| Do you know how much money you need to | | | | agent. |
| save to meet your retirement goals? Have you | | | | Lastly avoid the "financial advisors" or "wealth |
| started to save for your children's post-secondary | | | | managers "at banks, credit unions, saving and |
| education and college? Will your family be able to | | | | loans etc. |
| maintain the lifestyle that you have established | | | | These are people who are on salary, putting in |
| and created in the event of death or disability? | | | | time. |
| These are just a few of the many issues that | | | | Their only concern is going for lunch and going |
| can be addresses in a business plan. | | | | home at 5 and not getting their boss in trouble so |
| Most people have not determined their financial | | | | as to draw attention and ire to themselves . |
| goals let alone developed a plan to reach them. | | | | They may help you accidentally. |
| You should first make basic decisions on the road | | | | However they hide behind the façade and |
| to start your planning process. It is often said if | | | | power of their institution. And t hey will generally |
| you do not plan where you want to go you will | | | | not be in the position when you need their help |
| end up somewhere else. | | | | with some problem or disaster . They will be long |
| You should and must follow a systematic | | | | gone transferred to another branch or position |
| approach to ensure that your goals are well | | | | and maybe even being promoted . Lots of luck in |
| defined and that are set of achievable steps are | | | | tracking them down and getting their help. |
| established and appropriate benchmarks have | | | | Generally in such organizations as in government |
| been put in place. | | | | jobs ultimately no one is accountable at least to |
| Should you use an investment planner or another | | | | you as a consumner and investor. |
| outside party? That is a very good question. | | | | At least with a commission salesperson you have |
| Woody Allen's joke in 1960 was that an insurance | | | | the ultimate threat "Screw off. I am unhappy. I |
| salesman was a person who invested your | | | | am leaving and you will lose the commissions and |
| money till it was all gone is as timely and accurate | | | | residual commissions coming to you. So you had |
| as it was in the 60's. | | | | better take care of this problem . |
| Only the titles have changed to fool most. | | | | A written financial plan incorporates many |
| The current term is now "Investment Counselor ". | | | | different aspects of financial planning. Retirement |
| Or "Wealth Manager " or some such nonsense. | | | | planning is always popular, as is planning for a |
| You have several options | | | | child's education. |
| A counselor who comes as part of the package - | | | | Estate planning is growing in importance as baby |
| free. Remember that there is no such thing as a | | | | boomers age. Investment and tax planning are |
| "free lunch". | | | | essential components of a comprehensive plan |
| The counselor may not charge you directly but | | | | and other issues such as saving for a major |
| somewhere someone has to pay. It is you. The | | | | purchase or pension buyout options can be |
| investment or insurance company pays the agent | | | | addressed. |
| a commission to sell you the product. Guess who | | | | Whatever your financial goals may be the actual |
| ultimately pays the shot - you do of course | | | | selection of investment products does not occur |
| somewhere in the product cost or fees that you | | | | until much later in the process. The investment |
| will pay . | | | | vehicles that you and or your advisor select |
| Never believe that the agent is there for your | | | | should be chosen for their ability to help you meet |
| benefit. They are there solely for the commission. | | | | your long term personal and financial goals. In |
| True, some agents are better , more honest as | | | | order to ensure that your portfolio is appropriate |
| well as more sincere than others - actually | | | | for your objectives you should make certain that |
| interested in helping you. | | | | your financial pan is current especially in regards |
| If you find such a person they are very rare and | | | | to taxation before you invest. |
| exceptional in the financial field. Treat them like | | | | Financial planning is a process, not a one time |
| gold | | | | event. A plan that works today may be |
| Secondly there are individual professionals who will | | | | inappropriate tomorrow due to changes in your |
| help you for a fee. | | | | life and financial and / or personal circumstances. |
| Do not laugh at the cost. | | | | It is important that you constantly review and |
| These people are doing fee for service as | | | | access your portfolio for changes and growth |
| opposed to getting commission off the sales. | | | | either yourself or with meetings with your |
| These people are more objective and not | | | | advisor. |
| affected by the gold of the commission shining in | | | | Don't wait for spring. The sooner you begin the |
| their eyes. | | | | sooner you will be on your way to your chosen |
| Often the real cost to you as investor is much | | | | financial dreams... |
| less than a "free service" from a commission | | | | |