Wealth Management
If you’re new to investing, a good place to start managing your wealth is to consult your tax preparer or accountant. They may be able to provide you with financial planning services. They may also be able to refer you to somebody who can.
There are three types of professional wealth management services you can use.
- A full service stock broker - A good stock broker is one who understands investing and who has the integrity to settle conflicts of interest in the client’s favour. Good stock brokers can provide an effective and economical way to manage your investments. But if you are going to use a full-service broker, take the time to find a broker you can trust.
- A discount stock broker - A discount stock broker will simply carry out buy and sell orders for their clients, and charge lower commission rates than full-service brokers. You pay even lower commissions if you trade stocks online, instead of placing orders over the phone.
- Portfolio managers - A portfolio manager is someone who fully manages your wealth portfolio and has a fiduciary responsibility to make sound investment decisions on your behalf. Portfolio managers are more stringently regulated than full-service or discount brokers.
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Every Wednesday, we publish our “Investor Toolkit” series on TSI Network. Whether you’re a new or experienced investor, these weekly updates are designed to give you stock advice and other tips on successful investing. Each Investor Toolkit update gives you a fundamental tip and shows you how you can put it into practice right away....
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This underlines the fact that successful retirement planning begins well before you approach retirement age. There is one plan that we have found is more effective than any other in preparing a secure retirement. It begins during your working years.
The best retirement plan you can have is to start saving as early in your working career as possible. You then invest a steady or rising amount of that money in the stock market every year. When you follow this plan, you automatically profit from dollar-cost averaging. You will automatically buy more shares when prices are low, and fewer shares when prices are high
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This underlines the fact that successful retirement planning begins well before you approach retirement age. There is one plan that we have found is more effective than any other in preparing a secure retirement. It begins during your working years.
Dollar-cost averaging helps you buy more shares at low prices
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