Monitor Your Portfolio – A Tip for Increased Financial Literacy
While pursuing your financial goals, keep your eye on the horizon. However, don’t overlook potential detours – like rapidly changing markets – that may require a navigation change.
According to Simon Woon, president of Paragon Financial Services, one of the best pieces of advice he can give clients regarding their financial wellness is to “take a look at your statements and your current asset allocation to see if changes may be necessary.”
While he notes that asset diversification is always important, he emphasizes that monitoring your investments is as well. Done correctly, this enables you to make adjustments to take advantage of or manage risk during changing economic trends and events. Monitoring your investments also helps you stay on track toward your financial goals, and stick to your investing plan regardless of what the market does.
Speaker 1: Well, it’s always good to take a look at your statements and take a look at your asset allocation. What’s right for this current economic situation may be different a year from now.
So, diversification is always important, but also monitoring of your portfolio frequently.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendation for any individual.
The views and opinions expressed by the LPL Financial Advisor(s) are as of the date of the recording. These views may not be representative of other Financial Advisors and are not indicative of future performance or success. Neither LPL Financial nor the LPL Financial Advisor can be held responsible for any direct or incidental loss incurred by applying any of the information offered.
There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification and asset allocation do not protect against market risk.
LPL Financial and Paragon Financial Services are not related entities.