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[IMAGE: "Monica Powell"]As an extension of our commitment to educating women, Wachovia is featuring interviews with top female executives who share their insights and perspectives on issues surrounding Women and Money.
This featured executive is Monica Powell, Senior Vice President and Senior Managing Director of Wachovia Securities' Retail Investment Group.
Wachovia: Please describe your current position and responsibilities at Wachovia Securities.
Powell: I am Senior Vice President and Senior Managing Director of Wachovia Securities' Retail Investment Group. In that role, I manage more than 1.9 million Wachovia Asset Management and IRA Accounts with over $130 billion in assets. Asset Management Accounts combine clients' banking and investment activity into one relationship. One of the things I like best about my accountis that all of my banking and investment activity is shown on one convenient statement each month. Each month, I can see my allocation of assets and how my investments are performing—all in one place.
Wachovia: You currently handle some of your own personal investment research and placements. Please describe what that entails, and the types of investments you are comfortable making.
Powell: I have a Financial Advisor at Wachovia Securities, LLC. whom I meet with on a regular basis. The advisor helps set my overall investment strategy and provides sound advice and direction. I do many trades through my advisor, but I also do some on my own. I make sure the trades I do are consistent with the strategy I developed with my Financial Advisor. For example, if we feel I need to increase my retirement holdings, I often will conduct research to determine which IRA investments best meet my investment strategy.
Wachovia: Why did you decide to do some of your own investment research?
Powell: I enjoy doing some of my own research because it allows me to learn more about the investments in which I'm interested and determine if they fit into my overall strategy. It also allows me to have more in-depth conversations with my Financial Advisor. It is much easier to do investment research today because of the enormous amount of information that is available on the Internet, the library, and other places.
Wachovia: Should everybody be doing their own research?
Powell: I recommend that everyone have a Financial Advisor to help set objectives and lay out a plan to reach those objectives. I think it helps to be an active participant in this process. Part of that is doing your own research—at least some of the time. The more research you do, the more comfortable you will become.
Wachovia: What advice do you recommend to women who want to invest but may be inexperienced?
Powell: The first thing you should do is get a Financial Advisor. Work with your Financial Advisor on an overall plan to help get you started. When you feel comfortable, you may want to invest a little on your own for the experience. But be sure that your investments fit into your overall strategy. One thing you may want to consider is systematically investing* into a mutual fund. Each month, you can have as little as $50 taken out of your account to be automatically invested. Also, I recommend that you take a close look at your retirement savings. If you feel you are not saving enough for retirement, consider opening an IRA and contributing a certain amount of money to it on an annual basis.
Wachovia: Do you have any advice for women who want more information about managing their money?
Powell: Start reading all you can on investments and financial planning. There are numerous magazines and books that can help, and there is a lot of information available on the Internet. Your Financial Advisor should also be able to provide you literature and other information.
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