Personal Finance

Looking for an advisor (Ottawa)

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  • Dec 15th, 2013 9:32 pm
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[OP]
Newbie
Feb 17, 2009
99 posts
39 upvotes
Ottawa

Looking for an advisor (Ottawa)

Hey all,

I am looking to start doing some steady investing bi-weekly for my retirement in the next 30 years. (hopefully sooner!)

Looking to see who people use and experiences with certain companies.

Currently I am looking at either my bank (CIBC) or Investors Group...

Anyone have some companies/names that can get a referral, or people to stay away from?
13 replies
Deal Fanatic
Jul 1, 2007
8265 posts
1229 upvotes
Just a general bit of advice: if you don't have at least $100K be aware that most good advisors won't give you the time of day whereas the crappy ones will still find a way to make money off you (through back/front loaded mutual funds generally). If you have over $100K know that you should be able to attract a good advisor, that you shouldn't be forced into back/front load fees, and that you should be getting a written financial plan from your advisor.

If you are under $100K know what your options are:
a) Work with a fee-only (aka: fee for service) financial planner. You pay him/her a flat fee or an hourly rate to draft a financial plan. You then take the advice and implement your portfolio strategy yourself in the cheapest way possible with ETFs, index funds or your own stock portfolio if you can manage this.
b) If you are unable to implement your own portfolio and would like a bit more hand-holding, work with an advisor at your bank. They can set up a basic portfolio of mutual funds for you, give you some basic planning tips and won't put you into back or front loaded funds (be aware though that you'll be paying them through higher mutual fund MERs)
Money Smarts Blog wrote:
Nov 29th, 2010 11:18 am
I agree with the previous posters, especially Thalo. {And} Thalo's advice is spot on.
Penalty Box
Apr 16, 2012
3565 posts
684 upvotes
Greely
I've seen countless threads about this but I yet to come across an actual sample financial plan from an advisor.


Can someone post what their adviser did for them ?

Did they actually say, call up TD, sell all your US stocks in your TFSA, rebuy in your Non Registered and use your TFSA to buy Canadian stocks, etc?


Or do financial planners do the exactly the same thing as Globe and Mail articles and they just tell them to do a bunch of stuff that I already know?
Sr. Member
Oct 14, 2012
627 posts
354 upvotes
Woodstock
Have you considered doing it yourself with a "couch potato" approach of just buying a couple of index-mirroring funds (Canada; US; and perhaps 1 international) plus some fixed income investment such as a few GICs?
If you haven't heard about this approach, you can read a lot about it on the Couch Potato's website:
http://canadiancouchpotato.com/couch-potato-faq/
[OP]
Newbie
Feb 17, 2009
99 posts
39 upvotes
Ottawa
Thanks for the tips.

No I do not have 100k that I am able to invest. I have been doing a lot of reading on the ETF approach and it sounds something worth looking into. I would love to manage my own account, though I do not think I will have the time to put into it on a regular basis to watch over it. That is someething I would be interested in after a few years.

For the couch potato investing... It sounds interesting... May look into that

Going to pick up a book over the holiday as well to read.

Was thinking the wealthy barber returns. I read the original back 4-5 years ago and it was great.
Deal Addict
Jun 9, 2003
4484 posts
600 upvotes
Thalo wrote:
Dec 12th, 2013 9:52 am
Just a general bit of advice: if you don't have at least $100K be aware that most good advisors won't give you the time of day whereas the crappy ones will still find a way to make money off you (through back/front loaded mutual funds generally). If you have over $100K know that you should be able to attract a good advisor, that you shouldn't be forced into back/front load fees, and that you should be getting a written financial plan from your advisor.

If you are under $100K know what your options are:
a) Work with a fee-only (aka: fee for service) financial planner. You pay him/her a flat fee or an hourly rate to draft a financial plan. You then take the advice and implement your portfolio strategy yourself in the cheapest way possible with ETFs, index funds or your own stock portfolio if you can manage this.
b) If you are unable to implement your own portfolio and would like a bit more hand-holding, work with an advisor at your bank. They can set up a basic portfolio of mutual funds for you, give you some basic planning tips and won't put you into back or front loaded funds (be aware though that you'll be paying them through higher mutual fund MERs)
Does that mean 100k in cash currently free for investing, or does that include current assets like equity in property, $ in the markets either non-registered or RRSP, TFSA, etc.?
Deal Fanatic
Jul 1, 2007
8265 posts
1229 upvotes
Equity in property shouldn't matter to a good advisor. Run for the hills if the advisor recommends taking out a HELOC on your home and investing it all (there are benefits to doing this in implementing a "Smith maneuver", which you can find plenty of info on in this forum, but often advisors recommend doing this simply to get a referral bonus on the HELOC and having more money available to invest).

Should add to my previous post, don't do BOTH a and b. Don't pay a fee-only financial planner and then invest your money with an advisor at the bank; that's paying double!

E-series are a good cheap way to implement your strategy, as are Streetwise funds. You don't really need much more than that, just build an appropriate portfolio, re-balance it annually (nobody needs to "monitor" it).
Money Smarts Blog wrote:
Nov 29th, 2010 11:18 am
I agree with the previous posters, especially Thalo. {And} Thalo's advice is spot on.
Deal Addict
User avatar
Oct 14, 2001
1626 posts
415 upvotes
GMA
I would advise you to keep it simple. Start from a simple coach potato strategy and tweak it as you wish. Open a TDCT e-Series account and use the pre-authorized purchases feature to contribute automatically and rebalance manually every year.
[OP]
Newbie
Feb 17, 2009
99 posts
39 upvotes
Ottawa
As I said... I currently am looking for simplified approach.... If tv e serries is the way to go then I am interested.

When I get a 50-100k portfolio i will be posting again. I am just wanting a better idea than the TSFA that I am doing now.... Thinking long term.

I have read the original wealthy barber and which is why in am wanting to read the next one.
Deal Addict
Dec 8, 2008
1703 posts
130 upvotes
On a related note..

I am planning on selling my condo and moving to another country for two to three years. If I were to have about $150k from the proceeds of my sale, which I don't plan on using until I return to canada, what do you think is the best option for me? Risk averse, no time to invest/manage (I will be studying abroad), two to three year horizon and 150k. Thanks for any inpt
Banned
Nov 27, 2006
2200 posts
444 upvotes
Toronto
Man, these threads are such a headache.

Hearzy, I don't think you got that much to invest. Any balanced mutual fund portfolio will get you started. Very easy. Fire and forget, move on with your life.

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