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