New to RSP Mutual funds

[KappaSigma]

I am looking at slowly investing in some mutual funds. Now I have no prior experience. Who should I deal with? And what sort of porfolio should I be looking at? What to include and what not to include (such as international, etc).

Any advice?

[Rav4Guy]

Since it's in your RSP, it will depend on if your opening an account at a bank or at a brokerage firm. The reason is that an account at a branch will allow you to participate in MFs + fixed income only where as at a brokerage firm, you'll have access to everything (provided it is RSP eligible).

Having said that, I'm assuming your time horizon will be long. How's about risk... 50% moderate or 100% spec? Any sectors your sepcifically interested in or have first hand knowledge of? How much capital? (that's a big one)

All the things that will definitely affect your choices.

[KappaSigma]

Originally posted by Rav4Guy
Since it's in your RSP, it will depend on if your opening an account at a bank or at a brokerage firm. The reason is that an account at a branch will allow you to participate in MFs + fixed income only where as at a brokerage firm, you'll have access to everything (provided it is RSP eligible).

Having said that, I'm assuming your time horizon will be long. How's about risk... 50% moderate or 100% spec? Any sectors your sepcifically interested in or have first hand knowledge of? How much capital? (that's a big one)

All the things that will definitely affect your choices.

Time horizon = very long term.
Risk = moderate to aggressive

I do not have any knowledge of any sector, so unsure. I am looking at setting up an account where every 2 weeks I contribute to it. Looking at starting small at $100 every 2 weeks.

Thoughts? A place like ING?

[max_boost]

Go talk to a financial adviser at your branch.

[Rav4Guy]

Originally posted by KappaSigma


Time horizon = very long term.
Risk = moderate to aggressive

I do not have any knowledge of any sector, so unsure. I am looking at setting up an account where every 2 weeks I contribute to it. Looking at starting small at $100 every 2 weeks.

Thoughts? A place like ING?

Check out something like Front Street Capital. Frank Mersch does an amazing job with these funds. $5000 min. + $100 subsequent investments. So many funds out there so make sure the person you work with looks at what the fund managers are capable of.

Like Max_Boost states, the best bet is to talk to an advisor that your comfortable working with.

[Xtrema]

Also, if you're earning a salary, check for payroll deduction plan. May limit the choice of provider but you pay less tax up front instead of waiting for returns @ each year.

[Doozer]

Yup, my mutual fund contribution is deducted off my paycheque before I ever see it. I've been doing it for several years, and started at about the same rate that you are thinking. It's nice because I never have to think about it; I never see the money and just get the fund statements in the mail.

However, my wife and her entire family have a broker that they've used for years, and meet with once or twice a year. I'm debating about switching to him, simply because it seems like they have a closer relationship, and maybe that'll translate into a better portfolio (more $$$). Not sure about fees involved in switching though.

Whatever the case, it's easy to start one if your employer has something, and then once you're putting money in somewhere, you can forget about it for years at a time (like I do) and the money continues to build up while you decide about the rest of your life.