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What Every Investor Should Know...

Defining Your Investment Objectives

E

ach investor has unique investment objectives that are affected by short- and long-term needs and requirements. This fact sheet will help you work with your financial adviser to determine how to best meet your financial goals.

Setting Goals and Identifying Needs This step provides the foundation of your relationship with a financial adviser. Step back and reflect on your short- and longterm goals, such as funding college for children, business expansion, travel plans, or retirement needs.
You should identify these goals with your financial adviser so that his or her recommendations will directly address your needs.
(See the CFA Institute fact sheet “Managing the
Relationship between You and Your Adviser” for more information on how to effectively communicate with your adviser.)
Risk Tolerance Risk is often defined as portfolio volatility, or the fluctuation in the value of your assets over time. At a personal level, risk can mean the chance that you won’t achieve your goals or the risk of losing your savings. Understanding your tolerance for risk, which differs for each investor, is key to choosing an investment program.
Your tolerance for risk is a very personal characteristic that may be difficult to determine and may change over time. Your emotional make-up plays a role in your willingness to take risk. But your objective ability to bear risk, given your wealth and financial needs, is important too. Your age may also affect how much risk you can assume: As you become older, there is less time to recover from poor investment results and your appetite to take risk may change — but your wealth and circumstances will probably change too. You may also have different risk tolerances for different parts of your portfolio, for example, money intended for retirement and educational funds for

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