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Session 14: Various Investment options offered by Mutual Funds

We are glad to have you with us for our Fourteenth Session – Various Investment options offered by Mutual Funds.

Alright so now let's get started with our learning session today and let us see the various categories of mutual fund schemes available and the investment options they offer for investing your hard earned money.

The world of financial innovation and exuberance has introduced many of us to numerous exotic financial products. Mutual funds too, over the years have become innovative in their offering; and today investors have so many options that they often seem either confused or completely swayed by the exuberance. You see, while numerous categories for investing may be good; you need to recognise what each of them aim for, and whether they suit your risk profile and investment objective. And this session of our learning initiative does exactly that by educating you on various categories of mutual fund schemes and the available investment options.

So let's first take a quick view at the typical classification of mutual fund schemes and then understand each of them in detail.

Typical classification of mutual funds

Basis Type of funds/schemes
1 2 3 4 5 6
A. Tenor Open Ended Close Ended - - -
B. Asset Class Equity Debt/Income Hybrid Real Assets - -
C. Investment Philosophy Diversified Equity Sector Index Funds Exchange Traded Funds (ETFs) Fund of Funds (FOF) Fixed Maturity Plans (FMPs)
D. Geographic Regions Country/Regions Offshore - - - -

The table here exhibits classification of a mutual fund scheme on the basis of Tenor, Asset Class, Investment Philosophy and Geographic Regions. You see this broader classification makes way for various categories of mutual funds that we shall learn of now in detail.

  1. Mutual Fund Schemes by Tenor

    (As you may know, 'tenor' refers to the 'time'). Mutual funds can be classified on the basis of time as under:

    • Open-ended funds:

      • These funds are available for fresh subscription and redemption all throughout the year

      • (So...) Investors have the flexibility to buy or sell any part of their investment at any time, at the prevailing price (i.e. NAV)

      • These funds do not have a fixed tenor (...So their existence is perpetual until they are wound-up or merged with any other mutual fund scheme)

      • The unit capital of an open-ended mutual fund scheme keeps varying

      • (But it should be noted that...) An open-ended mutual fund scheme is not obliged to keep on selling new units at all times (...If the management thinks that it cannot manage a large-sized fund optimally, it can stop accepting fresh subscription requests from investors.)

      • (However...) An open-ended mutual fund scheme can repurchase the units at all times

      • Such funds are susceptible to the worry of regular and sudden redemptions

    • Close-ended funds:

      • They are available for subscription during a specified period (...So they are unlike the open-ended ones)

      • Buying into a close-ended mutual fund scheme after its NFO period is not possible

      • (This is because...) They have a time period until which investors' money is locked-in

      • (However...) The units of a close-ended mutual fund scheme may trade at a premium or discount to the NAV (...depending upon investors' expectations of the scheme's future performance and prospects.)

      • (Due to the lock-in period...) Close-ended funds are not prone to regular and sudden redemptions

  2. Mutual Fund Schemes by Asset Classes

    In one of our earlier learning sessions we introduced you to asset classes such as equity, debt, gold and real estates. Mutual funds provide you with an opportunity to invest in such asset classes by investing in funds from their stable; so let's learn about such funds.

    • Equity Funds:

      • (As the name suggests, these funds...) Invest in equity as an asset class, in shares / stocks, rights, warrants, and other equity related instruments

      • (They may as per their investment mandate...) Invest in the respective market capitalisation segments (...such as large cap, mid cap or small cap or even hold a mandate to invest across market capitalisation and adopt a flexible approach)

      • (They may...) Invest in growth stocks, value style or dividend-yielding stocks depending on the investment objective (...and this in turn sets the nature of the schemes.)

      • (Thus on the basis of the nature of stocks it holds in the portfolio...) Equity Funds may follow a growth style, value style or a combination of both – called as blend style of investing (...which we will learn in brief as we progress with our learning session today.)

      Suitability => Equity funds are suitable for investors with an appetite and tolerance for high risk and want to earn better real rate of return (i.e. inflation-adjusted returns) in the long run and who invest with an objective of meeting their long-term financial goals.

    • Debt Funds or Income Funds:

      • (These funds ...) Invest in debt and instruments such as Certificate of deposits, corporate bonds, debentures, fixed deposits of banks, commercial papers, Treasury Bills, inter-bank term money and money market instruments (...amongst others.)

