

This question should be asked towards the end of the interview. An advisor’s response will show whether or not they truly understand the client’s financial plan and goals. If they do, they should be able to identify how they are planning on helping them reach their financial goals.

9.  Can you tell me about a time you helped a similar client make progress?

This question is related to the type of services that the advisor offers. If they truly have experience, they should be able to give different examples. If they hesitate or give vague answers, it could be an indicator that they don’t have experience with similar clients.

Zoe Financial knows how important it is that consumers are matched with financial planners that can help them with their specific goals or pain points. Their award-winning algorithm connects clients with planners based on their unique financial situation. This ensures that the financial planner has the relevant experience, skills, and processes that are best suited for each client.

10.  How often will we review our plan?

Everyone has different preferences as to how often they want to review their financial plan. Some people only want to look at it once a year. Other people prefer to look at it every few months. It’s important to be clear about how in-the-loop they want to be. In addition, if the advisor doesn’t seem to like the idea of meeting quarterly or semi-annually it likely will be an indication that you will not receive a “high touch” service.

The Easiest Way to Interview a Financial Planner

Finding a top financial advisor shouldn’t be a headache. By diligently vetting each financial planner that applies to the Zoe Financial network and having a matching algorithm in place, Zoe makes the process of interviewing a financial planner a breeze. Zoe strongly recommends that consumers interview at least two financial advisors before signing a contract. This allows them to feel confident in their skills and determine if they’re a right match. 

About Zoe Financial

Zoe Financial’s award-winning algorithm enables individuals to discover and connect with highly vetted, top fiduciary advisors in their area. All financial advisors in the Zoe Network are vetted and verified fiduciaries, along with having top credentials, education, and experience. Zoe’s service provides support from start to finish during an individual’s financial advisor search. All consultation calls and interviews with Zoe’s network of advisors are completely free and are offered via video chat or traditional phone call depending on an individual’s preference.

Press Contact:
press@zoefin.com

Source: Zoe Financial

Source: https://www.newswire.com/news/how-to-interview-a-financial-planner-21195388

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Press Releases

Hurricane Epsilon Marks 10th Hurricane of the 2020 Hurricane Season

BOSTON, Oct. 22, 2020 /PRNewswire/ — ClimaCell, the world’s leading All-in-One Weather Intelligence Platform™, tweeted that Tropical Storm Epsilon has now been upgraded to a Category 3 Hurricane, with maximum sustained winds at 115 mph, marking the 10th hurricane of a jam-packed 2020…

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BOSTON, Oct. 22, 2020 /PRNewswire/ — ClimaCell, the world’s leading All-in-One Weather Intelligence Platform™, tweeted that Tropical Storm Epsilon has now been upgraded to a Category 3 Hurricane, with maximum sustained winds at 115 mph, marking the 10th hurricane of a jam-packed 2020 season, and the 26th named storm overall.

Residents of Bermuda have been placed on tropical storm watch in the meantime, and the surrounding areas are on a lower warning.

Epsilon’s Unpredictable Path

Epsilon has been given hurricane forecasters quite some difficulty in working out both its future path and its likely intensity. Epsilon is forecast to move west-northwest for the rest of the week, before eventually turning on itself towards the east.

It’s not forecast to make landfall around the United States. However, it is expected to continue moving towards warmer sea temperatures, although these waters’ surface heat is also expected to drop within the next 48-36 hours, likely weakening Epsilon as they do.

The 2020 Atlantic Hurricane Season

2020 has seen an overall increase in both predicted and actual storm systems and hurricanes.

A pre-season forecast initially predicted around 15 named storms, including seven hurricanes and four major hurricanes.

As of today, towards the end of the season, there have been 26 named storms, 10 hurricanes, and five major hurricanes.

Hurricane Epsilon’s appearance has broken the record of being the earliest named 26th storm system of any Atlantic hurricane season, beating the previous record of 2005’s also-named Hurricane Epsilon.

