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BOV discusses the importance of Financial Planning with its Investment Centre clients
21 Apr 2017

Bank of Valletta organised an evening educational event for its clients serviced through BOV Investment Centre in Ħal-Qormi and the relative satellite Branches at Xara Lodge l/o Rabat.

Participants were addressed by Mr Mark Vella, Head Marketing and Business Development at BOV Asset Management and Mrs Grace Debono, Head Retail Business Support Unit at Bank of Valletta.

Welcoming participants, Mrs Grace Debono explained, “Today’s financial services world has evolved dramatically. As life expectancy continues to increase, with the United Nations classifying Malta in the ninth position, with a life expectancy age of 84 by 2050, people need to actively work towards building the funds necessary to maintain their lifestyle after they reach their pensionable age.”

In light of the above, the Bank is organising a series of Educational Initiatives with a specific focus on Financial Planning and the importance of understanding the stages in the investor’s life cycle.

In the course of the two-hour session, the speakers gave an overview of the individual person’s life cycle, explaining how needs change with one’s circumstances depending on the stage reached in one’s life and consequently the factors one should consider in financial planning. “There is no one size fits all formula,” said Mark Vella. “Customers need a long-term, cohesive plan with constant reviews and an end goal.”

In recent years the Bank has evolved its financial servicing model into a more customer centric approach.  Mrs Debono explained that the three core areas are personal finance, the ever evolving e-banking solutions and investment products, offering more diversification that address customers’ needs today. “These core areas set the ground for a solid foundation when building your long-term financial plan,” concluded Mrs Debono.

Mr Vella stated that there are a number of questions that one needs to address before starting a solid long term financial plan.  He continued by saying that “most questions are of a personal nature and are based on the individual needs and goals, but in other instances one would need professional assistance, which the Bank can offer through its network  of regional Investment Centres and its Wealth Management arm”.

Speaking at the end of the event, both speakers thanked Mrs Sandra Magro, Manager OV Investment Centre in Ħal-Qormi, and the Branch Managers of the respective satellite branches for their contribution in making this educational event a success.

 

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