Dear Nancy Woods,
I have recently sold my primary residence and moved to a new home with my partner. My question is what can I do with my net proceeds from my house sale? I have approximately $625,000, am debt free and I am struggling to decide on how best to invest these funds.
Signed, VM
Dear VM,
I would need a lot more information to give you a portfolio suggestion. Portfolios are designed with many factors in mind, including your age, number of dependents, employment, income, risk tolerance, objective for the funds, time frame that you would expect to draw off of them, growth expectations, income expectations to name a few. You need to go over these things with an investment professional that can guide you.
Get a couple of suggestions because investment advisers have varying investment styles. Some sell only stocks and bonds, some use other investment managers, some sell only mutual funds, some do combinations of products. Interview advisers to find out their experience, results, and their investment philosophy. Find one that you think can best address your needs and with an investment plan that makes the most sense to you.
Nancy Woods, CIM, FCSI, is an associate portfolio manager and investment advisor with RBC Dominion Securities Inc. To ask her a question, send an e-mail to asknancy@rbc.com
READ MORE FROM OUR ASK AN ADVISER SERIES HERE