4 Tips to Improve Your Personal Economic Recovery From the 2009 SIFMA Annual Meeting

Every year I look forward to participating in the prestigious Securities Industry and Financial Markets Association (SIFMA) Annual Meeting in New York City to hear directly from industry of the country's leading speakers on most issues much in our hearts and minds: the state of market and our economy. Attendance at these meetings allows me to bypass the media hype on behalf of my clients and get to the heart of what happened.


Last year I reported that high-level professionals behind the scenes to resolve the unfolding economic crisis. I advised my clients to keep their confidence for the future, while managing their finances according to their "rainy day" plans.


This year's event struck me very differently. As the day progressed, I felt that too many politicians and regulators had done it as a platform to be congratulated for all that they thought. I was in conflict, when I heard to avoid main speaker, clear answers to the cause of last year's meltdown. When they new rules, who asked not address problems described in the past year, I felt, if the supervisory lapses that occur in the environment was provided for the meltdown immortalized in danger.


Mary L. Shapiro, chairman of the Securities and Exchange Commission (SEC) has taken our breakfast speaker and detail how the SEC rules had changed and took further enforcement actions. However, most of the regulations and enforcement measures they were discussing the control of the interaction between retail investment advisors / brokers and their clients. I assumed that session with the knowledge that was to control the end-investor relationship is not the answer, the regulatory last year's meltdown is required. My question is, what has been done to prevent the proper supervisions with another meltdown implementation remained unanswered.


At the end of the day, was U.S. Treasury Secretary Timothy Geithner's one and a half hour interview with Charlie Rose vague and evasive, not to us with a clear direction or perspective. Although Geithner was bright and friendly, he has to avoid everything in his power to answer a single question with clarity. This is called Troubled Asset Relief Program (TARP) funds, he told us that he expects more financial institutions that they received money back. He said: "It is the organ off, but for the large banks in the country I think that money back-will be relatively quick." When Charlie Rose asked him: "How fast, three years?" Five years? " Geithner only reply "soon".


During the morning panel discussion, Ronald J. Kruszewski, Chairman and Chief Executive Officer of Stifel Nicolaus & Company, Inc., pointed out the real reasons for the economic collapse in the past year: unregulated derivatives, the reduction of lending standards made possible by Fannie Mae and Freddie Mac, the efforts of the Congress of the national home ownership by the banks, these people do not increase the credit-giving, to ignore regulatory authorities and industry in their oversight, as he too "clubby" with the people they regulate. He goes on to claim stop doing that legal and political priorities were outlined during the event, or anything to fix what has happened in the past year. When he said aloud: "The emperor has no clothes," the message of the day was clear to me .


It was from the other discussions I heard that the implicit policy to rely on individual investors that carefully regulate their own affairs and do not depend on the elected politicians and appointed regulators to watch, for it was clear.

Therefore, shifting the focus from the past year, here's the advice I will bring, to my customers in the coming months:


1. Furthermore, a well-funded "rainy day" plan into effect. What will not be caught by surprise again. Depending on politicians and regulators to take care of your financial future is a fallacy that can endanger your retirement. Be proactive about taking care of yourself and your family for the future.


2. Work with a qualified professional. Plan your financial future with a qualified professional financial adviser you can trust is more important than ever before. I'm not talking about the hunt for hot stocks and the search for yield. I'm talking about good decisions about how you are handling down-side risk in your investments, with specific protection of assets, reduce taxes and plan your real estate. The current financial media sweetheart is not the best choice for you with the advice you need.


3. Review and revise your financial plan regularly. Your plan must be reviewed and revised on a much more frequent. It must be flexible to adapt to market changes, regulations and taxes. Were in the past, a family, a financial plan, which would result in their financial decisions for the year, design, if not decades. Help Working with a qualified professional can use your plan to stay tuned to see how each of these areas affects the whole of your plans for the future. Get a planner and get a plan, then learn how to work this plan together.


4. Only excellence will succeed. Competition for business in the global economic environment will be highly competitive. Its impact on small businesses and secure jobs are being felt only the start. When average is not sufficient to ensure a strong financial future. You need to position your small business and pursue excellence and efficiency on all fronts. I'm still optimistic about the future of America. I am about what you and I can do to personal responsibility for our individual futures and how to have a positive impact on future years optimistically. Can assist in close cooperation with a qualified professional that you carry out your personal economic recovery forward with confidence.


Editor Tips


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