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MAKING A FINAL CHOICE
You should now be able to apply
the information and generic advice offered by FundAccount to your own circumstances.
You should only take appropriate risks with your hard earned capital
after due consideration of your personal and financial circumstances.
In particular, the following should be carefully thought about:-
· Your financial resources and
obligations both now and in the future
· Plans for the future which might impact on your investment decision
· The need to protect you and yours - adequate insurance cover for the
key risk areas - family protection against illness or premature death
so that your dependants will be secure
· The need to have an income in old age
· Your taxation position now and in the future
· The need to take a medium to long term view of your investment You
must be objective about the above - the costs must be taken into account.
If you are still unsure and feel you need professional and independent
advice, then that is what you should do.
Assuming that you have already
considered the above and still wish to proceed and select a fund, then
here are the choices:-
· Follow you own nose (after studying FundAccount!)
· Leave the decision to the fund manager
The first needs no further explanation.
Most fund management companies
offer some means whereby investors can effectively leave this decision
to the fund manager on an ongoing basis. This may take the form of a
discretionary agreement giving discretion to the fund management company
to invest the investor's cash across a defined range of funds. However,
such an arrangement often involves additional charges and normally is
only available for investment of a significant minimum sum e.g. £25,000.
For the investor of modest means there are alternatives available. Either
- A Fund of Funds · a fund which invests into other mutual funds · usually
the list of eligible funds is restricted to those offered by the particular
fund management company or An Active Managed or Balanced Managed Fund
· a fund which invests into assets at the discretion of the investment
manager
The following number among the
advantages and disadvantages of this style of fund management :- Advantages
· The fund manager must make ongoing decisions about asset allocation
on a global basis · The fund manager must therefore make ongoing decisions
about holding assets overseas and hence make currency decisions and
judgements about the overseas economies and markets
Disadvantages · "Funds of Funds"
are usually restricted to the funds offered by the particular fund management
company - they may not all be good performers! · In many cases these
"global" funds have not always been the best performers in the past
