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