May 25, 2012
by Rob Greenstein
With 3 young kids, I need a solid college savings plan in place.
Ann L. Herrero, CFP®
Edward Jones Financial Advisor
26 S Greeley Avenue
Chappaqua, NY 10514
How long have you been associated with Edward Jones, and what is your background?
We opened the Edward Jones office last summer. I have worked in financial services for over 25 years. I used to be a bond trader in NYC and I was a private banker in Greenwich, CT.
Deciphering the alphabet soup of credentials that follow a financial adviser’s name is no easy task, what certifications do you have and what do they mean?
The major designation I have is the CFP®, Certified Financial Planner Professional, that I earned in 2005. I also have an MBA in finance and portfolio management from Pace University.
Do you provide comprehensive financial planning, or do you have a specific focus?
It really depends on the needs of the client. The core of my practice is portfolio management—individual stocks, bonds and some ETF’s and mutual funds. Each portfolio is designed to meet a client’s retirement, education, or other goal and I include life and long term care insurance for estate planning.
What type of financial services do you provide for college-bound kids?
College planning is a very important part of a family’s overall financial plan. Each family needs to consider their specific situation and what works best for them to save for the soaring costs of a college education. 529 Plans are a great option but there are other strategies as well. We have an abundance of great resources available for college planning. I have a 14-year-old daughter, so I’ve done a ton of research on this subject.
I noticed you have a focus on woman’s finances, what does that mean?
Many of my clients are women whether they are single or managing the family finances. Women are very savvy investors. We also tend to live longer than men so planning is a little different.
Do you receive commissions for the products you sell, or do you get fees from clients?
We have both types of accounts—fee based and commission based. I have the flexibility to find the most cost effective strategy for each client. If you are a buy and hold investor, I see no reason to charge a fee for holding a stock you already own.
Do you work with a specific mutual fund family?
Edward Jones has no proprietary investments. We deal with many major mutual fund families.
What’s the single best piece of advice you can provide for developing a strategy to help someone achieve their long-term financial goals?
Measure your progress. Markets go up and down. Life happens. Goals change. At least once a year you should do a complete review of the performance of your investment portfolio and adjust your strategy to be sure you are making progress toward your long term financial goals.
Do you set up 501(c)(6) organizations for a group such as a Chamber of Commerce (hint, hint)?
I have many clients who are organizations and small businesses. Our accounts have checking privileges and most accounts have no annual account fee or minimum balance required. I am happy to help with the Chamber. I could offer to set up an operating account for it and waive the fees. I am on the Board of several organizations so I know how it goes. It’s a great idea and I would love to be involved.
Any recommendations to make Chappaqua more business-friendly?
Being a pedestrian in downtown Chappaqua is a challenge. I would love to see a more friendly traffic pattern.
Any special promotions for NewCastleNOW readers who mention this article?
I can offer a discount on commissions for the first trade made in a new account if you mention NewCastleNOW.
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