Hello, and thank you for the suggestion.xgbsSS wrote: ↑ Before you go with anyone, what exactly are you looking for in terms of financial planning? Places like Edward Jones, IG or the bank aren't necessarily there to help to "plan." They may give you generic advice and sell you financial products.
Depending on the amount of assets you have, going with a fee-only advisor that is independent of firm is a good choice. The reason for this is that when you go to a specific firm, the firm sells you products to compensate themselves. Going to IG et al., you pay MERs that are 2-2.5% each year to cover their costs and compensate them. It's their way to earn a commission. The problem with that is these fees reoccur every year. Going to a fee-only, you have an upfront cost. This can cost $2-3k easily, but think about it. If say you have $100k in assets, that is 2-3% one-time. These advisors can access Series F mutual funds or low cost investments that are not only solid choices, but are low fee to you. The fund choices are also based on your needs as they are being compensated by their fee so there is less (likely) pressure for them to sell you a product to earn a commission. Series F and other low costs funds are often less than 1%, and with enough assets can save you much more over time.
If you do not have a large number of assets, are young and are just merely accumulating funds, going with low-cost self service options are likely better. Self-service options are not difficult and are effective in terms of accumulating wealth first. There are a ton of resources, including RFD in how to scale your situation.
Regardless, feel free to post your situation. if you can state your general networth, funds you have invested, debts, age, income, and financial goals here, you can have at least some ideas what you can do and so you have some ideas of what is out there based on responses so that before you go to IG, Edward Jones etc. you have an idea of what competitor options are so you can help protect yourself from bad sales.
I would need a bit more information in terms of the actual accounts here. How is your $500k split up? Are any of your accounts spousal RRSPs in your wife's name? What interest rate are you paying on your Tesla loan? And how much can you save each month?Double_J wrote: ↑ Hello, and thank you for the suggestion.
I am 45yrs old and ideally want to retire in 13 yrs. I am not sure how realistic that is. I have a little over 500k put in to investments. Some rrsp, funds, and pensions from past employers. Zero in tfsa however.
I own a couple of properties. My primary home and a cottage that has two houses. The smaller house at the cottage is currently rented out to long term tenants. If I liquiditated these I would expect to have another 700k after repaying the mortgage.
My only debt is my car. I signed up for an 8yr loan for a tesla.
Current salary is approximately 130k with bonus.
I'm married and she makes about 60k and won't save a penny in the next 13 yrs.
and how would someone find a fee-only advisor?xgbsSS wrote: ↑ Before you go with anyone, what exactly are you looking for in terms of financial planning? Places like Edward Jones, IG or the bank aren't necessarily there to help to "plan." They may give you generic advice and sell you financial products.
Depending on the amount of assets you have, going with a fee-only advisor that is independent of firm is a good choice. The reason for this is that when you go to a specific firm, the firm sells you products to compensate themselves. Going to IG et al., you pay MERs that are 2-2.5% each year to cover their costs and compensate them. It's their way to earn a commission. The problem with that is these fees reoccur every year. Going to a fee-only, you have an upfront cost. This can cost $2-3k easily, but think about it. If say you have $100k in assets, that is 2-3% one-time. These advisors can access Series F mutual funds or low cost investments that are not only solid choices, but are low fee to you. The fund choices are also based on your needs as they are being compensated by their fee so there is less (likely) pressure for them to sell you a product to earn a commission. Series F and other low costs funds are often less than 1%, and with enough assets can save you much more over time.
If you do not have a large number of assets, are young and are just merely accumulating funds, going with low-cost self service options are likely better. Self-service options are not difficult and are effective in terms of accumulating wealth first. There are a ton of resources, including RFD in how to scale your situation.
Regardless, feel free to post your situation. if you can state your general networth, funds you have invested, debts, age, income, and financial goals here, you can have at least some ideas what you can do and so you have some ideas of what is out there based on responses so that before you go to IG, Edward Jones etc. you have an idea of what competitor options are so you can help protect yourself from bad sales.
It can be difficult to find a good one. Fee-only advisor is not a protected title, so it would be important to ask what they charge, how they are paid, and whether they offer funds. If they do offer funds, you ask what type of funds they offer and what series they can offer from these funds. Some do not offer investments and these ones can direct to where and what to buy.
