Page 2 January 22, 2015 Understanding the Types of Financial Advisors and Under What Rules They Operate Police Reports Mon 1/5/15 to Sun 1/11/15 ROBBERY 14100 S CERISE AV PUBLIC PARK, PLAYGROUND Mon 01/05/15 17:00 Property Taken: Blue Tooth Headphones ROBBERY 3100 W ROSECRANS AV OTHER Tue 01/06/15 02:15 Property Taken: Us Coins, Cup Of Hot Chocolate ROBBERY 4100 W EL SEGUNDO BL Wed 01/07 12:48 ROBBERY W 139TH ST/S KORNBLUM AV STREET, HIGHWAY, ALLEY Wed 01/07/15 16:02 Property Taken: (1)Gold Colored Iphone 6/ With Clear/Blk Case ROBBERY 4100 W 132ND ST STREET, HIGHWAY, ALLEY Thu 01/08/15 16:48 Property Taken: Blk/Gry Colored SAMSUNG S5 Active ATTEMPT ROBBERY W EL SEGUNDO BL/S PRAIRIE AV STREET, HIGHWAY, ALLEY Thu 01/08/15 19:40 ROBBERY 14600 S OCEAN GATE AV DEPARTMENT STORE Sat 01/10/15 17:50 ROBBERY 11800 S GREVILLEA AV STREET, HIGHWAY, ALLEY Sun 01/11/15 15:38 BURGLARY 14700 S BODGER AV Mon 01/05 08:59 Property Taken: Sony Cd Player, Air Compressor BURGLARY – RESIDENTIAL 14400 S CORDARY AV HOUSE Mon 01/05/15 21:27 Property Taken: $10,000 In Us Currency From Master Bedroom, Beretta 9mm 92fs Handgun, 25 Miscellaneous Watches Worth Approximately $7k, 3 Miscellaneous Gold Rings, White Gold Wedding Band W/I Heart Lupita Engraved, Black Casio G Shock From Son’s Bedroom, House Keys BURGLARY – RESIDENTIAL 5300 W 138TH PL HOUSE Tue 01/06/15 09:43 Property Taken: 13 Inch Silver Apple Macbook Pro BURGLARY – RESIDENTIAL 4300 W 141ST ST APARTMENT/CONDO Tue 01/06/15 15:30 BURGLARY 4500 W 118TH ST Forecast Realty Knows Property in the South Bay By Laura Sorensen Real estate in the South Bay can be tricky to navigate. Those looking to buy want the perfect home in a great community, a house which meets their price point as well as has the right type of amenities nearby. Each community has its own feel and budgetary concerns, property laws and other quirks. It’s always best to find someone to help navigate through the maze: someone who is an expert on local real estate because they know the area by heart. Forecast Realty, owned by Roger Hart, has made local knowledge its bread and butter for decades. Forecast Realty has been in business for 34 years, having first opened in 1980. Hart kept the business small to midsize through 1991, employing about 50 real estate agents, but in 1991 moved to his current location at 2420 Carson Street and downsized. “In real estate you have about 10-15% of agents making 90% of the money,” he said, so it didn’t make sense to have so many people in the office who weren’t bringing in sales. Currently, he has an operation that is mostly family: he has three sons and they have all joined him in the business, as well as two of his daughters-in-law. He also has four agents who have been with him for many years. Hart values a companionable working environment and highly trained agents, so he has spent time training each agent himself to meet his standards. Forecast is not a strictly residential or strictly commercial real estate business. Hart says that in the years he’s been in business, he’s done a little of everything, from avocado groves to apartment buildings to homes to ranch land. He just concluded a “tricky transaction” which sounded very tricky indeed, involving a shopping mall that was built across three separate parcels of land owned by three different sets of people. The mall was built sixty years ago with an original lease agreement, but of course the price of land has gone up just a bit since then. Hart spent two and a half years dealing with developers, commercial brokers, attorneys, the City of Torrance, the LA City tax assessor, and the title company. “It was a real challenge … that took a very unique buyer and a sophisticated buyer.” The deal was finally concluded successfully and Hart was proud to say that he got the best outcome possible for the families of the owners. Land and homes in Torrance are in great demand because of the atmosphere in Torrance. Since the early 1990s, developers have spent, according to Hart, about $70 million rejuvenating the Old Town area making it more accessible and interesting to residents. All the homes in Old Town are custom-built and not tract homes, which also helps the Roger Hart, owner of Forecast Realty. Photo courtesy of Forecast Realty. real estate market to thrive. The area is also considered very safe and the schools are good, which contributes to a thriving community in Torrance and bolsters a small-town feel even though Torrance itself is spread over a large area. Hart says that when people buy, they tend to stay until they are old and have to sell, or they may pass the home along to their children for another generation of residency. Because of low turnover and tendency to pass housing along to children, Forecast Realty agents are also skilled at dealing with probate and trusts. Hart noted that since he started his business almost 40 years ago, many of his clients’ parents are getting older and dying, leaving the clients to deal with sticky situations involving living trusts and wills. Many requirements have to be completed within a certain time frame, and Forecast has a network of trustworthy attorneys and specialists. Sometimes the person who receives the trust doesn’t know what they have to do and in what time frame, but “with just a little extra [help], you can get it right.” Forecast also specializes in helping customers find the right home for them, the right area for their family size, and the right loan to buy a place with. Hart loves the community: he has five grandsons and said that he enjoyed having the family close, enjoying Torrance’s parks, and walking around area feeling safe in the community. When asked what he wanted to say to the readers, Hart said, Even if they haven’t worked with Forecast in the past or just have questions, all are welcome to give him a call. He added, “Thanks for the many years they [the readers of the Trib] have allowed us to represent them, and we look forward to many more years of taking care of real