Stocks and Securities Ltd (SSL) is on a mission to get people more financially literate and, according to General Manager Lamar Harris, to “demystify investment”.

In an interview with the Jamaica Observer, Harris, along with SSL Brand Supervisor Alanah Jones, explained that the company had recently wrapped up the #MyBossGoals campaign, which was aimed at providing the public with consultancy in personal financial planning.

“So for the past eight weeks we ran an integrated marketing campaign where we used media such as social media, our Google ads as well as billboards, both in Kingston and Montego Bay, [to inform the public] about mybossgoals.com,” Jones said.

The campaign was not so much about selling or promoting SSL’s products, but more so that “people would be intrigued by what they saw” and go online to take the quiz, she said. The result for any individual who takes the quiz can be one of three: fearless boss, laid-back boss, or hardcore boss.

Having taken the #MyBossGoals quiz, participants had the option of arranging a meeting with an SSL representative, whether individually, for a small group or for an organisation.

“We wanted to find a way to incorporate not just selling our products, but also financial literacy as part of the campaign,” she told the Caribbean Business Report.

“So the public could sign up for what we call a ‘breakfast and breakdown’. These are courtesy presentations from SSL where we give you exactly what the name says — a meal and a plan.”

The ‘breakfast and breakdown’ seeks to help people to understand the difference between savings and investments as well as to debunk the idea that investing is for those who have money, Harris revealed.

“We find a difficulty in Jamaica where many don’t understand the difference between savings and investment, where people put money in a savings account and think that’s all I’m going to do to reach my goal,” the general manager said, explaining that savings accounts should be for emergency funds.

“You’re taught to save with a piggy bank, but you’re not really taught that now that I have amassed it, what do I do with it,” she continued

Harris elaborated that the difference between savings and investments lies in understanding “how money works for you”.

“So over the last year or so we’ve been heavily investing in financial literacy and for people to take ownership of their finances, and to understand that regardless of what your financial status is… you are the boss and in control of your life and financial success,” Harris explained.

Jones added: “So the reason we used the boss concept or the boss goals concept was because we wanted people to personify money as your employee. So if you have money as your employee then you’re the boss of your money and you should put it to work.”

Despite the misconception that one needs a lot of money to be rich, Harris said that with as little as $5,000 an individual can buy a stock, whether Jamaica dollar- or US-denominated.

“Last year we structured several managed plans to assist clients in reaching those goals. They are called Plum Plans and Safe Solutions which are US-dollar plans, and some of them are already doing, in six months, over four per cent in US-dollar terms. So when you factor in devaluation and inflation, and add to that four per cent, you’re already ahead of the game,” she said.

The minimum entrance amount for the Plum Plan is US$25,000, while for the Safe Solution it is US$3,000.

When asked how to respond to a client who says they don’t have that much, Harris asserted: “Let me help you get there.”

She explained that another service offered, brokerage, starts at Jamaican $5,000 minimum, and with the Jamaica Stock Exchange outperforming the world last year in growth, that presents an opportunity for clients to see growth in their investments. Brokerage, however, is not limited to the Jamaican market, as Jones noted that SSL also gives customers access to the US market, including to blue chip “companies with solid financials and a good reputation”, including Nike, Amazon, Wells Fargo and Visa.

“…We really make it simple for people to enter the market,” Jones pointed out. “These are the type of companies that we give our clients access to through our products…”

“The beauty of how we structured the company is that we are trying to appeal to everyone. Investing at SSL is for everyone…It’s really about being smart; and not only rich people invest, but smart people invest [too],” the brand supervisor continued.

“People are intimidated, so we help break it down,” Harrison added. “We’ll handle the stress part for you.”