· Update your KYC profile especially risk capacity/tolerance ;time horizon; objectives
· Avoid being sold mutual funds based on the Fund Facts Risk rating –these ratings are flawed
· Do not let yourself be sold DSC mutual funds- liquidity essential in turbulent times
· Avoid “advisor” recommendations to borrow for investing
· Establish an emergency fund or add to it if you have one
· Do not loan money to your “ advisor “
· Do not effect any transactions on the side with your “ advisor”
· Think at least twice before being sold a “ hot” IPO
· Consider equity crowdfunding at your own risk and peril
· Negotiate lower fees for advice and seek out lower cost products that meet your needs
· Avoid internal bank “ ombudsman “ ; escalate complaint directly to OBSI
· Stay away from “Free lunch” educational seminars -can be bad for your financial and physical health
· Assume your “advisor” is influenced by biased dealer compensaion ; do not assume she/he has your Best interests at heart- be constructively critical
· Check your Account statement for unusual transactions -respond immediately to any transactions you do not understand or do not agree with.
· Establish a Trusted Contact Person with your financial institution.
· Ensure you have a Power of Attorney in place in case you are ill for an extended period of time
· And last but not least , have an up-to-date will just in case the worst happens.
Please forward to family, friends, and colleagues.
Post a Comment
Note: Only a member of this blog may post a comment.