If you’re a financial advisor, you’ve no doubt read a compliance manual or three in your time. These documents are typically rule-driven, which means they can be long and dense to work with. The good news: You can also lower your errors-and-omissions insurance risk by adopting ethical values and business practices. This article (Part 1) provides 20 quick pointers for doing just that. Watch for Parts 2 and 3 in our E&O HQ in the coming weeks.
Service contracts or “extended warranties” can add hundreds to your purchase price and are rarely worth the cost. Some duplicate warranty coverage you get automatically from a manufacturer or dealer. Ask these questions before you agree to one of these contracts.
Before you buy a used vehicle or other secondhand product, check to be sure it hasn't been recalled for safety reasons. Some recalls ban the sale of an item, while others ask consumers to return the item for replacement or repair. Sometimes, a seller provides a part that reduces the danger of using the product.
Shopping around for a home loan or mortgage will help you to get the best financing deal. A mortgage--whether it’s a home purchase, a refinancing, or a home equity loan--is a product, just like a car, so the price and terms may be negotiable. You’ll want to compare all the costs involved in obtaining a mortgage. Shopping, comparing, and negotiating may save you thousands of dollars.
Did you ever need to buy something fast? No problem. Just Google it or look it up on Amazon.com. Scan for the best price. Then enter your credit card number and click “buy.” Done deal. No fuss, no muss! This approach works fine . . . until you pick a firm that turns out to be incompetent or criminal. So protect yourself. Do your “due diligence” before you buy. A little sleuthing up front can prevent big problems later.