Coincidentally, the most active hurricane season on record was also in 2005, where 28 tropical cyclones formed, 15 of which evolved into hurricanes, including the infamous, highly destructive Hurricane Katrina.

ClimaCell will be keeping you up to date with everything you need to know about Hurricane Epsilon, in real-time, so keep up to date by checking back here.

Idan BO

Phone: +972-330-30-858

Email: [email protected]

SOURCE ClimaCell

Source: https://www.prnewswire.com:443/news-releases/hurricane-epsilon-marks-10th-hurricane-of-the-2020-hurricane-season-301158351.html

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TransAlta Renewables Executes 15-year Contract Extension in Western Australia with BHP Nickel West

CALGARY, AB, Oct. 22, 2020 /PRNewswire/ – TransAlta Renewables Inc. (“TransAlta Renewables” or the “Company”) (TSX: RNW) announced today that Southern Cross Energy (“SCE”) has amended and extended its current power purchase agreement (“PPA”) with BHP Billiton Nickel West Pty Ltd (“BHP”)…

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CALGARY, AB, Oct. 22, 2020 /PRNewswire/ – TransAlta Renewables Inc. (“TransAlta Renewables” or the “Company”) (TSX: RNW) announced today that Southern Cross Energy (“SCE”) has amended and extended its current power purchase agreement (“PPA”) with BHP Billiton Nickel West Pty Ltd (“BHP”) in respect of SCE’s 245 MW of generation facilities in the Goldfields region of Western Australia. The amendment to the PPA replaces the previous contract that was scheduled to expire December 31, 2023. The Company owns an indirect economic interest in SCE.  

“This is an exciting announcement for our Australian business and continues a strong relationship with our customer BHP Nickel West,” said John Kousinioris, President and Chief Executive Officer of TransAlta Renewables. “Western Australia is an important market for us, where we have been operating for over 24 years.”

The PPA amendment extends the term to December 31, 2038 and provides SCE with the exclusive right to supply electrical energy to BHP’s mining operations located in the Goldfields region of Western Australia. The amendment preserves SCE’s current economic benefit to 2023, while also providing SCE a return of and on new capital investments which will be required to support BHP’s future power requirements and recently announced emission reduction targets. The PPA provides BHP with the ability to integrate renewable electricity generation, including solar and wind, with energy storage technologies, to meet its emissions reduction targets and deliver lower carbon, sustainable nickel to its customers. The amended PPA also provides BHP participation rights in new capital investments, subject to the satisfaction of certain conditions.    

The evaluation of renewable energy supply and carbon emissions reduction initiatives under the extended PPA with SCE are already under way, including an 18.5 MW solar photovoltaic farm at Nickel West’s Leinster and Mount Keith operations, supported by a battery energy storage system. A 17 MW waste heat steam turbine system at the Kalgoorlie Smelter is also being evaluated to provide low-emissions electricity from furnace heat recovery. 

About TransAlta Renewables Inc.

TransAlta Renewables is among the largest of any publicly traded renewable independent power producers (“IPP”) in Canada. Our asset platform and economic interests are diversified in terms of geography, generation and counterparties and consist of interests in 23 wind facilities, 13 hydroelectric facilities, seven natural gas generation facilities, one solar facility, one natural gas pipeline, and one battery storage project, representing an ownership interest of 2,537 megawatts of owned generating capacity, located in the provinces of British Columbia, Alberta, Ontario, Québec, New Brunswick, the States of Wyoming, Massachusetts, Minnesota and the State of Western Australia. Our objectives are to (i) provide stable, consistent returns for investors through the ownership of, and investment in, highly contracted renewable and natural gas power generation and other infrastructure assets that provide stable cash flow primarily through long-term contracts with strong counterparties; (ii) pursue and capitalize on strategic growth opportunities in the renewable and natural gas power generation and other infrastructure sectors; (iii) maintain diversity in terms of geography, generation and counterparties; and (iv) pay out 80 to 85 per cent of cash available for distribution to the shareholders of the Company on an annual basis.