estate needs.” • Finance (BPT) - What’s in a name? When choosing a brand of paper towels or laundry detergent, one name may be as good as another. When it comes to selecting a financial advisor, however, consumers should know there are different types of advisors who are held to significantly different professional standards. Registered investment advisors (RIAs), for example, are regulated by the Securities and Exchange Commission (SEC) or individual states. They are held to a “fiduciary” standard of care, which means they have a legal duty to place the interests of their clients first. Brokers, or registered representatives, are regulated by the Financial Industry Regulatory Agency (FINRA) and are generally not considered investment advisors by federal regulators. They are held to a lower “suitability” standard, although FINRA views that as including a “best interest” of the client standard. While more than half of U.S. investors use a professional financial advisor (a catch-all phrase that some might see as including financial planners, accountants, brokers, RIAs and even insurance salespeople), four in 10 don’t know which standards govern their advisor, according to a 2013 survey conducted by TD Ameritrade Institutional. Yet it is a key distinction. “It’s not uncommon for investors to think a broker is the same as a registered investment advisor,” says Skip Schweiss, managing director of advisor advocacy and industry affairs for TD Ameritrade Institutional. “Even savvy investors may not know the difference. But different types of advisors deliver different types of services and are held to different professional standards. Before you invest with any advisor, it’s important to understand what their credentials mean, and under what accountability standards they operate.” Fiduciary vs. Suitability There are two basic standards for financial advisors: fiduciary and suitability. Of these two standards, Schweiss says, the fiduciary standard for RIAs is the higher one. Under the fiduciary standard, RIAs are bound by a 74-year-old federal act - and regulated by the SEC and state regulators. While both RIAs and brokers are required to act in their client’s best financial interests, RIAs are required to put their client’s interest first, even above their own or their company’s interests. Brokers (also known as registered representatives) operate under the suitability standard. They are required to have reasonable grounds for believing that securities recommendations are suitable based on information provided by the customer regarding other security holdings, financial and tax status, and investment objectives, and other information that would reasonably need to be considered. “Financial advice can come from practically anywhere these days,” Schweiss says. “Some of it will be good, some will be spurious. When you’re investing your money, it’s important to do your homework and not only research the individual or firm who is helping to manage your money, but the laws and standards to which they are held accountable.” Schweiss also offers these tips for choosing an advisor: • Know who regulates the advisor you’re considering. The regulatory body he or she answers to can clarify what standards he or she operates under. • Ask how he or she is compensated. By companies selling investment products? Fees paid by clients? Commissions? Compensation type may give you an idea of any potential conflicts of interest between what’s best for your money and what puts the most money in the advisor’s pocket. • Learn whether the advisor has been disciplined in the past for dishonesty or inappropriate behavior. You can find background information on financial advisors through the websites of the SEC, FINRA, National Association of Personal Financial Advisors, Certified Planning Board of Standards and the Financial Planning Association. Information may also be available through your state securities agency. • Ask how frequently your advisor’s firm conducts audits, and if your portfolio assets will be handled by a third-party custodian. A custodian will provide a monthly statement of your assets to both you and your advisor. “Information is an investor’s greatest asset,” Schweiss says. “While investing always carries an array of different risks, selecting the right advisor and knowing how he or she operates can help ensure your investments are in alignment with your plans and risk tolerance. Investors can help themselves by choosing an advisor who works to help them pursue their own goals.” • “To love is to act” - victor hugo APARTMENT/CONDO Tue 01/06/15 21:00 Property Taken: Art Collections, 3 Foot By 3 Foot Oil Painting Of A Girl Dancing, Acrylic Painting 3 Foot By 3 Foot Of A Girl Posing BURGLARY 13400 S DOTY AV Wed 01/07 11:54 Property Taken: Michael Kors Purse (Brown) And Off Whi Wallet, $80 Us Currency, Driver’s License BURGLARY – RESIDENTIAL 11600 S FREEMAN AV STORAGE SHED Wed 01/07/15 08:00 Property Taken: Tools, Two Drill Set In Blk/ Yellow Carry Case Brand New BURGLARY 13600 S CORDARY AV Wed 01/07 16:14 Property Taken: Misc. Documents BURGLARY 13400 S DOTY AV Wed 01/07 19:39 Property Taken: Garage Door Opener, House Keys, 3 Music Cds, Passport Application BURGLARY – RESIDENTIAL 12800 S ROSELLE AV STORAGE SHED Wed 11/19/14 12:00 Property Taken: 2x Cashmere Coats, 12x Guess Jeans Denim, 2x Pair Nike Air Jordans, 2x Tommy Hillfiger Purse, Suede Blue Jacket, Leather Black Jacket BURGLARY – COMMERCIAL 13500 S HAWTHORNE BL BANK, SAVINGS & LOAN COMPANY Thu 01/08/15 17:08 BURGLARY – RESIDENTIAL 5500 W 138TH PL HOUSE Thu 01/08/15 19:35 BURGLARY – RESIDENTIAL 12700 S TRURO AV DUPLEX/FOURPLEX Sat 01/10/15 01:36 BURGLARY – COMMERCIAL 12900 S INGLEWOOD AV DRUG STORE – PHARMACY Sat 01/10/15 05:07 BURGLARY – RESIDENTIAL 4200 W EL SEGUNDO BL MOTEL & HOTEL ROOM Sat 01/10/15 20:20 Property Taken: (1) Annual Social Security Statement BURGLARY – RESIDENTIAL 5500 W 133RD ST HOUSE Sun 01/11/15 11:44 •
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