      • Debt funds are divided into two sub-categories i.e. short-term and long-term on the basis of the maturity profile of the papers they hold (...And then there are some which may invest dynamically across maturities.)

        Debt Funds are of various types ( depicted by the chart here)

      Type of Fund Invests in…
      Liquid Funds Mainly invest in very short term money market instruments with maturity up to 91 days. Also invest in call money
      Ultra Short Term Debt Funds Portfolio comprises a mix of certificate of deposits, commercial paper, call money and other money market instruments with slightly higher maturity than the instruments held in liquid funds
      Floating Rate Funds Typically invest in short-term instruments offering flexible interest rates i.e. whose interest rate reflects the prevailing interest rate in the country
      Short-term Income Funds Have exposure to short-term bonds, deposits and NCDs. May also invest in T-bills and Government securities with maturity of less than 3 years
      Fixed Maturity Plans Provide exposure to bonds, NCDs and money market instruments that have maturity profile in line with the horizon of the scheme the Fixed Maturity Plan (FMP).
      Dynamic Bond / Flexi-Debt Funds Such funds invest in short-term as well as long-term bonds and NCDs. They may also invest in Government securities with maturity of up to 5 years
      Long-term Income Funds Invest in bonds and debentures with maturity of more than 5 years. Can also invest in Government securities with maturity profile of 5 to 10 years.
      Gilt Funds or G-sec Funds Invest only in securities issued by the Central and/or State Government.

      Suitability => Debt funds are suitable for investors who are rather risk averse and do not mind compromising on real rate of returns (i.e. inflation-adjusted returns) they would earn in the long run, and generally have near or short-term financial goals. But while doing that care should be taken to select from various categories of debt mutual fund schemes.

    • Hybrid Funds:

      • (As the name suggests, these funds ...) Invest in multiple asset classes which could hold equity instruments, debt instruments and even gold.

      • They are mandated to allocate a certain portion of their AUM in the respective asset classes

      • Depending upon their dominant exposure to equity or debt they are classified as equity-oriented hybrid funds and debt-oriented hybrid funds

      • Balanced Fund is an example of equity-oriented hybrid fund

      • While Monthly Income Plans (MIPs) and capital protection funds are examples of debt-oriented hybrid funds

      • Suitability => (Thus...) Hybrid funds can be suitable for investors who want to tactically allocate their assets; but the selection therein should be done as per their risk appetite and tolerance ( order to hold an appropriate fund in the portfolio.)

    • Real Asset Funds:

      • (These funds...) Invest in physical assets such as gold and real estate

      • Gold Exchange Traded Funds (ETFs) and Real Estate Investment Trusts (REITs) fall within the category of real asset funds

      Suitability => Those who wish to invest in other asset classes and diversify their portfolio by assuming high risk thereto, can invest in Real Asset Funds.

  3. Mutual Fund Schemes by Investment Philosophy

    You see within the diversified equity funds, there is an array of schemes on the basis of the style of investing and the market capitalisation they follow; so let's learn about it...

    • Value style: Value investing refers to buying stocks whose market value is severely deviated from their fair intrinsic value. (...Unlike market value, which is readily quoted, intrinsic value is not available easily and has to be estimated by conducting thorough fundamental analysis by studying various ratios such as Price-to-Book Value, (P/B), Price-Earnings (P/E), Dividend Yield, Price to Sales; amongst a host of others.)

      Value investing also revolves around a set of investment principles which are:

      • Companies should have sound management

      • Earning capacity of the companies (...Which can be judged by brand equity, Earnings per Share (EPS) growth rate, amongst others.)

      • Consistency in returns

      • Prudent approach to debt financing (...Which can be judged by paying attention to capital gearing ratio, debt-service coverage ratio, interest service ratio, financial leverage, amongst a host of others.)

      • Buying at the right price (...which can provide enough margin of safety.)

      • Long-term investment approach

        Suitability => Value style funds are suitable for those who give due weightage to the tenets of value investing that we just learnt of.

    • Growth style: - Growth style of investing focuses on the following factors for stock picking:

      • Companies that deliver above-average earnings (...and have with them a strong competitive position and opportunities galore for further growth, thus enabling them to pursue the growth path.)

      • Companies that have higher PE (Price-to-Earning) multiple (...but at the same time make them appear inexpensive when looked at the future growth potential it has to offer.)