Cautionary Statement Regarding Forward Looking Information

This news release contains forward looking statements within the meaning of applicable securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “may”, “will”, “project”, “should”, “propose”, “plans”, “intends” and similar expressions are intended to identify forward looking information or statements. More particularly, and without limitation, this news release contains forward looking statements and information relating execution of the and the potential benefits of the contract renewal; the integration of renewable electricity generation, including the 18.5 MW solar photovoltaic farm at Nickel West’s Leinster and Mount Keith operations, and a 17 MW waste heat steam turbine system at the Kalgoorlie Smelter. These forward looking statements are based on a number of assumptions considered by the Company to be reasonable as of the date of this news release, including, but not limited to, the following: no significant changes to applicable laws and regulations, including any tax and regulatory changes; no significant changes to our relationship with BHP; and assumptions regarding our current strategy and priorities, including as it pertains to behind-the-fence investment in Western Australia. The forward looking statements are subject to a number of risks and uncertainties that may cause actual performance, events or results to differ materially from those contemplated by the forward looking statements, which include: disruptions to natural gas fuel source, changes in economic and market conditions; changes in tax, environmental, regulatory and other laws and regulations; and other risks and uncertainties discussed in the Company’s materials filed with the Canadian securities regulatory authorities from time to time and as also set forth in the Company’s Annual Information Form and Management’s Discussion and Analysis for the year ended December 31, 2019, filed under the Company’s profile with the Canadian securities regulators on www.sedar.com. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this news release. The Company undertakes no obligation to update or revise any forward looking information except as required by law.

Note: Unless otherwise noted, all financial figures are in Canadian dollars.

SOURCE TransAlta Renewables Inc

Related Links

http://www.transaltarenewables.ca

Source: https://www.prnewswire.com:443/news-releases/transalta-renewables-executes-15-year-contract-extension-in-western-australia-with-bhp-nickel-west-301158466.html

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Hurricane Epsilon Marks 10th Hurricane of the 2020 Hurricane Season

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Press Release updated: Oct 22, 2020 20:00 EDT


ClimaCell, the world’s leading All-in-One Weather Intelligence Platform™, tweeted that Tropical Storm Epsilon has now been upgraded to a Category 3 Hurricane, with maximum sustained winds at 115 mph, marking the 10th hurricane of a jam-packed 2020 season, and the 26th named storm overall.

Residents of Bermuda have been placed on tropical storm watch in the meantime, and the surrounding areas are on a lower warning.

Epsilon’s Unpredictable Path

Epsilon has been given hurricane forecasters quite some difficulty in working out both its future path and its likely intensity. Epsilon is forecast to move west-northwest for the rest of the week, before eventually turning on itself towards the east.

It’s not forecast to make landfall around the United States. However, it is expected to continue moving towards warmer sea temperatures, although these waters’ surface heat is also expected to drop within the next 48-36 hours, likely weakening Epsilon as they do.

The 2020 Atlantic Hurricane Season

2020 has seen an overall increase in both predicted and actual storm systems and hurricanes.

A pre-season forecast initially predicted around 15 named storms, including seven hurricanes and four major hurricanes.

As of today, towards the end of the season, there have been 26 named storms, 10 hurricanes, and five major hurricanes.

Hurricane Epsilon’s appearance has broken the record of being the earliest named 26th storm system of any Atlantic hurricane season, beating the previous record of 2005’s also-named Hurricane Epsilon.

Coincidentally, the most active hurricane season on record was also in 2005, where 28 tropical cyclones formed, 15 of which evolved into hurricanes, including the infamous, highly destructive Hurricane Katrina.

ClimaCell will be keeping you up to date with everything you need to know about Hurricane Epsilon, in real-time, so keep up to date by checking back here.

Idan BO

Phone: +972-330-30-858

Email: idan@regomarketing.com

Source: ClimaCell

Source: https://www.newswire.com/news/hurricane-epsilon-marks-10th-hurricane-of-the-2020-hurricane-season-21240508

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