Bank of Valletta organised an evening educational event for its clients served through the BOV Investment Centre in Ħal-Qormi and its satellite branches.

Participants were addressed by Marketing and Business Development head at BOV Asset Management Mark Vella and Retail Business Support Unit head Grace Debono.

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

In the 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.

During the two-hour session, the speakers gave an overview of an individual person's life cycle, explaining how needs change according to 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 Mr 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 said that there are a number of questions that need to be addressed before starting a solid, long-term financial plan. "Most of these are of a personal nature," he said, "and are based on individual needs and goals, but in some instances there is a need for professional assistance, which the bank can offer through its network of regional Investment Centres and its Wealth Management arm."

Speaking at the conclusion of the event, both speakers thanked the manager of the BOV Investment Centre in Qormi Sandra Magro and the managers of the respective satellite branches for their contribution in making the event a success.