      • Companies with lower dividend yields (...through which, instead of declaring dividend from the earning, the company uses the accruals for facilitating growth for the company.)

        But following the aforesaid distinctive principles, growth investing also follows some of the value investing principles while selecting companies.

        Hence, even the legendary value investor - Mr Warren Buffett too stated that there's no theoretical difference between value investing and growth investing. He said "Growth and Value Investing are joined at the hip". And hence recognising that, later Mr Peter Lynch pioneered the concept of GARP (Growth at Reasonable Prices) investing wherein he mentions that one should look at consistent earnings' growth that are above the market level but at the same time avoid companies with high valuations while following growth investing.

        Suitability => Growth style funds are suitable for those who are willing to assume high risk in their endeavour to create wealth at an accelerated pace.

    • Blend style: - (...As mentioned earlier...Blend style of investing follows...) a combination of value and growth style of investing while picking stocks for the portfolio. (...Hence it depicts the traits of both, but to what extent the fund manager follows each of them, remains his prerogative.)

      Suitability => Blend style funds are suitable for those who wish to follow the tenets of value investing, but at the same time would like to assume a little more risk and accelerate the pace of wealth creation.

      Now apart from the typical or the more commonly known styles of investing...that we just learnt of...a mutual fund scheme could also have the mandate to follow the...

    • Opportunities style: - Opportunities style funds (as the name suggests) invest in stocks of companies across market cap segments (large cap, mid cap, small cap) and across sectors. They hold a flexible investment mandate due to which these funds stand a better chance to benefit from attractive investment opportunities in various market segments. However in practice, this depends mainly on the fund manager's expertise in identifying and tapping promising investment opportunities well before others.

      Suitability => These funds are suitable for those who wish to take advantage of opportunities across sectors and market capitalisation optimally, but by assuming a little higher risk as against a typical diversified equity fund.

      Now apart from following a particular style of investing, mutual funds can also offer schemes that are mandated to invest a predominant portion of their assets towards the respective market capitalisation segments. So let's learn about such funds...

    • Large cap mutual fund schemes: - These funds are usually mandated to invest a predominant portion of their assets in large cap companies which stand at the uppermost layer of the market capitalisation pyramid. (...Some traits about large caps are: )

      • Companies with well-established businesses and stable revenues

      • They have a high market share

      • Usually are well-researched

      • Their performance is more predictable (...than the highly volatile mid caps)

      • They have the ability to weather the unfavourable economic conditions better

      • (Hence...) These companies generally command a premium over the mid and small cap companies

        Suitability => Large cap funds are an indispensable part of the equity portfolio, irrespective of the risk appetite of the equity investor. (...So even if you have a large appetite for risk, you must include in your portfolio some petite composition of large cap funds along with mid and small cap funds showing a dominant portion).

    • Mid cap mutual fund schemes: - These funds are usually mandated to invest a predominant portion into mid cap companies which fall below the large caps but above the smaller companies in the market capitalisation pyramid. (...Some traits about mid cap companies are:)

      • They are well-established but have the potential to grow as they are yet in the growth stage of their life cycle

      • They are leaner in size ( compared to large caps) but have the ability to accelerate returns on investments

      • They are often less researched (...and hence, more often, available at a discount to the large caps)

      • They are more volatile (...and not as stable as compared to large caps) as they tend to show fluctuations in profits and at times struggle to sustain when the going gets tough (...And for this reason investment in midcaps is considered risky; but it could be well rewarding over the long-term.)

      Suitability => Mid cap funds are suitable for those who are willing to assume high risk in their endeavour to clock alluring returns. (...This is because, while mid caps show a tendency to do well during the upside of the market, they also tend to plunge (and some plunge rather violently) during the downside of equity markets. Hence although one could invest as permitted by risk appetite, it is imperative to stay invested for the long-term to strike a better risk-return trade-off.)

    • Small cap mutual fund schemes: - These funds – also known as micro cap funds - are usually mandated to invest a predominant portion into small cap companies which fall below the market capitalisation of mid cap companies. So they are at the bottom of the market capitalisation pyramid. Some traits about small cap companies are:

      • These companies are often under-owned (...As very few investors have the heart to invest in under-researched smaller companies.)

      • They are leaner in size as compared to mid caps

      • The volume of transactions (on the stock exchange) and liquidity in small caps is low (...It is noteworthy that low volumes create a great price impact when sudden buying or selling shock occur.)

