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