Comments on: Finding a Financial Advisor, Part 1 http://www.canadiancapitalist.com/finding-a-financial-advisor-part-1/ Helping you invest and prosper Fri, 19 Mar 2010 02:53:21 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Toby http://www.canadiancapitalist.com/finding-a-financial-advisor-part-1/#comment-197159 Toby Thu, 06 Aug 2009 03:55:48 +0000 http://www.canadiancapitalist.com/?p=992#comment-197159 I am having a great deal of difficulty with Etrade Canada/ScotiaiTRADE in that they have double reported portions of my income for the taxation years 2005 through 2008. I have asked for a clarification in order to clear up the confusion with CRA and I am getting huge resistance. Has anyone else had this problem? I am having a great deal of difficulty with Etrade Canada/ScotiaiTRADE in that they have double reported portions of my income for the taxation years 2005 through 2008. I have asked for a clarification in order to clear up the confusion with CRA and I am getting huge resistance. Has anyone else had this problem?

]]> By: Galen http://www.canadiancapitalist.com/finding-a-financial-advisor-part-1/#comment-176384 Galen Sun, 28 Dec 2008 19:34:29 +0000 http://www.canadiancapitalist.com/?p=992#comment-176384 I think you can find an advisor on the internet and many have done just that. However, it is very important to do you due diligence. Just because a financial planner has a CFP does not make him competent. Ask for references. I think you can find an advisor on the internet and many have done just that. However, it is very important to do you due diligence. Just because a financial planner has a CFP does not make him competent. Ask for references.

]]> By: George Biggar http://www.canadiancapitalist.com/finding-a-financial-advisor-part-1/#comment-145431 George Biggar Wed, 30 Jul 2008 14:23:27 +0000 http://www.canadiancapitalist.com/?p=992#comment-145431 I have read most of the comments here to date. We live in a world where everyone is becoming more and more specialized. As tax laws and business regulations grow more complex daily, and as various aspects of modern living become more complex as well. Living has become more complicated of late. Higher levels of divorce and more double income families, some with one pay cheque and one business owner, and the growing demographic numbers of "empty nesters" wanting to nurture their nest egg into their old age, etc., ad infinitim... I think the biggest reason one would hire a financial planner is that "you don't know what you don't know". It is that simple. I am a business owner, with five kids, a working wife, and many pursuits other than work, and I already spend more than enough hours trying to understand the applicable regulations and processes that are required to run my business to turn a profit without going to debtors prison or tax jail. I don't have time to also be a financial planner. What I can be is an active participant between my CMA (Certified Management Accountant) and my CFP (Certified Financial Planner). My approach is based on the fact that my CMA would be the expert on tax laws, my CFP the expert on what investment approach will work best for me in the long term. Together, all the bases are covered. And I still have time to be an expert daddy, with a little time to be an expert yachtsman the odd weekend. -George Biggar I have read most of the comments here to date.

We live in a world where everyone is becoming more and more specialized. As tax laws and business regulations grow more complex daily, and as various aspects of modern living become more complex as well. Living has become more complicated of late. Higher levels of divorce and more double income families, some with one pay cheque and one business owner, and the growing demographic numbers of “empty nesters” wanting to nurture their nest egg into their old age, etc., ad infinitim…

I think the biggest reason one would hire a financial planner is that “you don’t know what you don’t know”. It is that simple.

I am a business owner, with five kids, a working wife, and many pursuits other than work, and I already spend more than enough hours trying to understand the applicable regulations and processes that are required to run my business to turn a profit without going to debtors prison or tax jail. I don’t have time to also be a financial planner.

What I can be is an active participant between my CMA (Certified Management Accountant) and my CFP (Certified Financial Planner).

My approach is based on the fact that my CMA would be the expert on tax laws, my CFP the expert on what investment approach will work best for me in the long term. Together, all the bases are covered.

And I still have time to be an expert daddy, with a little time to be an expert yachtsman the odd weekend.

-George Biggar

]]> By: Finding a Financial Advisor, Part 2 http://www.canadiancapitalist.com/finding-a-financial-advisor-part-1/#comment-143606 Finding a Financial Advisor, Part 2 Mon, 21 Jul 2008 02:23:53 +0000 http://www.canadiancapitalist.com/?p=992#comment-143606 [...] response to the first post on the series on finding a financial advisor, Thicken My Wallet posed an interesting question – why would anyone want to search for potential [...] [...] response to the first post on the series on finding a financial advisor, Thicken My Wallet posed an interesting question – why would anyone want to search for potential [...]

]]> By: E-Trade, Seat Sales and Weekend Reading - July 18, 2008 | Million Dollar Journey http://www.canadiancapitalist.com/finding-a-financial-advisor-part-1/#comment-143175 E-Trade, Seat Sales and Weekend Reading - July 18, 2008 | Million Dollar Journey Fri, 18 Jul 2008 09:31:00 +0000 http://www.canadiancapitalist.com/?p=992#comment-143175 [...] Canadian Capitalist shows us how to find a financial advisor. [...] [...] Canadian Capitalist shows us how to find a financial advisor. [...]

