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Your plan: the key to successful investing
6/23/2018 5:47:30 PM
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By Fund Library News Wire  | Thursday, March 23, 2017


Investing may seem like a daunting task. There appears to be so much we need to know. However, much like planning a trip, buying a home, or looking after our health, the key to successful investing is having the right information, a well-constructed plan and, often, the right advice. Yes, this takes effort when we might rather be doing something else, but once the planning is complete, we’re on our way.

Do you need the skills, knowledge and tools of a tour guide to take a vacation? Do you need the equipment and tools of a builder to own a home? Do you need the medical degree of a doctor to stay healthy? Of course not. However, as with those experts, there are times when having a trusted financial advisor can help you reach your destination. Your advisor will help you set realistic, attainable goals, and create a plan to achieve them – so you can sleep better at night.

As with all major life undertakings, there is a trade-off between risk and reward. A professional financial advisor will help you identify your objectives, risks and potential rewards, and then help you select and monitor the investments for each of your goals.

Many investors have several financial goals, and investment accounts that are designed to work towards those goals. Each account will have its own strategy to attain its objective. Parents may set a goal to save money for a child’s post-secondary education. Later, that child may start saving to buy a car, a home or to retire decades into the future. How you invest depends on your life stage, your goals and personal circumstances.

Having several investment objectives and multiple products from which to choose makes the decision-making process challenging. Adding to the challenge is that our goals can change throughout our lives.

Our webpage Your Financial Journey lists common life events that impact financial plans. If you are confident answering the questions associated with each event, you might prefer to manage your investments on your own. However, if you’re uncertain, you might want a financial advisor to guide you.

If you know an advisor you can trust, contact that person to get started. If you are looking for a financial advisor, you can ask family, friends, workmates or professionals that you work with, such as your accountant or lawyer. You can also see who is registered in your area by checking these links:

* The national registration search, which lists all registrants (individuals and firms) in Canada, except for those registered solely with the Ontario Securities Commission (OSC).
* A list of those registered in Ontario is available on the OSC Registrant List.
* The Investment Industry Regulatory Organization of Canada member list.
* The Mutual Fund Dealers Association of Canada member list.
* La Chambre de la sécurité financière (Québec only).

With a well-constructed plan, and a trusted financial advisor, you are on your way.

Content provided by Investment Funds Institute of Canada (IFIC), the voice of Canada’s investment funds industry. IFIC brings together 150 organizations, including fund managers, distributors and industry service organizations, to foster a strong, stable investment sector where investors can realize their financial goals. By connecting Canada’s savers to Canada’s economy, our industry contributes significantly to Canadian economic growth and job creation. The organization is proud to have served Canada’s mutual fund industry and its investors for more than 50 years.

Notes and disclaimer

Content © 2017 by the Investment Funds Institute of Canada. All rights reserved. Reproduction in whole or in part without prior written permission is prohibited. Used with permission.

The foregoing is for general information purposes only. This information is not intended to provide specific personalized advice including, without limitation, investment, financial, legal, accounting or tax advice. Mutual funds are not guaranteed and are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer. There can be no assurances that a fund will be able to maintain its net asset value per security at a constant amount or that the full amount of your investment in the fund will be returned to you. Fund values change frequently and past performance may not be repeated. No guarantee of performance is made or implied.

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