Do You Know Where Your Money Is

Manging Money

When it comes to educating yourself about money investing, half the battle is finding the motivation on money management.

If you don't know much about money management you will often be the target of unethical financial advisers, who are driven more by the money commission they will receive than by the client's financial interests. It is important that individuals learn about money management, finance and protect the money from these kind of situations.

Start here on investing motivation:

• Choose an adviser with care - We'll do background checks on babysitters, go the extra mile to do price comparisons when car-shopping, but most of us sign up with the first adviser we meet - and yet our money's on the line! Not only should you find out things like how an adviser gets paid and whether or not they're fully qualified and registered to buy and sell investments, it also comes down to 'finding the right fit' - ensuring you understand each other.

• Always read documents to stay informed - Take your time (and read the fine print) before you sign. Don't feel rushed - it's your money! Ask questions if you don't understand documents like account statements you receive online or by mail. Report errors immediately.

• Ask questions and keep track of adviser-client conversations - If you can't do it during your discussions, document it directly afterwards while the questions you asked and the decisions you made are still fresh in your mind.

• Keep your adviser informed - Don't rely on them to contact you. Tell your adviser right away if your financial situation changes, for example, or anything else you filled out in your investment profile becomes outdated.

What if things go wrong?

Visit Focus On Protecting Yourself at www.investorED.ca to learn what to do, or call the Ontario Securities Commission at 1-877-785-1555.