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