PUT YOUR FINANCIAL 'TEAM' IN PLACE TO HELP YOU (FINANCIAL FOCUS)

This "Financial Focus" column is prepared by Edward Jones Investments, headquartered in St. Louis. Jones includes branches throughout the nation, including Cape Girardeau and Jackson.

Where can you go for investment advice? Anywhere. Everywhere. Look in magazines, surf the Internet, turn on your television, listen to your neighbor everywhere you turn, you'll find sources of information. Some of what you see, read or hear may be well-intentioned. Some of it comes from "expert sources" who actually have vested interests in the advice they're dispensing. But none of it the advice, the "tips," the predictions, the strategies is tailored to you and your individual needs.

That's why you should strongly consider putting together a financial "team" to help you meet your goals. You need to work with professionals who will take the time and effort to get to know you and understand your objectives.

In putting together this type of team, where should you begin? First, keep in mind that your financial situation contains several interrelated elements, including investments, insurance, taxes and estate planning. Let's look at one simple example to illustrate the various connections among these areas. Suppose you buy a mutual fund because you want to accumulate money for retirement. That's the investment component. As your mutual fund grows, it creates taxable distributions; plus, if you sell your fund, you may have to pay capital gains taxes. So now you have a tax issue, as well. If you hold on to your mutual fund long enough, it will become part of your taxable estate which affects your estate plans.

We've just reviewed the path of on uncomplicated investment. When you think about your retirement plans, insurance policies and estate planning arrangements, such as a will or a living trust, you can see that all these vehicles will likely involve every piece of your overall financial picture.

To help you make sure all your financial planning arrangements are working together, you will probably need the services of an investment representative, a tax professional, and an estate-planning professional, such as an attorney.

Investment representatives can help you select those investments and investment strategies that are right for your particular needs. They also may be capable of presenting you with insurance solutions.

Before choosing an investment representative, interview several to find out how they work, how they get paid, what their qualifications are, and how much experience they've had working with people like you.

Your investment representative may know the names of good tax professionals and estate-planning experts. These people can help you with the tax and estate-planning implications of the investments you've chosen. Plus, they can keep you current on tax and estate laws, which change frequently.

Once you've gotten your financial team in place, use it wisely. Consult with the individual members on moves you want to make and changes in your family and financial situations. You may want to schedule regular reviews with team members, either as a group or individually.

When you use your team of advisers correctly, you'll find it's a lot easier to achieve your goals. In the financial world, teamwork pays off.

The Southeast Missourian does not recommend that readers buy or sell stocks featured in this column, which is provided for informational purposes only.