TOP_August2010_FINAL_TOP 8/10/10 2:32 PM Page 27
Financial Planning
Investment Advisor or Financial Planner for Your Investments: Who Is Right for You? By Eileen Koutnik-Fotopoulos
T
he current economic recession may have you pondering whether you have enough money saved for retirement. If you are just starting out in your profession, you may wonder if you should postpone planning for your retirement until the economy bounces back. It is never too early to plan for the future, even if you can only put a small amount into your retirement plan at this juncture. When it comes to starting or continuing to invest in your retirement plan, you may want to consider the expertise of an investment advisor (often referred to as a broker) or financial planner. This may be a hard decision because there are so many of them. Let’s take a look at the difference between these professionals. Investment advisors are required to have licenses with the Financial Industry Regulatory Authority and register with the Securities and Exchange Commission. This distinction allows them to charge for advice or access to advice. Keep in mind that often these advisors work as an employee for large financial services or brokerage companies.
Financial planners usually help individuals with a range of money matters. When it comes to investments in the United States, you should look for a financial planner who has a Certified Financial Planner (CFP) certification. These professionals have passed an exam administered by the Certified Financial Planner Board of Standards that focuses on more than 100 topics of concern to the financial planning field. The CFP certification demonstrates a proven expertise within the financial planning profession. How do you go about finding the right financial professional? You will need to start by reviewing your personal financial situation, including income, debts, insurance, and cash reserve. This checklist should help you determine if an investment advisor or financial planner is better suited to meet your investment needs. • Determine what you want to accomplish. If your goal is long term, you want an individual with a strong background in financial plan-
ning. If you want to make a little money quickly, you want an individual with experience trading stocks. • Ask family, friends, and colleagues for referrals. For example, if a specific type of professional has been successful managing their finances. • Ask for professional recommendations from a certified accountant or lawyer. Professional associations such as the Financial Planning Association (www.fpanet.org) and National Association of Personal Financial Advisors (www.napfa.org) may offer guidance. • Prepare a list of questions and interview potential investment advisors and financial planners. Ask beforehand if there is a charge for this meeting. • Find out the fee structure. Some investment advisors charge a straight commission for every transaction. Other investment advisors may charge a fee based on the amount of money they are managing. A financial planner may charge an hourly rate.
Selecting a financial advisor or financial planner is a personal decision. Make sure you feel comfortable with the financial professional you have chosen to manage your investments. ●
Guidelines on Adjuvant Endocrine Therapy from the American Society of Clinical Oncology (ASCO). Optimal duration of use and specific incorporation strategies remain unresolved. The analyzed data suggest that including an AI as primary
monotherapy or as sequential treatment after 2 to 3 years of tamoxifen yields similar outcomes. Side effect profiles and patient preferences should be considered in deciding duration and timing of an AI (ASCO. July 12, 2010). ●
©iStockphoto.com/Jacob Wackerhausen
News Notes Thirdhand Smoke Identified as Health Hazard Residual nicotine from tobacco smoke sorbed to indoor surfaces was found to react with ambient nitrous acid to form carcinogenic tobacco-specific nitrosamines (TSNAs). This recently identified chemical reaction poses an unappreciated health hazard. This tobacco residue, termed “thirdhand smoke,” can enter the human body through dermal exposure, dust inhalation, and ingestion. Performing both laboratory and field testing, researchers developed a process to measure the presence of TSNAs on common indoor surfaces, including hair, skin, and cotton and in homes and on furniture. In laboratory testing using cellulose as a model indoor material, they found a >10-fold increase of surface bound TSNAs when sorbed secondhand smoke was exposed to 60 ppbv ambient nitrous acid for 3 hours (Sleiman M, et al. Proc Natl Acad Sci U S A. 2010;107:6576-6581).
Statin Use May Slow Prostate Cancer Progression after Radical Prostatectomy In men undergoing radical prostatectomy (RP), statin use was found to
www.TheOncologyPharmacist.com
be associated with a dose-dependent reduction in the risk of biochemical recurrence. Researchers evaluated the records of 1319 treated with RP, of whom 236 were taking statins at time of surgery. They found that statin use was associated with a 30% lower risk of prostate-specific antigen biochemical recurrence (HR, 0.70; 95% CI, 0.50-0.97; P = .03). The benefit of statin use was dose dependent relative to no statin use (dose equivalent <20 mg of simvastatin: HR, 1.08; 95% CI, 0.66-1.73; P = .78; dose equivalent = 20 mg simvastatin: HR, 0.57; 95% CI, 0.32-1.00; P = .05; dose equivalent >20 mg simvastatin: HR, 0.50; 95% CI, 0.27-0.93; P = .03). These finding will need to be confirmed (Hamilton RJ, et al. Cancer. 2010;116:3389-3398).
ASCO Guideline Update: AI Therapy for HR-positive Breast Cancer Postmenopausal women with hormone receptor (HR)-positive breast cancer should consider an aromatase inhibitor (AI) at some point during adjuvant treatment, according to the recently updated Clinical Practice
PHARMACY EDUCATION AND TRAINING
Time Out for Teaching... Continued from page 24 our practice model as our preceptors who have been here for 20 years. How does that happen in 3 months? Most likely, it is not from their personal experience. My guess is that it is from picking up on the office conversations that are commonplace in every institution. It is good to expose our learners to the reality of our professions, but we need to put on our professional filters so that healthy, constructive information reaches our learners and they are not prematurely jaded before they are able to develop their own opinions. Conclusion This short article can barely brush the surface of what it takes to become a great preceptor. We will continue to
pass our knowledge to learners we work with, but it is my hope that after reading this article that we will rethink how we are passing on this knowledge. Clear baseline expectations are the foundation of a learning experience. Consistent constructive feedback is necessary to ensure our learners are on the path to success. Finally, preceptors who demonstrate a high level of professionalism and embody the characteristics of a role model will provide learners with a road map for what it means to be a great pharmacist and mentor for tomorrow’s future practitioners. ● Reference 1. Ende J. Feedback in clinical medical education. JAMA. 1983;250:777-781.
AugusT 2010 I VOL 3, NO 5
27