      • Thus investing in small cap carries very high risk

      • (But...) They have the potential to generate super-normal returns

      Suitability => Small cap funds are suitable for those who are willing to assume very high risk in their endeavour to clock super-normal returns. (...Small caps, as learnt, often have fewer transactions on the exchange and low liquidity, and thus that instils volatility in them when sudden buying and selling occurs. Hence, although one could invest as permitted by risk appetite, it is imperative to stay invested for the long-term to strike a better risk-return trade-off.)

    • Multi cap mutual fund schemes: - These funds are facilitated by their mandate to invest across market capitalisation, i.e. large caps, mid caps and small caps. Thus by doing so they spread their risk across market capitalisation and even capture investment opportunities across segments (...depending upon the market scenario therein. Moreover, they are not confined to one particular style of investing; which allows them to follow a value, growth or blend style of investing.)

      Suitability => Multi cap funds are appropriate if you are willing and / or want to take exposure across market capitalisation to tap opportunities, and at the same time want to diversify risk.

    • Flexi cap mutual fund schemes: - These funds, as enabled by their mandate, aim to optimise exposure to every market capitalisation segment depending on its attractiveness. (...In other words, a flexi cap fund can work as a large cap fund if the fund manager expects a better performance from large caps, and it may serve as a mid & small cap fund if the fund manager turns bullish on mid-sized companies. Moreover, some funds go one step ahead and switch between asset classes such as debt and equity with the flexibility to go 100% on either sides. )

      Suitability => Flexi cap funds work as all-weather funds for the portfolio and are appropriate for those who wish to optimally capitalise on the available opportunities within market capitalisation and even asset classes vide a flexible investment mandate.

    • Sector / Thematic Funds:

      • (These funds...) Focus to invest in a particular sector

      • (Thus...) A dominant portion of the fund's assets is invested in the respective sectors (...which could be FMCG, power, IT, media & entertainment, banking & financial services, etc.)

      • Thematic funds are a variation to sector funds and have a slightly broader mandate for investing by following a theme

      • Thematic funds could invest in themes such as infrastructure, consumption, etc. (...which invest in such stocks that comprise a theme.)

      Suitability => Investors who are willing to take very high risk and are adequately diversified but yet wish to follow their conviction of investing in sectors / themes may consider such funds.

    • Index Funds:

      • (These funds...) Are aligned to the respective benchmark indices

      • The portfolio of such funds replicates the composition in terms of allocation or weightage of the chosen index

      • These funds nearly mirror the performance of the designated benchmark index

      • (Thus...) Index funds are passively managed ( against diversified equity funds, sector funds and hybrid equity funds which are actively managed.)

      • They carry with them low expense ratio, relatively low portfolio turnover ratio and thus a low risk ( compared to actively managed mutual funds.)

      Suitability => Index funds can be considered by those who are naïve to mutual fund investing as they generally command low risk amongst the equity funds. So, if you are relatively risk averse but yet want to take exposure to equities and mirror the performance of the benchmark index, then you may invest in such funds.

    • Exchange Traded Funds (ETFs):

      • (These funds...) Are traded on the exchange (...and therefore called Exchange Traded Funds or ETFs.)

      • They can be bought or sold on the stock exchange on a real time basis (...through your registered stock broker.)

      • The AMC may not offer sale and re-purchase of units (...As in the case of other open-ended funds, where NAV is declared.)

      • ETFs are traded on the respective stock exchanges and are benchmarked to their respective indices

      • (Today...) ETFs are available for pre-specified equity indices and also those which mirror the price of gold

      • Most ETFs are passively managed

      Suitability => ETFs are suitable again for naïve investors looking for lower cost, convenience of investing and who are relatively risk averse, but yet want to take exposure to equities and mirror the performance of the benchmark index.

    • Fund of Funds (FoFs):

      • FoFs invest their money in other funds of the same mutual fund house or other mutual fund houses (...So, it is unlike the other mutual fund schemes which invest in stocks and debt instruments directly for portfolio construction.)

      • FoFs could have a mandate to invest in funds focusing on investing in various asset classes and markets / regions

      • (Thus FoFs...) Provide an opportunity to create a diversified portfolio of various mutual fund schemes; whereby one can avail of the benefit of: diversification by fund manager and investment style (...followed by funds in the portfolio.)

