Quote:
Originally Posted by pastarocket
Here's what I would do. Talk to an investment advisor with your bank. The advisor can help you set up an investment plan. You need to find out what kind of an investor you are? Risk averse or aggressive investor looking for capital gains? What is your expectation for investment return? These are the kinds of questions that you need to answer.
I would definitely talk to an accredited investment advisor. Talk to your account manager at your bank to see if he/she can recommend a certified financial planner. Ask the financial planner about their employment history, what services they provide, how they can help your investment portfolio, and what service fee/commission that he/she charges for services. We want to make sure this financial planner/investment advisor is a legit advisor instead of some scammer who wants to run investment scams by stealing your money.
|
Investment advisors at banks are perhaps one of the worst people you can go to for unbiased information. They all work on commission there and will sell you funds that gain them the highest commissions, not the things in your best interest.
There's also no such thing as an accredited investment advisor. The only licenses they hold are to sell mutual fund products / insurance / etc. Having the license to sell products is completely different from being able to provide useful advice.
A CFP is a decent recommendation though.
To OP:
- You are losing money by sitting on it. GICs will also lose you money over time.
If you want simple:
A Periodic Review of Diversification
If you want a good financial advisor, look for one that is fee based. Anyone that works for you for "free" is costing you a ton of money in the long run.