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There are three ways a financial planner can be compensated.

1. Commissions: The financial planner makes a commission off the buying and selling of your investment portfolio.

2. Fee-Based: The financial planner charges a fee for bringing your assets under management. The fee is usually charged quarterly.
For example: You have $100,000 that can be brought under management. The financial planner might propose charging you a 1% fee payable quarterly. This would total a $1,000 for the year at $250 per quarter.
The 1% is charged whether your portfolio gains or loses.
The financial planner is motivated to grow the portfolio presumably because he grows his fee simultaneously.

3. Fee-Only: The financial planner charges either hourly or through a retainer for their time and advice.
A fee-only financial planner operates similarly to an attorney or accountant.

Look for my next blog: Top 5 reasons why you should choose a Fee-Only Financial Planner.

Is it time for the citizens of Cuyahoga County to launch an anti-corruption initiative?

The idea came to mind as I read reports on the latest ranking of corruption in Asia by Political and Economic Risk Consultancy Group (PERC). (The other major survey is compiled by Transparency International and was released last December.)

You can read more about the PERC survey here.

We are seeing more efforts at bringing accountability to government. See, for example, the Transparency and Accountability Network.

In Indonesia, a corruption eradication commission (the KPK) is credited with improving the scores in that country. (The success of the commission in Indonesia led Malaysia to launch an anti-corruption commission in January. Anti-corruption commissions also operate in other countries like Kenya.)

The PERC survey of measuring corruption relies on interviews with foreign business executives. The PERC polled more than 1,700 expatriate business executives.

Is it time for an Anti-Corruption Commission in Cuyahoga County?

A Citizen’s Commission would have to overcome at least three forces that operate in Cuyahoga County: apathy, fear and malevolence.

Update: 4/10/09:
It’s pretty clear this idea is going nowhere. My experience teaches me that you can get about 80% of your response in the first couple of days after a post. We clearly do not have enough interest to push this idea forward.

On the positive side, though, I have worked out a simple protocol for evaluating the critical mass needed in a network for launching an initiative. This will be extremely useful in my future work. Sometimes, failed ideas provide the best opportunity to advance your thinking!

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Please see and comment on Playfulness in Cities

Over at Map the Mess, readers are adding their voice to illuminate Cuyahoga County contracting practices.

A MtM reader points to Broma Information Technology, Inc. Broma is mentioned in the PD article here. Broma pitches itself as a minority contractor.
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It’s a good catch. You have to wonder about a company that has a web site without any individual’s name listed and a “newsletter” that is a year old: Latest issue is April Fool’s Day, 2008.

You can view some of Broma’s County contracts over at Map the Mess here. Broma has contracted with the Engineer’s office, the Juvenile Court and the Recorders Office.

Here are the Articles of Organization for Broma Technology Ltd. filed with the Secretary of State and an address change filing from 2002. (Based on Broma’s articles of organization, founders include Anthony and Alan Ma. “Broma” appears to be derived from “Brothers Ma.” Get it?)

Note: A sole source contract implies that there is only one person or company that can provide the contractual services needed and that any attempt to obtain bids would only result in one person or company being available to meet the need. More here.

You can add your thoughts at the bottom of the Map the Mess home page.

Rock and Roll Hall of Fame 2009 Induction
On the Red Carpet in Cleveland, Ohio 4.04.09

Cool Cleveland’s Thomas Mulready and CC Kids correspondent Max perched on the Red Carpet at the 2009 Rock and Roll Hall of Fame Induction ceremonies in Cleveland, Ohio on April 4, 2009, and said, “Hi!” to a lot of cool folks: 2009 inductees rockabilly queen Wanda Jackson, Elvis Presley’s drummer D.J. Fontana, guitar god Jeff Beck, Hip-Hop pioneers Run-D.M.C., and the members of Metallica, each arriving in their own limo.

Special guests were on hand to support their honored idols: Jimmy Page of Led Zeppelin inducted Jeff Beck, and drummer Max Weinberg of the E Street Band & the Conan O’Brien Show ceremoniously inducted Elvis’ bass player Bill Black and drummer D.J. Fontana.

They were joined by musical legends such as Ronnie Wood of The Rolling Stones, Flea of Red Hot Chili Peppers, Joe Perry of Aerosmith, members of Anthrax and Paul Shaffer’s band, and Def Jam Records founder Russell Simmons, brother of Run-D.M.C.’s Joseph DJ Reverend “Run” Simmons, plus various officials and celebrities.

Watch the video and start getting psyched up for the 2012 Induction Ceremonies, to be held once again in Cleveland, the Rock and Roll Capital of the World!

Cool Cleveland video interview with 2009 inductee Wanda Jackson
Cool Cleveland video interview with 2009 inductee Daryl “D.M.C.” McDaniels
To view Induction 2009 photos & subscribe to the free weekly e-blast: http://www.CoolCleveland.com

If you don’t know what has been going around town, you must be in hibernation. Last week we had the record-breaking crowds of the International Film Festival, and last night we had the inductees for the Rock and Roll Hall of Fame and Museum. This has been a fantastic time to be in Cleveland. I love being in the thick of things.

There has been a whole week of festivities including a free concert at the Wolstein Center on Thursday followed by a free admittance to the museum as well. I happen to be one of the hundreds of people standing in a continuous line waiting my turn to enter the Rock Hall. The line was long, but it moved quickly. I actually love going to the museum to see the fabulous costumes worn by Madonna, Michael Jackson or Elvis Presley. Despite what critics say about the architecture, I think it is beautiful because of the glass. In fact, one can see the majestic scenery-Lake Erie even in cold or blizzard conditions. Besides, it has a defined odd shape that once someone sees it; this has to be the Cleveland skyline-our unique brand for the entire world to see.

My other favorite parts of the museum’s exhibits are the hand written songs with the crossed out sentences and notations. One can easily see the creative process in the making. Who doesn’t want to see that? My understanding is that 90% of the people who go to the Rock Hall are from out of town. Great for our economy but strange how many people in the city do not partake in what our city as to offer.

The other thing that I did yesterday, and I hate to admit this, was stand in the freezing cold outside Public Hall to see the arrival of the Inductees. Everyone was screaming some of the artists’ names, “Jeff Beck,” and “Metallica.” I felt strange standing there like a crazy, start stuck groupie, but it was enjoyable. All the fans got into it. The young and old with cameras and cell phones hoping to see someone “big.” It was great to see a “red carpet” in Cleveland, Ohio. It was worth it just for that. In fact, a woman and her daughter without ticket, a trekked into town from Columbus to partake in this nostalgic event. This even should always be in Cleveland, the woman exclaimed. I can’t agree more.

The next time this event is in Cleveland, I will try to remember to get my ticket a head of time. Hold the red carpet.

From CEOs for Cities:

We know that educational attainment is the biggest predictor of success for cities and metro areas today. The research is unassailable….

However, few urban leaders are focused on the relationship between education and the economy. In fact, producing more college-educated citizens is rarely found in any city’s economic development plan.

CEOs for Cities’ Talent Dividend Tour

The Tour is coming the Cleveland…it will be interesting to see if our leaders can tear themselves away from The Med Con pie fight long enough to attend.

Tip of the hat to Richard Herman who sent this link along to me.

Valdis Krebs publishes a new Operation Airball map. We are being careful to use only published sources in drawing these maps. Some of the readers over at Map the Mess add their thoughts.