- 1). Establish a financial plan. Meet with the manager of your account so you can discuss your overall financial goals. The financial advisor should go over all of the different aspects of your life, including what your savings goals and level of risk are for investing your money. Identifying this information allows the manager to suggest investments and financial moves that will help you reach your goals.
- 2). Open an account without discretionary privileges. Some types of investment accounts require that the portfolio manager contact you before making a trade in your account. Discretionary accounts give the manager the right to make changes in your account without your permission, as long as they deem it beneficial for you. In order to properly manage and know what is happening in your portfolio, it is best to avoid discretionary account privileges.
- 3). Schedule regular check-in or follow-up meetings or phone calls. Annually or semi-annually, you should have a phone or in-person discussion with the portfolio manager. This allows you both to assess any changes in your personal situation, such as marriage, divorce or the birth of a child, that may also change your investment needs.
- 4). Read and review your account statements regularly. While it is not hands-on management, remain aware of the money going in and out of your account and the buying and selling of investments by carefully reviewing your statements each month or each quarter when they arrive in the mail.
- Advertisement -
- Advertisement -