]]> By: postal code look up http://www.canadiancapitalist.com/finding-a-financial-advisor-part-1/#comment-142913 postal code look up Wed, 16 Jul 2008 15:46:24 +0000 http://www.canadiancapitalist.com/?p=992#comment-142913 [...] Canadians don??t have the interest and/or inclination in DIY planning and would rather hire a financhttp://www.canadiancapitalist.com/2008/07/13/finding-a-financial-advisor-part-1This is not the Postal Service you are looking forOh, jeez! Want to look up somebody's Zip code? [...] [...] Canadians don??t have the interest and/or inclination in DIY planning and would rather hire a financhttp://www.canadiancapitalist.com/2008/07/13/finding-a-financial-advisor-part-1This is not the Postal Service you are looking forOh, jeez! Want to look up somebody’s Zip code? [...]

]]> By: venter http://www.canadiancapitalist.com/finding-a-financial-advisor-part-1/#comment-142814 venter Tue, 15 Jul 2008 21:00:20 +0000 http://www.canadiancapitalist.com/?p=992#comment-142814 I agree that if all your advisor does is sell you mutual funds you likely could do as well yourself with etf/index funds. That being said, a true advisor will be able to assist his clients with all aspects of their finances. This includes risk management (insurance), tax efficient investment options, budgeting/credit counseling, estate planning, tax analysis etc. That's what I do and my clients appreciate the service I provide. I agree that if all your advisor does is sell you mutual funds you likely could do as well yourself with etf/index funds. That being said, a true advisor will be able to assist his clients with all aspects of their finances. This includes risk management (insurance), tax efficient investment options, budgeting/credit counseling, estate planning, tax analysis etc. That’s what I do and my clients appreciate the service I provide.

]]> By: Canadian Capitalist http://www.canadiancapitalist.com/finding-a-financial-advisor-part-1/#comment-142612 Canadian Capitalist Mon, 14 Jul 2008 21:26:54 +0000 http://www.canadiancapitalist.com/?p=992#comment-142612 First, I should clarify that I'm not looking to hire a planner. I'm checking out what is available out there. It's a good point that referrals from friends and relatives should be added to list of potential candidates. I also agree that proximity doesn't matter. I point that out to show that there are plenty of advisors available. Tony: That's a great tip. Let us know how it works out for you. NN: I believe, like you do, that investment advice isn't worth paying for. Asset allocation is so important that if an investor can't or won't do it themselves (it is amazing how many, otherwise educated and smart people, have no interest in managing their portfolio. For someone with a $200K portfolio learning to manage their portfolio could save $4K per year!), they should be willing to pay someone to get it done. Then there are other areas like insurance, wills and estates and taxes that *may* need expert advice. First, I should clarify that I’m not looking to hire a planner. I’m checking out what is available out there. It’s a good point that referrals from friends and relatives should be added to list of potential candidates. I also agree that proximity doesn’t matter. I point that out to show that there are plenty of advisors available.

Tony: That’s a great tip. Let us know how it works out for you.

NN: I believe, like you do, that investment advice isn’t worth paying for. Asset allocation is so important that if an investor can’t or won’t do it themselves (it is amazing how many, otherwise educated and smart people, have no interest in managing their portfolio. For someone with a $200K portfolio learning to manage their portfolio could save $4K per year!), they should be willing to pay someone to get it done. Then there are other areas like insurance, wills and estates and taxes that *may* need expert advice.

]]> By: NN http://www.canadiancapitalist.com/finding-a-financial-advisor-part-1/#comment-142591 NN Mon, 14 Jul 2008 18:33:01 +0000 http://www.canadiancapitalist.com/?p=992#comment-142591 I just don't see how anyone with an interest in managing his/her own money, and a high school education, can consider paying another for regular investment advise. There is a proliferation of information that is available at no cost - I seriously doubt that any particular FP could conduct research that would give an advantage to his/her clients, and the calculations necessary to estimate the appropriate capital allocation are so easy? For smaller portfolios the options are rather limited in any event, and as your portfolio grow I think the occasional services of a good tax consultant may be more beneficial. I just don’t see how anyone with an interest in managing his/her own money, and a high school education, can consider paying another for regular investment advise. There is a proliferation of information that is available at no cost – I seriously doubt that any particular FP could conduct research that would give an advantage to his/her clients, and the calculations necessary to estimate the appropriate capital allocation are so easy? For smaller portfolios the options are rather limited in any event, and as your portfolio grow I think the occasional services of a good tax consultant may be more beneficial.

]]> By: Tony http://www.canadiancapitalist.com/finding-a-financial-advisor-part-1/#comment-142578 Tony Mon, 14 Jul 2008 18:14:21 +0000 http://www.canadiancapitalist.com/?p=992#comment-142578 When I said "there is no minimum" I meant no minimum initial portfolio. Like I said, you don't even need to buy your funds through them. When I said “there is no minimum” I meant no minimum initial portfolio. Like I said, you don’t even need to buy your funds through them.

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