Managed Accounts

Now that you more specifically know what you want, it's time to decide how you want your accounts to be managed. When accounts are fully managed by fund managers, they are called managed accounts. Today's investors have exactly three options on this step:

1. Manage your account yourself-

This method is for investors who have:

• Plenty of time to watch the market, keep up with company & economic news.
• Necessary skills to analyze all the technical and fundamental investment analysis.
• Resources and tools to perform the analysis and act on this info quickly.

       
2. Half-and-half -

Investors who don't have the time, skills, or resources above but would like more control than the option below, do some of the work on their accounts themselves, such as:

• Spending time looking at stocks and funds.
• Learn limited skills, usually by themselves.
• Using some online resources.
• Constantly watching their account status.

The problem with this middle road option is that these non-full-service accounts depend more than the other two types do upon finding a very dedicated financial advisor. The general mindset of the pros allows this type of account to be less watched than a full-service account, and therefore, you may only warrant a call from them AFTER they get your account in bad shape! Babysitting them is a must with this type of account. As is finding a constant source of high-quality investing advice. So therefore, if you have to go through the trouble of finding such a great financial advisor, then why not just have that financial advisor do all the work for you? (Perhaps we're a little impartial, though...)

3. Have a pro manage your investments for you. -

You can still choose your level of involvement with this option, such as if you want them to call you first before trades, or if you give them permission to trade on your behalf. In general though, this option is the smartest way to achieve your goals, hands down, depending on if you can truly find the right financial advisor for the job. I can't stress that point enough, so make sure that he or she comes highly recommended.

Don't settle for: "He hasn't ruined my accounts yet..."

Search hard for: "My financial advisor not only calls me back promptly each and every time I call, but he has doubled my money in record time! And you should see his resume, too! I simply can't recommend him enough! I trust this person with my life! If only I was still single!!!"

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