Sat | Dec 10, 2016

JMMB pioneers Goal Planning Service

Published:Wednesday | December 10, 2014 | 12:00 AM
Sinclair-Doyley

Keisha Hill, Gleaner Writer

Many of us have not thought much about which financial objectives really matter most. Instead, we muddle through our financial lives, spending to meet the day-to-day expenses.

Jamaica Money Market Brokers Limited (JMMB) has now pioneered a new goal-planning service, making it easier for more persons to plan their financial goals.

The JMMB Goal Planning Service (GPS) provides a new approach to financial planning, in a way that is designed to be more realistic and easy. Among the key distinctions of the service, which is available across all its branches islandwide, is its ability to provide clients with an approximate projected value of their goal(s), based on the type of goal and the time horizon in which the client would like to achieve it, while factoring in the economic environment.

During a recent preview session at JMMB's Phoenix Avenue office, Michelle Sinclair-Doyley, manager, client financial education, said persons have to be realistic when pursuing their financial goals.

"The goal-planning service provides a definitive view of where a client is going and then provides a simple step-by-step plan, comprised of a portfolio of financial assets, having taking into consideration a client's tolerance for risk and their budget," Sinclair-Doyley said.

Managed portfolio

The GPS is differentiated by its focus on a managed portfolio approach that brings together a variety of instruments, as opposed to a mainly product-centred approach, which currently exists in the local financial services sector. This affords clients a more diversified investment strategy, with no guesswork on their part, thereby increasing the likelihood of achieving their financial goals sooner.

Recognising that clients also have a need for increased flexibility in planning for their wide range of financial goals concurrently, the GPS will assist them to plan for the achievement of more than one goal.

"The service is designed with a client-centric approach that allows us to be in our clients' world, periodically revising and reviewing their portfolio in order to respond to the changes in the investing environment or their personal situation, while keeping them on track to achieve their goals," Sinclair-Doyley said.

JMMB is introducing this superior service, at a more affordable minimum starting amount of J$100,000, to individuals who are desirous of starting or expanding their portfolio.

JMMB will also offer clients the option of a discretionary plan that allows it to lead as the experts in developing a plan for the client, making decisions around the instruments that make up the plan; or for clients to remain the sole decision-maker in determining what investments they would like to include in their portfolio.

This new service is in keeping with JMMB's strategy of building out an integrated financial services model, which will see the group providing a diversified bundle of financial solutions that will better position it as the financial life goals centre.

keisha.hill@gleanerjm.com