Sea Side Scrap Book » PPFAS Portfolio Management Services will Help You Achieve Your Financial Goals in 2011

PPFAS Portfolio Management Services will Help You Achieve Your Financial Goals in 2011

Top 4 Financial Resolutions for a Prosperous 2011 Making resolutions helps lay out goals that challenge ourselves and better the coming year. For matters of wealth, let me help you make some.

1. Create a solid financial plan

When we make investments be it in stocks or insurance or miscellaneous tax savings schemes there needs to be a focus on the goals for which we save. A financial plan is a road map to making money work and pay for important goals. It would mean having a practical home budget, getting savings and investments in order, timely asset re-balancing, getting adequate insurance, a contingency fund and formal estate planning.

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2. Hire the services of a financial advisor

When you are advised by an equity dealer or bank relationship manager, you have to remember who they work for. They are the brokers or middle men in a transaction and earn a percentage when the transaction is complete. If you want sound advice, you must be prepared to pay for it. Portfolio management isn’t free, but it’s worth every penny you pay for it. There will be times when you save several times the fee you paid by avoiding the wrong service providers or products.

3. your Records Must be Organized

Make sure your spouse is aware of your investments and insurance policies. It’s important to make sure someone knows when payments are due on any insurance policies. I’m going to take this opportunity share an unfortunate experience one of our clients had. This man was the sole bread winner in his family and he held an adequate life insurance policy. He was involved in an accident that left him hospitalized for several months before he eventually passed away. During this time his life insurance policy lapsed and his family had to go through a lengthy battle to recover the proceeds after his death. In the end, his wife received the money, but a great deal of trouble could have been saved had his wife known about the need to make continuous payments. It is important to have a backup plan so that any payment schedules are known by your partner. Prepare a detailed list that informs your spouse of all investments. Further, maintain a document that lists details regarding transfers, payments, and redemptions. Don’ forget to list any insurance policies that will lapse if timely payments are not made. This is an area where a portfolio management professional or portfolio management services can be very helpful.

4. Reduce the clutter

Switch off market channels during market hours and stop reacting to ‘expert predictions’ on how asset classes will move in the future. There is a too information today regarding investments that can confuse you and may be lead to wrong decisions. Stick to your financial plan and asset allocations irrespective of market/asset price movements. Your discipline in this matter will help achieve long term goals and ensure that decision making is based on fact rather than gut feel.

Want to find out more about portfolio management, then visit Parag Parikh’s site on how to choose the best portfolio management services for your needs.