Investors should be a central part of the investment process; when they collaborate well with their advisor, the process tends to go smoother. Managing your portfolio requires more than picking the next big stock idea. Focus on risk management, organize your estate, and be practical about your investments. Whether you work with a professional financial planner or are a savvy, independent investor, consider these strategies to work toward a successful financial future.
It could be beneficial to consult with a professional to determine if your idea of an estate plan matches what will actually happen at your death, particularly for those in a second marriage. Align your wishes and legal documents by placing primary and contingent beneficiaries on every possible account — ask your advisors about payable on death registrations at your bank and transfer on death registrations for your taxable brokerage accounts.
Diversification could include buying large and small cap stocks, government and corporate bonds. Consider using stop-losses; some of the most iconic companies have disappeared from today’s landscape, so don’t get attached to investments and hold on to falling securities forever. It’s important to use some products with a guarantee, especially for a portion of your lifetime retirement income.
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