wickphillips-blog

[wickphillips-blog]

Don't Be Taken Advantage Of Financially In Networking Groups!

I am sick and tired of seeing people get taken advantage of in the financial services industry. After some particularly heinous things have happened within my network affecting people I care about, I've decided to write a bit that might serve as an educational guide for those getting financial advice. You can use these pointers below to know what drives the sales, what common tactics and tricks are used as well as some completely illegal scams that have been happening in great amounts through networks just like this.

What follows are some little-known industry secrets and sales tactics for you to be aware of.

How commissions work for life insurance and investments

Let's talk about why some people get into this field for the wrong reasons, and some of the ways people convince you to let them hold all your retirement assets who have no business being anywhere near them. It starts with one word: commissions.

These can be glitzy, glittery and enormous. Oftentimes they pay "trails" in which a small percentage is kicked back to the Advisor each year that you stay in that investment. Sometimes depending on the product, the company pays this to the Advisor, and it can be a normal way that the Advisor gets paid. Other times it is taken directly out of the initial investment to buy-in to an investment such as for A-shares of mutual funds and commissions on stocks or bonds. If this is the case, they should always be clearly disclosed.

There have been several times in which I was working with new clients and they had never been told by their previous Advisor how much they were paying for the investments they were in. Sometimes we found out some very bad news, and an imminent change was necessary. Sometimes they had industrial shares and the cost was so low I couldn't compete, and would recommend the client to stay in those investments, provided it fit their goals and risk tolerances. But having an

Advisor that can show you an array of options, and be able to clearly state what your costs are, is an important indication in choosing a person to work with. Any honest Advisor like Dallas legal advisors with the proper education and mind for numbers should be able to clearly show you WHY they are recommending a certain investment. And it should fit your goals, timeline, risk tolerance - AND be the best value with best performance after fees are taken into account.

[wickphillips-blog]

Why Should I Use a 'We Buy Houses' Type Firm?

There was a time when about the only way most people could sell their house or property was to list it with a realtor. With the advent of the internet in the 90's and powerful search engines online there has been a whole new world opened to those who want to buy and sell. The realtors and brokers still have a lock on the MLS and they are constantly pressuring congress to change real estate laws that favor them over an individual. However, times are changing.

What if a person has a piece of property that has little or no equity in it? What if that person finds themselves in a spot to not be able to afford the property? How would they be able to relieve themselves of this burden through a realtor? Well, they can't. There is no money to pay their 6%, or so commission. Let me give you another scenario: What if a person has property that there is equity in but they need to sell this property very quickly because of circumstances? Here still, a realtor is not set up to get a quick sale done on the property. They are just not "built" that way. It takes one to two weeks just to get the listing on MLS with pictures attached, much less get any interest generated on the property.

These and many other scenarios are real reasons to consider a we buy houses Dallas Ft Worth real estate investor for the property. Here are some of the many benefits: They act quickly, are well funded, and are set up with title companies that are able to close fast. They will buy the property "as is", with no contingencies. They are well versed with different program options such as take over your note if perhaps there is no equity in the property.

What reasons might a person have to want to sell this way? Avoid foreclosure, Probate, inherited property, burned out landlord, extensive repairs, divorce, relocation. As you can see, the reasons are many.

Here in the Dallas and Ft Worth areas the real estate economy has not fallen like most of the rest of the country. Although there has been a downturn all over, the extent in this area has been minimal. It's important to note, that in the counties that encompass the area, Dallas, Denton, Tarrant, Collin and Rockwall counties, the real estate market has endured.

If you find yourself in a situation such as one of those noted above, consider an interview with a local real estate investor. Keep in mind that the investor, because this is his business, will have to make a profit. But many times, the discount on the property will not outweigh the benefits from having being able to sell a property in days rather than have to pay for repairs, updates and realtors commissions and then waiting 90 plus days to sell the property. Many times, it's just not worth the headache.

Benefits from using a We Buy Houses in Dallas type investor are: No hassles, quick, fast cash closing. No 6% Realtor Commissions to pay. No waiting for a buyer to qualify with their bank. No Agents and their long term contracts. No long term Days on Market. No Repairs to deal with. No endless people "walking" your house at all hours of the day or night. And no "For Sale By Owner" headaches.

So, If you find yourself in a must sell type situation, consider a Dallas Law Firm in Dallas Ft Worth to help you with your real estate needs.

[wickphillips-blog]

The Advantages of a Minority Owned Business Certification

Companies with a minority owned business certification must be owned and controlled by minorities. The certifications that identify these kinds of businesses include MBE, DBE and SDB.

Obtaining these certifications is a fairly complex process. The owners must provide proof to the certifying governmental agency concerning the minority(s) involved.

Certifications are provided by city, regional, state or local governments. For businesses in Houston Texas (for example), the City of Houston provides certification once the owners have completed the necessary paperwork.

You can be confident that businesses displaying an SDB in Texas have been certified. In some states, only a majority of the stockholders must be minorities in order to receive the certification.

Dealing with this kind of company is good for the community and for minorities in general. The company may be owned by women, African Americans, Native Americans, Hispanic or other minorities.

These individuals are often at a disadvantage in the corporate world. For many years, it was difficult for them to get loans, investors or funding. There were barriers to growth, including lack of education and limited access to professional training. The minority owned business certification was created to help break down the barriers. In an analysis conducted by the Urban Institute, it was found that minority-owned businesses received only about half the dollars earned by similar-sized non-minority businesses.

The Institute concluded that part of the problem has to do with the location of the businesses. Communities still tend to be segregated. Sending contracts to businesses classified as minority not only helps the business in question but also the community in which they reside. Having successful businesses throughout a metropolitan area helps the entire community. For example, in Dallas, south and west Dallas have historically been lacking thriving businesses which create jobs for the community. The initiative to allocate dollars to Minority Owned Businesses has helped improve employment and has helped generate commercial construction in these historically under represented communities. The outcome is a win-win for all of the metroplex of Dallas Business Law Firm.

If you own one of the many small businesses and you qualify, there are several benefits to obtaining the SDB-certification. In some cases, portions of government contracts must be awarded to minority-owned businesses.

Many large corporations have set goals concerning the number of contracts or the dollar amounts that will be awarded to MBEs. The corporations rightly so consider this an important investment in the community

Process servers that have a minority owned business certification may increase their customer base. For example, it is advantageous for large law firms who have fortune 500 companies as clients, to utilize private process service companies that are classified as minority vendors because it helps the law firm's respective clients meet their MBE goals. Once again all parties win.

At the very least, obtaining an MBE or SDB could help open some doors. Your odds are better, so to speak. Some organizations are required to choose an MBE, if one is available, because of affirmative action statutes.

The bottom line; it's good for consumers to choose an MBE and it is good for owners to apply for and obtain the minority owned business certification.