Most people tend to manage their own finances. At a certain level of investment, that’s usually a mistake, and it can be an expensive mistake. Even the most competent and independent people generally don’t have the knowledge base to cover all the issues in personal investment and wealth creation. Managed investments can cover a range of issues from capital gains tax on share trading through to the finer points of asset management, financial planning and superannuation options.
Self assessment- Do you need a financial manager?
There are some very simple ways of defining management issues with your investments:
- Are your investments impacting your tax returns? If so, you may find that this situation evolves into a real nuisance. These situations tend to evolve over time, and can become quite counterproductive if you don’t get assistance with tax management options.
- Do your investments consume a lot of time and space, doing things yourself? This very common problem actually costs money. Your time is being diverted from making money to administering it and doing “office work”.
- Are you constantly tinkering with investments? If you’re forever moving capital around and trying to get better performance out of your investments, you’re in danger of going nowhere. Best practice financial management is planned, not reactive.
- Are you unsure of your rights as an investor? If so, you’re definitely not alone, but this situation means that you may have issues with investment quality and performance.
- Are your investments “treading water” or going backwards? Some investments can be truly spectacular under-performers. Not all financial products are good value, and some are much better avoided.
- Are you missing your financial targets? One of the greatest problems in financial investment is meeting your own expectations. The blunt fact is that investment has to be managed to hit targets and track performance.
If you answered Yes to one of these issues, you’ll need to speak to a financial manager, preferably soon, to prevent escalation of the issue. If you answered Yes to more than one of the questions, you do need help, because your investments are already creating both current and future problems. These problems are already visible, and will need to be dealt with soon enough.
What’s now a nuisance can become a loss-making, expensive issue over time, sometimes quite rapidly, even with good investments. Under performing investments, by definition, mean you should be investing elsewhere. Non-performing investments mean you’re losing money, with an ongoing risk factor as well.
Getting professional help with your investments
The huge advantage of engaging professional financial managers is that you can quite literally have all the financial services you need on tap, getting expert level information and advice when you need it. Financial managers can also provide you with good investment options like managed funds, professionally managed funds which can keep your capital growing without all the issues of DIY investment administration and accounting.
Successful investment really doesn’t have to be hard work. Talk to a professional, and see what you can achieve.
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