David Garnier works with CIBC (Canadian Imperial Bank of Commerce) Wood Gundy in Dartmouth, Nova Scotia, as Vice President and a Portfolio Manager. Portfolio managers like Dartmouth, Nova Scotia’s David Garnier often aid their clients with retirement planning, giving them advice and assistance in improving their retirement security. It’s never too early to begin working with such a professional. Even if you haven’t begun saving for retirement, they can aid you with advice like that below:
- Start Now – The sooner you start saving for retirement, the earlier and happier you can retire. Saving money now will increase your compound earnings, even if you can’t invest as much as you would like to. For example, investing just $75 per month from 25 to 65 can add up to more than $250,000 with interest. If, on the other hand, you invest $100 per month from 35 to 65, equivalent savings would be closer to $150,000.
- Help Your Group RRSP) Grow – If your employer provides traditional Group RRSP) plans, you’re able to place pre-tax money into your retirement savings, which give you a significant advantage. The more you invest in your Group RRSP), the less you take from your monthly budget by investing in comparison to post-tax options such as a taxable account
- Take Advantage of the Match – Many employers match employee contributions to 401(k) accounts up to a defined amount. If you are lucky enough to have such a plan, aim to contribute the full amount that your employer will match every month. The matched funds can be viewed as free money.
Working with a professional like David Garnier Nova Scotia, can increase your chances of a comfortable and secure retirement – this is particularly true if you start now.
David Garnier works in Dartmouth, Nova Scotia, as Vice President and Portfolio Manager for CIBC (Canadian Imperial Bank of Commerce) Wood Gundy. Portfolio managers like Dartmouth, Nova Scotia’s David Garnier often help their clients correct existing mistakes, and avoid future ones, in their investment portfolios. Unfortunately, without professional assistance, mistakes like those below are easy to make:
- Lack of Indexing – Index funds, though underwhelming in the short-term, typically perform well in long-term, low-cost investing. Though the proof is there to show that indexing works, new investors commonly avoid it in favor of active, more volatile investments. Indexing isn’t exciting, but it belongs in your portfolio diversification strategy.
- Performance Chasing – Basing your investments on recent high-performance stocks can lead to losing money and unbalancing your portfolio. Make a reliable investment plan, stick to it and rebalance frequently to remove the temptation to performance chase. Performance chasing from investment to investment statistically leads to some of the biggest losses. If you have difficulty turning away from performance chasing, it may be time for a long-term-oriented plan.
- Too Much Reliance – Though a portfolio manager is capable of handling your investments, you should be involved in your finances, too. Relying on others for all of your investing needs isn’t an ideal strategy and it rarely leads to profits unless you take an active role.
David Garnier Nova Scotia, clients trust him to help them navigate away from investment mistakes to best secure their financial futures. If your investment portfolio lacks professional management, seek a similarly-qualified Portfolio Manager in your area for aid.
David Garnier of Dartmouth, Nova Scotia, is an experienced financial professional who serves as Vice President within CIBC (Canadian Imperial Bank of Commerce) Wood Gundy. He also holds a role as portfolio manager. Among the many tips that professionals like Dartmouth, Nova Scotia’s David Garnier give clients are portfolio diversification guidelines.
Diversifying your portfolio increases financial security, improves your returns and can help you meet your long-term goals. Common tips you might receive from a portfolio manager include:
- Understand Your Fees – Whenever you trust your money with a new financial institution, make sure that you understand the fees that you are agreeing to. Some companies charge monthly fees, others charge yearly fees and others charge transactional fees; ask about what you’re paying for and remember that cheap doesn’t always equal good.
- Know When to Exit – Stay current on what is happening with the companies and organizations that you invest your money in. It’s important to keep track of the forces at work and to know when something is going under so that you can exit in time.
- Regularly Increase Investments – Lump-sum investing isn’t often the best strategy. Instead, continue to build you investments each year by regularly putting money into a portfolio of stocks or funds of your choice.
- Consider Bond and Index Funds – Add fixed income investments like index funds or bond funds to your portfolio. These long-term investments diversify your portfolio and help protect against market volatility.
If you’d like assistance managing your financial portfolio, contact someone like Dartmouth, David Garnier Nova Scotia for aid. These professionals can show you what needs to be done with your portfolio and help you do it.