Getting from point A to point B in the real world can be quite simple. In the investment world, the roadways are constantly shifting. Changes in interest rates, tax policies, unemployment, fiscal initiatives can represent obstacles and navigating these winding paths can require your very own GPS advice. Words: 494
The comments above & below are edited ([ ]) and abridged (…) excerpts from the original article written by Wade Slome (InvestingCaffeine.com)
Having a guide at your fingertips as you meet unknown forks in the road is a nice asset to have. Unfortunately finding the right guide is much easier said than done because many guides can have ulterior motives and hidden agendas that conflict with yours. As such, finding the right guide requires a lot of research. The scope of qualifications between the capabilities of one advisor compared to another can be like comparing a plastic butter knife with a stainless steel swiss-army knife. The cheap butter knife may handle a few simple needs, but most investors would be better served by someone with a breadth of tools that can assist you with a diverse set of circumstances. [Check out https://goo.gl/T2fnWj – Register for chance to win an iPad Pro!]
Having your guide is important when it comes to investments, but having someone with expertise in tax planning; estate planning; and insurance planning can be critical. All these areas can have a profound impact on whether you achieve your personal and financial goals.
Along the road of life, there can be many bumps, twists and turns. If you would like the assistance of a professional advisor, consider doing your homework to find your very own Great Portfolio Specialist (GPS). Here is a checklist:
1) Where are you now?
This means taking inventory of your assets and liabilities, getting a handle on your income and expenses, and having a firm understanding of your tax and family planning issues (will, trust, powers of attorneys, etc.)
2) Where are you going?
Next you need to know where you want to go? You may have a rough idea, but in order to create a coherent plan, goals need to be defined.
3) Create a plan
Everyone’s map or blueprint will look different. Some will need highly detailed directions, while others due to different circumstances may have less complex needs.
4) Monitor and adjust plan as necessary
Many unforeseen circumstances can change over time so it is important to review, not only the changes in external circumstances, such as the financial markets, but also any individual changes whether it’s health, family, personal, or goal related.
Some people prefer to do things the old-fashion way or are happy with subpar technology (i.e., compass), however, if you don’t want to get lost or want a clearer defined map, then it’s time to shop for that new Global Portfolio Specialist (GPS) who can help guide you to your destination.
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