How to find a great investment partner

It can be difficult deciding who to trust with your money. It’s a big decision, especially with so much on your plate, and so many investment companies out there. However, if you follow these three steps you should be well on the way to a great investment partnership.

Set your goals
Before deciding who to invest with, it’s worth identifying your investment goals and financial needs. What are you trying to achieve with your money?

Two common goals are:

• • I’m still working and I want to grow my investments for my retirement
  • I’m retired and I want to draw an income to cover my expenses

But there are a range of different goals you could have. For instance, you may want to set up an education fund for your children or perhaps you’ve come into some money and you simply have no idea what to do with it. If you’re struggling to identify your goals, a financial adviser can help.

The key with this step is taking the time you need to consider and identify your goals, being as specific as possible.

Consider the options
Next, get an understanding of the different types of companies you could work with and if they have the products and services to help you reach your goals.

Begin by doing a little research. Here are a few questions to ask about the investment companies you are considering:

• • How have their investments performed over the long term?
  • Are they experts at investing?
  • Are their fees transparent?
  • Do they invest their own money alongside yours
  • Do they offer financial advice
  • Can you view your investment details at any time?
  • Do they offer online investment tools and advice to help you see if you’re on track?
  • Do they clearly explain their investment decisions?
  • How often will they contact me?

Different people like to interact in different ways and on different schedules, so these questions can help you assess whether the relationship would work for you. This step is all about understanding your options and finding a partner who is a good fit with you.

Check in
Once you’ve identified your goals and found the partner you believe will help you get there, you can start investing. But try to avoid falling into a ‘set and forget’ mindset. We suggest a ‘set and review’ mindset instead. You don’t need to monitor your investments constantly but it’s worth a regular check-in. You should definitely review your investments when your life circumstances change.

This will help ensure your investments are still aligned to your goals. It’s also a chance to assess whether your investment partner is doing a good job. If they’re not, you can always go back to step two and reconsider your options.

Peace of mind
Although it can be challenging, finding the right investment partner can be very rewarding – financially and by providing peace of mind. That, in turn, can give you time to focus on other things that really matter in your life. Use these three tips as a guide and, before you know it, you’ll be well on your way to achieving your financial goals.