Investment Adviser

[Fobulous]

Looking to start using an investment adviser to handle my money.

Anyone else go this route? What can I expect to pay when it comes to commissions?

-FoB.

[troutman]

Originally Posted by Fobulous

What can I expect to pay when it comes to commissions?

Undisclosed

http://www.osler.com/NewsResources/C...ual-Fund-Fees/

[fundmark19]

Less questions more PMing Slava. He will sort you out!

[Fobulous]

I live in the US so I am not sure Slava will be able to help me out unfortunately.

[Red]

Go for a fee only adviser that does not sell products or is associated with a firm that does.
Adviser should give you a good advise on taxes etc. but be careful where you put your saved money. And don't underestimate Index investing. It's boring and very un-cool, but it might make more sense.

http://www.marketwatch.com/story/war...nds-2014-03-13

http://www.cbc.ca/marketplace/episod...w-me-the-money

[Locke]

Originally Posted by Fobulous

I live in the US so I am not sure Slava will be able to help me out unfortunately.

You're American? You dont need investment advice just send a cheque to 'Wall Street: General Delivery' and you'll be well taken care of...

[GP_Matt]

I use an adviser through BMO Nesbitt Burns.

My adviser knows who I am and my portfolio and monitors everything for me. He provides buy and sell recommendations for me that meet my goals/strategy.

For compensation, I pay a commission on every trade that is around $200 but I only buy stocks so that is the only compensation they receive.
The actual commission depends a lot on the value of your portfolio though. I think 1% a year is normal on a somewhat actively managed portfolio.

Whoever you go with though, make sure that you are aware of their motivations when advising something. There is a certain number of companies/advisers who make their money by steering you into their company funds which provide them with the highest fees going back to them.

I don't think that is a big group but if you don't understand how they are being compensated you risk ending up with someone like that.

On a personal note, I don't trust funds that have large fees to sell them or fixed timelines in which you can't sell. I don't think they are inherently wrong, I just don't trust them personally.

[Slava]

Originally Posted by troutman

Undisclosed

http://www.osler.com/NewsResources/C...ual-Fund-Fees/

Its just not really true. I mean yes, there are advisors out there who tell you nothing or hide behind vague descriptions of the fees. There is new legislation that should effectively stop that practice though, and make things much more transparent.

I also think that advisors should be openly discussing how they get paid, and what they get paid. I know I have no qualms with that.

[ah123]

I use someone who works at BMO Nesbitt Burns as well. She charges me commission on any stock purchases and sales, plus she gets some money from the mutual funds companies for the mutual funds she sells me. I agree with GP_Matt that you need to understand why they are suggesting what they are.

The one thing I did do, was spend time reading up on investing and the markets, just so that I could ask intelligent questions (I had heard enough anecdotes about investment advisors suggesting investments that were not right for the investor)

[Neeper]

You could also take control of your own future and learn how to do it yourself. It does take time, but can be achieved if you are committed.

[troutman]

Originally Posted by Slava

Its just not really true. I mean yes, there are advisors out there who tell you nothing or hide behind vague descriptions of the fees. There is new legislation that should effectively stop that practice though, and make things much more transparent.

I also think that advisors should be openly discussing how they get paid, and what they get paid. I know I have no qualms with that.

I'd like a reform where you get an annual simple one page disclosure statement, that shows exactly to the penny what your advisor earned on your account, and exactly the growth of your portfolio (less your own contributions). I think that information is in the material I get now, but it is not easy to understand.

[Phanuthier]

www.wealthfront.com

Look at who invests with them..... and you'll see a very familiar name on the management team.

PS : If you want to thank me, list me as a referrer.

[Slava]

Originally Posted by troutman

Undisclosed

http://www.osler.com/NewsResources/C...ual-Fund-Fees/

Originally Posted by troutman

I'd like a reform where you get an annual simple one page disclosure statement, that shows exactly to the penny what your advisor earned on your account, and exactly the growth of your portfolio (less your own contributions). I think that information is in the material I get now, but it is not easy to understand.

Actually that is the exact reform coming. It doesn't show what your advisor received, it shows what the dealership they work through received (which is an issue IMO as it basically overstates advisor compensation). It is plain english and shows what you have earned though. Its always mystified me why that wasn't the statement since day one though!

[Madman]

+1 for Slava.

[Fobulous]

A lot of great advice. Thank you for those that responded.

To the comment about managing this on my own. Although I agree it is something that can be learned, I just do not think I could become as good as a person that is within the field already and lives and breathes investments as an occupation.

[Wormius]

Just started working with RBC Dominion. The reason we went with them is, well, we are a bit lazy financially - but we did want somebody who was proactive with advising us. We felt previously the advisor was just sitting there, and not really helping us it came to things like when to take profits, moving things around, or taking advantage of new opportunities that become available.

I think the key thing is to find a "fiduciary", I think the term is. Those are the investment advisors who are supposed to be only looking out for your best interest, and not anybody elses.

[Locke]

Originally Posted by Fobulous

A lot of great advice. Thank you for those that responded.

To the comment about managing this on my own. Although I agree it is something that can be learned, I just do not think I could become as good as a person that is within the field already and lives and breathes investments as an occupation.

This is a wise attitude.

[Calgary14]

Whoever you go with, Id recommend fee only. Too many advisors recommend what they sell as they get commissions

[1stLand]

Education yourself about Real Estate and start investing in Real Estate.

3 ways to make money through real estate

1. Asset Appreciation
2. Mortgage Payment / Equity Growth
3. Monthly Cashflow (Rent Minus Expenses)

The key to investing in Real Estate is buying at the right time, and being patient.

It is also important to diversity and contribute to RRSP's and Investments.

[Phanuthier]

Originally Posted by Calgary14

Whoever you go with, Id recommend fee only. Too many advisors recommend what they sell as they get commissions

Thus ... check out wealthfront.com