      • FoFs may help in diversification across types and investment style ( investing in a single fund)

      • Relieves you from the process of selecting the right mutual fund schemes (...since the FoF fund manager takes care of that.)

      • Reduces hassles such as multiplicity of transactions, filling forms, maintaining multiple account statements and tracking multiple mutual schemes (...usually experienced while investing directly in regular mutual fund schemes.)

      • (But...) FoFs may have a high expense ratio ( compared to a regular mutual fund scheme.)

      Suitability => FoFs are suitable for small and new investors willing to build a portfolio of mutual funds but lack resources and skills to research and select the right funds. Also for those who want to eliminate the hassle of maintaining and tracking their investment in multiple schemes, but are ready to bear high expense ratio.

    • Fixed Maturity Plans (FMPs):

      • FMPs are close-ended schemes with fixed tenure that cease to exist thereafter

      • (Being close-ended...) FMPs are listed on the stock exchange

      • They invest in debt & money market instruments of similar maturity as the stated maturity of the plan (...Which means a 90 day FMP will invest in debt & money market instruments that mature within 90 days like 3-month Certificate of Deposits (CDs), 3-month Commercial Papers (CPs), etc.)

      • (Unlike bank FDs...) The maturity amount in case of FMPs is not fixed

      • There is no default guarantee or insurance ( in the case of bank FDs that comes with a DICGC guarantee or insurance up to a sum of 1 lakh per bank.)

      • (Also unlike bank FDs where investors have an option to prematurely exit...) FMPs do not provide investors with an option to exit

      • (However...) Exiting prematurely is permissible through a sell transaction on the stock exchange

      Suitability => FMPs are suitable to those who wish to clock better post-tax returns as against bank or corporate FDs; but who are willing to take slightly high risk since the maturity proceeds are not guaranteed.

  4. Mutual Fund Schemes by Geographic Regions:

    • Country or Region Specific Funds:

      • (These funds...) Invest in securities (equities and / or debt) of a specific country or region or economic groupings, viz. developing & emerging economies and developed economies

      • The underlying belief is that the chosen country or region is expected to deliver superior performance (...Which in turn be favourable for securities of that country.)

      • Such funds have an exposure to currency risk, interest rate risk, macroeconomic risk, regulatory risk and geopolitical risk

      • (But...) They can facilitate geographical diversification

      Suitability => Country or region specific funds can be suitable if one is adequately diversified within the domestic portfolio, and is looking for further diversification across countries or regions; but is willing to bear high risk emanating from such an investment. Moreover, care should be taken while selecting such funds.

    • Offshore Funds:

      • (These funds...) Are domiciled outside the home country where the mutual fund house is registered

      • They are usually established in countries which provide a significant tax advantage for foreign investors (...Some popular countries for offshore investments are Isle of Man, the Bahamas, Bermuda and the Cayman Islands.)

      • (Thus...) They ought to comply with the regulations of the country where they are registered

      • Offshore funds mobilise money from investors for the purpose of investment outside their home country

      • Offshore funds invest in listed equities and debt securities

      • They facilitate geographical diversification

      • (Nonetheless...) Investors in offshore funds are exposed to regulatory risk, geopolitical risk, macroeconomic risk and currency risk

      Suitability => Before investing in offshore funds, one should have a fair diversification within the domestic portfolio, and then if risk appetite permits, may invest in offshore funds for geographical diversification. (...But utmost care should be taken while selecting offshore funds, and one should avoid those which have a mandate to take an acute country-specific exposure.)

Now, having learnt the classification and the various types of mutual fund schemes therein, let's learn about the various options that mutual fund houses provide investors with: such as dividend, growth and bonus.

Options Available For Investing In Mutual Funds

  • Dividend Option:

    This option facilitates investors to book profits in the form of dividend and provides further sub-options:

    • Dividend Payout: - This option proposes to timely pay distributable surplus / profits to investors in the form of dividends either through cheques or ECS credits, thereby facilitating them to book profits.

    • Suitability => This option can be selected by those who are in need of cash flows during the investment horizon and may not have regular flow of income.

    • Dividend Re-investment :- (Under this option instead of paying dividend cheques or providing ECS credits...) The dividend amount declared by a mutual fund scheme, goes in to buy additional units of the same scheme (where one is invested). So it keeps re-investing the dividend proceeds in the same scheme.

