If you had to create a financial scorecard – based on all your investments, retirement annuities, long-term insurance and other savings mechanisms – what would it look like? Will it be sufficient for you to reach your goals for the short term and in the future for yourself and your loved ones?
This is an important question you should ask yourself, especially when either considering new investments or trying to understand your current investments. Having a full view of your portfolio – as well as understanding how it benefits your life and family at times when it is most needed – has traditionally been overcomplicated and not accessible. Your investment information either lies with your advisor, your company or with banking institutions, or a combination of all 3 – leaving you without a comprehensive view of what you have in place. This makes you wonder whether what you have is enough to reach your financial goals for the duration of your life and, after that, what will be left behind for your loved ones.
Too often, consumers are not empowered around their finances and feel as though their investments should be left solely in the hands of the broker, but today with digitalisation there is a rapid shift towards digital investment portfolios, for a vast array of reasons. Embracing technology both empowers the advisor as well as you, the individual, with a clear view of your financial scorecard, anytime.
With this migration to digital investment portfolio management and transactions, it has never been easier to take back control of your investments, making complex financial planning that much simpler. In fact, in some instances you can even change the investment portfolio yourself – by making an additional investment manually without having to even consult your advisor.
We live in an uncertain economic environment and as such, long-term savings are more important than before, but it is not just about saving and investing. It is about making sure you are doing it right and that you have the power to identify any potential hurdles within your portfolio, to improve your scorecard and ensure you can live life comfortably, without having to worry about your financial standing.
Having a clear view of what you are working towards and understanding your financial scorecard creates transparency between you and your advisor -where there is no doubt that you can better map your financial goals and current circumstances to this portfolio and improve your standing accordingly.
So what would you do differently if you had the power to view your financial scorecard at any given time, make informed adjustments to your investments and identify other financially viable areas of investing? How would this improve your scorecard and ultimately determine whether you will reach your goals sooner rather than later? Would it not be a game changer – a solution to changing your entire investment outlook for a better future?
Any person empowered around their finances is sure to take it more seriously and make more informed decisions. So today, I encourage you to make it a priority to know your scorecard and ask yourself, how am I going to make my money work for me now as well as when I am long gone, so that my money lives on for my loved ones?
This article was written by wealthport