Maria Senior, Contributor
SENIOR
INVESTORS OFTEN undermine the role played by an investment adviser in the process of financial planning. The adviser is responsible for bridging the gap between investors and their financial goals.
Working with an investment adviser provides you with a professional, personalised relationship - one that offers expert advice and full-time portfolio management to helps you with your complex financial needs. The advisers' role assumes significant importance in a scenario where it is easy for investors to lose track of their objectives and, in some cases, the investor could have made a better investment decision.
PROFESSIONALS
We often rely on professionals for medical services, auditing our books, doing our taxes, providing legal advice or to build our houses. You will find that working with a financial professional offers many benefits. Trained financial professionals review your financial history, discuss your needs and goals and recommend plans tailored to your personal situation. Since each person or family is different, your investments should reflect your current financial status, goals for the future and tolerance for risk.
As an expert in the field, the financial adviser can recognise successful opportunities and, at the same time, avoid high-risk situations. Since advising you is his/her profession, a licensed investment adviser will have access to specialised research, comprehensive performance data and other tools to assist you in achieving your financial goals.
Although it is very important to have a financial adviser to guide you along, conversely, the association with the wrong investment adviser can spell disaster for investors. That is, advisers who tend to act in their own self-interest. Whereas a particular product may be a profitable sell for the company, it may not be the best choice for you. Therefore, you should be wary of advisers who consistently invest your money without the consideration of your financial needs. Investments should be based on the individual, and for this reason you should not take generic investment options from advisers who treat all their customers the same.
Investing your hard-earned money should be taken seriously, and therefore you should depend on expert analysts to provide you with solid investment options.
A competent investment adviser will offer investment strategies to:
Address your retirement needs.
Fund your child's education (if you and your spouse have children).
Enhance your after-tax return opportunities.
Assist in estate planning.
With proper planning in each of the above areas, your future should be free of financial worries. By meeting with an investment adviser early on in life, your dreams to retire early may become a reality. Retirement should be an enjoyable time and all the hard work should be rewarded; this can only be achieved by starting early with a plan.
Since higher education is not cheap, goals can be set for the future and when the time comes your child will be ready.
ESTATE PLANNING
Your investment adviser can assist you with your estate planning. This involves managing your financial affairs so that in the event of death, your assets will be distributed according to your wishes. If the process is set up correctly it will minimise taxes, probate costs and provide for the rest of the family.
Finally, successful financial planning usually begins with a strong relationship with your investment adviser.
Maria Senior is a senior manager at DB&G's Montego Bay branch. To further discuss investing and the many options we have available, contact her at info@mydbg.com or toll free at 1-888-CALL DBE. DISCLAIMER: All information contained in this article has been obtained from sources that DB&G believes to be accurate and reliable. All opinions and estimates constitute the author's judgement as of the date of the article. No warranty as to the accuracy, timeliness or completeness of this article and as to the opinions based thereon is given or made by DB&G. DB&G and/or its employees or directors and/or any associated person may have an interest in, or interest in the acquisition or disposal of, the securities or class of securities mentioned herein. Call 1-888- CALL DBG if in doubt about the content of this article. Decisions based on information contained in this article are your sole responsibility.