    • Suitability ? This option is suitable for investors who are not in need for cash flows in the form of dividend during the investment horizon; but instead would prefer to add additional units to the same scheme (where they are invested via the dividend declared for the scheme.)

      It should be noted that selecting the dividend option in no way makes it mandatory for the fund house to declare dividends. It is solely subject to the performance of the respective mutual fund scheme, availability of distributable surplus and discretion of the Trustees.

    • Growth Option:

      This option facilitates compounded growth in value of your mutual fund scheme, subject to the investment bets taken by the fund manager.

      Suitability => This option is suitable for those investors who are not in need for cash flows in the form of dividend during the investment horizon; but would instead prefer to invest their hard earned money for compounding their wealth.

    • Bonus Option:

      Under the bonus option investors are not paid regular dividends. Instead they continue to receive bonus units in accordance to a ratio declared by the fund house. (...Very few mutual fund houses have this option.)

      Suitability => This option is suitable to those who wish to add units to their investments as per the ratio of bonus declared.

    Overall while selecting between the options that we discussed, one should align them well in accordance to what the financial plan calls for, so as to achieve the life goals being addressed by the financial plan.

Today while investing in mutual fund schemes, investors can opt for either the direct plan or the standard plan. So, let's learn what they mean...

Direct Plan vs. Standard Plan

  • Direct Plan:

    • (Opting for this plan...) Facilitates investors to invest directly in the mutual fund scheme offered by the fund house

    • (So here...) Investor can bypass the distributor channels

    • Direct plan has a lower expense ratio (as against the standard plan)

    • (So...) Investors can save a good deal of money and thus may fetch better returns

    Suitability => Savvy investors who use the online platform and don't mind investing in mutual funds using e-route may be better off opting for direct plans. Likewise those who take independent advice on mutual funds from a mutual fund research company can also consider investing through direct plans.

  • Standard / Regular Plan:

    • (By opting for this plan...) Investors go through the distribution channel, whereby the investments are done through mutual fund distributors / agents / relationship manager / advisor

    • Servicing issues are taken care of by the mutual fund distributor / agent / relationship manager / advisor

    • Standard plan commands a high expense ratio

    • (Thus eventually...) Returns fetched under standard plan could be a little lower ( against a direct plan)

    Suitability => Investors who are looking for convenience, getting service, not having access to mutual fund research and therefore do not mind paying a higher expense ratio and compromising on the returns a bit, can opt for the standard plan.

Some Key Takeaway Points!

  • Care should be taken while selecting mutual fund schemes ( as to have the appropriate ones that can meet your financial goals.)

  • Have funds from the respective categories of mutual fund schemes as per your investment objectives

  • Equity funds carry high risk (...And therefore are suitable if you have an appetite and tolerance for high risk and want to earn better real rate of return.)

  • Equity funds are suitable if you have a long-term investment horizon and wish to clock better real returns

  • Debt funds are suitable if you are risk averse and do not mind compromising on real rate of returns

  • Tactical allocation can be facilitated by hybrid funds

  • Sector / thematic funds carry very high risk

  • (While...) Diversified equity funds expose you to lower risk ( following the basic tenet of investing i.e. diversification.)

  • FoFs provide an opportunity to create a diversified portfolio of various mutual funds schemes by investing in a single fund

  • Country or region specific funds and Offshore funds facilitate geographical diversification but expose you to regulatory, geopolitical risk, macroeconomic risk and currency risk

  • Selection between dividend, growth and bonus option should be done carefully in alignment to your financial plan

  • Opting for Direct Plan helps to clock better returns ( compared to Standard Plan) due to relatively low expense ratio charged

So to end our today's learning exercise we now invite you to test your learning by taking up this simple quiz (and win exciting prizes!)

Just Click On The Link Below.

Thank You For Participating!

Disclaimer: The contents of this document are only for informative purposes and are not to be used or considered to be an offer to sell or buy units of Franklin Templeton Mutual Fund schemes. This video is for information purposes only, provided on an 'as is' basis. Nothing in it should be construed as personal financial advice. You are responsible for your own investment decisions and you should seek advice concerning suitability from your investment adviser regarding any of the investments mentioned. The video is for personal non-commercial use only and may not be copied, stored, redistributed or broadcast in any way. We recommend you read the complete Terms of Use.

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The Retirement Planning Guide

The Retirement Planning Guide