By Dennise Williams, Staff reporter 
Tamara Silvera, left, Alliance Investment account executive speaks to a client. - Winston Sill/Freelance Photographer
IF YOU decide to take a trip to an unknown destination, hopefully you consult a map first. It would seem logical that you wouldn't just cast off into the wilds and hope for the best.
A professional financial advisor will help you to create a roadmap for the road to prosperity.
Now, we can all get advice about money from Uncle John, but a financial advisor is a licensed professional. Before someone can hang a sign on their door to take your money, they must first pass muster with the Financial Services Commission (FSC).
The FSC's Web site says the Securities Act requires individuals or companies wishing to enter the securities industry as dealers, investment advisors, or their representatives to be licensed by the Securities Commission.
Some of the basic requirements are a bachelor's degree or higher in economics or accounting and a minimum of two years experience working in the Securities industry.
But financial planning is not just about licenses, interest rates, stocks and bonds and fixed deposits held for 30 days.
A qualified, professional advisor will look at your total life picture, not just try to sell you a financial product.
It is all about the kind of life the individual wishes to live, because for all intents and purposes, money is just a tool. It was what you achieve with the tool that determines success.
And don't think that, "I am a poor man, and I can't bother". Financial advice is for "topanaris."
As told to Sunday Business by William Massias, president and chief executive officer of Capital Solutions Ltd., financial advice is for any Jamaican with ambition.
"A few years back, the man who washed my car asked if he could save with our company but only had $1,000 to invest," Massias said. "I said no problem; we don't turn anyone away. And two years later, he now has about $50,000 in savings."
His company caters to a range of people and there is no minimum investment amount.
"We believe that if someone comes with a small amount of money, like $5,000, if we treat them well, they will recommend their friends and continue to invest with us," Massias said. Most companies that Sunday Business spoke with, echoed that statement.
"Barita designed their unit trust investment package for persons with less than $10,000 to invest," said Barita Investments' senior investment consultant. "In fact, a person with just $5,000 could invest in shares (stocks) as well."
Lissant Mitchell, assistant vice president of treasury at Pan Caribbean Merchant Bank told Sunday Business that, "we have different products for different investors. But our savings account only requires a minimum of $1,000 to open."
So you see that the amount of money that you have right now can get you started. But financial advising is not just about money. It is about what you want to achieve.
The financial planner must have an understanding of where you are in life. According to Massias, "Most people come into the office and tell you what they want. They don't have time to let you access their financial landscape. In fact, Jamaicans are robotic with putting their money on deposit."
And that is causing people to miss out on investing their money optimally.
ASK QUESTIONS
At Alliance Investment Management, an account executive told Sunday Business that, "People shouldn't just come in and put down their money. They should ask how a financial planner can help."
Said Mitchell, "The 30 year old with three kids, working full-time and going to school part-time will have a different investment need than the 30 year old who is single, lives at home and only pays a car note. The first example would need more income earning investments, while the second person could invest for growth in stocks."
Consider the following financial planning needs one individual can have
Retirement planning
Paying for a child's education
Investment planning
Business planning
Debt reduction
Home purchase
Each aspect of your life must be carefully looked at and a clear direction mapped out.
Meet your planner yearly or if major life changes such as marriage, divorce, death, or birth of a new child or grandchild occurs.
Massias states that his company will take the initiative and call their clients. "We call our clients every month to say that their deposits have matured and ask if they have any concerns, etc."
But an important element in the search for a guide to financial prosperity, is your comfort level. Go where you are treated the best and you feel your needs are being served.
The FSC has a complaints department that will investigate irregularities if you have complaints. Also keeping an eye on financial advisors is the Consumer Affairs Commission (CAC).
In a similar fashion as their yearly textbook price review, the CAC will be taking a close look at the financial institutions in Jamaica.
"We have decided to review the various financial service provi-ders," CAC director of research, information and communication, Raymond Price, told Sunday Business. "We will look at the market and see how the products are pitched.
We will not make recommendations about where to invest, but through our Web site, we will provide the public with an unbiased set of criteria in which to judge a financial company."
