So, you’ve worked for several years now and been paying off the mortgage. For many buying their first home is the natural first step into investment. Typically, the focus then shifts onto having enough to cover the mortgage and budget for a growing family, retirement is tomorrow’s problem. Hopefully the household debt and expenditure reduce sufficiently over time to allow for a few luxuries and the odd holiday. Before we know it, we realise the children are growing up, we aren’t getting any younger and potentially we’ve got even less years left to work towards retirement than we have worked to date. Suddenly saving for some sort of a retirement plan seems more urgent than it did previously.
You know it’s a good idea, but do you know how to go about starting an investment plan that’s balanced, manages your risk and shall deliver to provide for the kind of retirement you would like? If you have limited or no investment experience, or simply want to expand your knowledge then a free, no obligation phone call with a Maxim Financial Advisor is a very good starting point.
You may be ready to start developing an investment portfolio or just wanting to know what’s needed. But the sooner you reach out, the sooner you can start on your journey towards having a retirement plan. One of the first things your Maxim Financial Advisor shall do with you is to establish your appetite for risk, known as your Risk Profile. This guides you and your Maxim Financial Advisor towards different types of investments, as not all investments come with the same level of risk.
Are your investment objectives for quick or long-term growth, a good income now or later towards retirement? A balanced portfolio is important to managing risk and return. Investing in high growth securities might seem to offer great returns but come with much more risk of losing all your hard-earned money too. The returns from interest on bank account deposits may return far less over the same length of time in comparison but are far more dependable. In between is a whole spectrum of investment opportunities. A key to successful investing is a balanced portfolio through diversification across industry sectors and within sectors. An experienced Maxim Financial Advisor is of great assistance in setting you on the right path.
You have probably had full control over your finances and assets up until this point and may be facing some anxiety around what to do next. Seeking guidance and advice is a good way of allaying such concerns and also means that you remain in control of your affairs and are consulted every step of the way. After establishing your investment plan, your Maxim Financial Advisor can easily set you up with a transactional trading account and guide you through any hoops and hurdles to placing your first investments.
You shouldn’t set and forget your investment plan. The market will always go through ups and downs, the tide goes out on some industries and comes in on others, just look at the difference between legacy media and social media. As a result, your Maxim Financial Advisor will keep in close contact with you, regardless of how markets are performing. Regular client portfolio reviews and adjustments for the changing times and objectives is key. Through regular consultation with your Maxim Financial Advisor you will gain confidence that your investments are on track to meet your needs. The fortunes of businesses and the economics of the market change regularly over time and we can fine tune your portfolio, while continuing to play the long game.
If you’d like advice or an initial discussion, please contact a Maxim Financial Advisor today about establishing an investment plan or your first investments. We would love to hear from you.
This article reflects general views and opinions of Maxim Financial Markets Limited at the time of publication. Nothing within the article should be relied upon as a basis for making any investment decision. Please contact us to seek specific investment advice before making any investment decision. A Financial Advisor disclosure statement is available upon request.