How Do I Start?



BY MIKE MCGILVARY, AIF®, PARTNER, FINANCIAL ADVISOR

How should I start investing? This is a popular question our team has received for many years now. With so many opinions floating around due to the age of social media and technology, it can become quite overwhelming. This may be even more true for the individual that has their hands full with professional and family responsibilities and commitments.

In our opinion, there is no one-size-fits-all investment product out there. As a matter of fact, we believe if the conversation you are having with your investment professional is product-based, not goal-based, it is probably time for a second opinion.

One way we strive to learn about each client’s goals and where they may like to start is to simply ask about their short-term and long-term goals. We feel it is imperative to learn about our client’s wishes and time horizon long before we make a recommendation. We also make sure we introduce the team of Financial Advisors to incoming clients so multiple investment professionals can provide input and, hopefully, add additional value to the client’s financial situation.

You may be one of those folks asking the question, “How do I get started investing?” Below are some points to discuss with your potential Financial Advisor(s) regarding how to get started:

  • Let’s say you don’t have a large lump sum to start investing with, yet you have some extra dollars on a monthly basis you would like to put to work. Ask the Advisor what their Firm’s procedure/process is for setting up systematic investment programs for clients. 
  • Ask the Advisor how they are compensated when you make deposits to be invested. Do they accept commissions? Or are they a fee-based firm? Do you pay any transaction cost in the trading process?
  • Discuss account minimums. Some Investment Firms have restrictions on deposits they will accept based on amount. 
  • Know what you own and why you own it. This is important no matter where you invest your funds. 

There are many other topics to discuss when you’re looking to invest your hard-earned dollars; however, we hope this article can give you the confidence to start the conversation. We believe it is a privilege to be in this profession, and we work hard to make sure our clients know we feel this way. As always, thank you for taking the time to read our column!

 


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