The survey, conducted by Leger Marketing, found that investors are struggling to determine what they should do with their investments and, in many cases, are investing their money with not much confidence they are making the right choices.

According to the survey, more than half (58%) of respondents who know what investments they hold think they are not on the right track.

Meanwhile, about one in five respondents do not know what they hold in their investment portfolios, a one-third say they do not know what should be in a successful investor’s portfolio.

A slim majority — 57% — said they understand the mark of a successful investor is that they consult with a financial advisor, but only 34% reported having a financial plan.

BMO points out that this is an improvement over last year, when only 27% reported having a financial plan.

Canadians are also unsure how much attention their portfolios deserve. While 63% of survey respondents indicated that, ideally, investments should be monitored on at least a weekly basis, if not daily, 73% said they check their investments no more often than monthly.

“If you are following a well-defined strategy, you should be reviewing your investments at least once a year,” counsels said Tina Di Vito, director, retirement strategies, BMO Financial Group.

“However, we recommend you also re-evaluate things as your personal situation changes. This could include major life changes such as getting married, having a child or purchasing a home.”

The survey sought responses from a national random sample of 1,519 Canadian adults, 18 years of age or older, and was conducted between January 4 and 7, 2010.

IE