Take Stock – December 7

Bernard Madoff’s investors aren’t the only ones suffering through the aftershocks of his epic fraud

Open

for

Business

HEMSTAD CA SOLUTIONS

G11, 5550 45th St.

Red Deer

403-314-9818

* Owner

Greg Hemstad

* Type of business

Business and corporate advisory services.

* Opening date

Dec. 1

SOLACE SPA & SALON

6500 67th St.

(Holiday Inn)

Red Deer

403-357-1100

* Manager

Tamera Heringer

* Type of business

Full-service day spa and salon, offering such services as pedicures, massages and facials.

* Opening date

Nov. 12

New business that have opened in Central Alberta within the past three months and wish to be listed here can send their information to Harley Richards by email (hrichards@bprda.wpengine.com) or fax (403-341-6560).

Financial

Planners

stained

Bernard Madoff’s investors aren’t the only ones suffering through the aftershocks of his epic fraud. A cloud of suspicion hangs over the financial planning industry, forcing even longtime veterans adjust their business practices and reassure skittish clients. “In the wake of that scandal, people don’t know whom to trust,” says Michael Garry, who runs his own wealth management firm in Newtown, Penn. For Roger Balser, managing partner of Balser Wealth Management in Avon, Ohio, the Madoff mess unleashed an avalanche of new paperwork demands. Soon after the scandal broke, Balser met with representatives from a firm that had referred customers to him in the past. The accountants – whom Balser had known for some time – grilled him for 90 minutes about how their clients’ assets were protected from him. “I explained that the only things I can do are execute trades and take management fees from their accounts after notifying the custodian in writing,” Balser says. “The CPAs were adamant that we cease this practice of having access to the client account to withdraw management fees.” Now Balser’s firm bills the clients every quarter and waits for a mailed check to pay the fees. It’s been a big hassle for the small company, sucking up extra administrative hours and expenses. “We serve a number of higher-end North Shore clientele and have felt the ripple effects of Bernie pooping in our sandbox,” says Benjamin Chafitz, a partner with The Signature Group of Companies in Garden City, N.Y. He’s seen clients affected by Madoff losses move out of homes, cancel insurance policies and change their lifestyle.

– Associated Press

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