money managers
They will present you with a collection of investment options - some stocks, some bonds - and oversee the package over time. When a money manager wants to move some of your money around, say from one stock to another, they pay a small transaction fee that comes out of your investment. However, they are only successful if they make your money grow, so they will keep a very watchful eye on it.
salespersons
It’s 6:30 pm and you are sitting down to dinner when the phone rings. Guess who is on the other end - a salesperson. They call offering their company’s investment packages. If you’ve ever seen the movie Boiler Room you have an idea of how these people work and the problems with them. It’s difficult to know anything about the company beyond what you’re told on the phone, and the caller doesn’t know your particular financial situation.
bank and credit union planners
If you belong to a bank or credit union, there might be financial planners there for you to speak to. One credit union program called MEMBERS Financial Services offers a ton of investment plans and options.
the national foundation for credit counseling, inc. (NFCC)
Founded in 1951, the NFCC has set a standard across the country for financial advising and low-cost or free counseling. Check out their website, nfcc.org.
you can do it!
Financial planners of any type have valuable knowledge when it comes to investing. However, you can manage your money yourself, too. Between books, web sites and TV shows, a lot of information is readily available to help you learn about investing. In fact, Motley Fool is a great site to check out … after MoneyMix™… of course.The most important thing to remember when investing, whether you do it yourself or have a professional take care of it, is to simply pay attention to what’s going on with your investments.
Make sure you understand clearly where your money is being put, when you can have it back and how much (if any) goes to your advisor. If your advisor offers a plan that doesn’t appeal to you, don’t be afraid to say no. Nobody will ever care about your money more than you will, so be up front about your expectations and stay abreast of any changes.
You must be logged in to post comments.