Do you have a financial planner/wealth advisor?

[dezmarez]

I am curious to see how many beyonders have a financial planner/wealth advisor?

If so, what services do they offer?

If not, why don't you use one?

[quick_scar]

No. Not yet anyways.

I have never really thought about it, or when I have, dismissed them as too expensive and not worth it yet (even though I have no idea what they cost). I am still young with no kids and just handle the basics myself. I have things covered in the event I die, but thats about it.

[Sugarphreak]

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[RawB8figure]

Be sure to find a good one that you can trust.

https://www.youtube.com/watch?v=gNmHabm-Osg

[ercchry]

i always thought this was something for the older crowd... once you are on a fixed income and have a net worth to live comfortably off mediocre gains.... and you know... have 0 knowledge of how to invest it yourself

[BigMass]

I think a financial planner could mean more than just "pick some stocks or funds". Could be about actually managing everything about your finances including debts (mortgage, credit cards, student loans, car lease) your estate, fine art collection, RRSP and TFSA, maximizing tax benefits etc. If its just about "where should I put my money". Stick it in the SPY or QQQ and you'll out perform like %90 of fund managers lol.

[mazdavirgin]

I figured I am smarter and more informed on the topic than most financial planners so why would I trust someone who is less competent with my cash?

[Sugarphreak]

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[ExtraSlow]

I've wondered about a fee-only advisor, and I'm attracted to the idea. What you don't want is to have one of the commission-based salespeople from a bank giving you "advice". That's often just a sales job.

That being said, once you have a certain amount of assets with the bank, sometimes you'll get to talk to a "real" advisor, one who isn't on commission, and some of them are decent and have helpful motivation. I can't compare them to the independent, fee-only type though.

Hoping some folks can chime in here. It's a topic I'd like to learn more about.

[Mibz]

Originally posted by Sugarphreak
1) If somebody was really good at building wealth, they wouldn't be working at an adviser for the average Joe... they would either be working for 7 figures somewhere, or be sitting on a beach enjoying the sun... or a combination of both.

This was always my thought. If you really knew how to maximize gains, you wouldn't be talking to me.

Financial advisers are like mechanics, fast food restaurants and Staples tech support. They're for people who either can't or choose not to do these things for themselves, so they pay somebody else to do it for them. Which is totally fine. I completely understand having better things to do with your time than learn something you may not have any interest in. In fact I'd rather people use financial advisers than just go completely uneducated.

The issue comes from people who think FAs do any more than the average person with a trivial amount of knowledge on the subject, or that they possess the magical market-predicting skills that they advertise.

[calgarygts]

I worked in the financial industry for a little while and picked up enough knowledge to be comfortable with my financial skills to go it on my own. I'm no guru, and am certain there is plenty I don't know that a good financial advisor would, but I pay no fees and have been able to make some pretty good returns (part luck, part putting in a lot of time to research my investments).

I think as I get older and my financial picture becomes more complex there may be a point where it makes sense for me to get someone else to start managing my finances, but for the time being I'm quite happy to make all those decisions myself. I'm with Mibz - I have an interest in my finances and educated myself enough to make informed decisions, therefore I don't need to pay someone else to do that for me.

[themack89]

Originally posted by Sugarphreak
1) If somebody was really good at building wealth, they wouldn't be working at an adviser for the average Joe... they would either be working for 7 figures somewhere, or be sitting on a beach enjoying the sun... or a combination of both.

You don't actually believe this? Some people just actually care about the general public and want people to stop getting screwed over.

It's not about money to everybody. It is hard to believe though, because collectively most of us are Albertan.

I take care of my own money because it's an ego thing.

[dezmarez]

Originally posted by ExtraSlow
I've wondered about a fee-only advisor, and I'm attracted to the idea. What you don't want is to have one of the commission-based salespeople from a bank giving you "advice". That's often just a sales job.

That being said, once you have a certain amount of assets with the bank, sometimes you'll get to talk to a "real" advisor, one who isn't on commission, and some of them are decent and have helpful motivation. I can't compare them to the independent, fee-only type though.

Hoping some folks can chime in here. It's a topic I'd like to learn more about.

That's the thing there are so many types of compensation out there for financial advisors it is tough to know what their motives are.

Best bet is to ask the advisor how they are compensated.
I can explain quite a few ways they are compensated, but the thing is, it also depends on how you invest, and where you need advice.

For people doing it on your own, do you trade stocks and bonds directly or are you purchasing ETF's, or mutual funds, or hedge funds?

[Xtrema]

I don't really but the banks do have a habit of dragging me in for a review and go thru their prediction of next 6-12 months would be. I don't usually listen or if something do sounds ok, I throw them a bone.

But that's all just predictions and for 2014, they have been quite wrong.

[Redlyne_mr2]

So here's a question. If I have some cash to invest do I put it into a mutual fund, an eft or a gif? I believe the max I can put into a GIF is $31K and $6k a year after that but the return seems to be 10%/year.

I'd really like to talk to someone who an advise me on this but I get so many different answers.

[Sugarphreak]

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[baygirl]

A friend of mine has a financial advisor. Every time we walk past his new house in Watermark I point and say to her "you paid for that". He manages everything for her because she feels she doesn't know enough about the financial market to do it herself. And there's more to being an advisor than deciding where to invest when you have a certain amount of money. He also helps with budgeting and her trust. She has complete faith in him but I worry about it sometimes lol.

[ExtraSlow]

who let's you walk around watermark? I thought they had gates and guards and shit to keep you out?

[baygirl]

Originally posted by ExtraSlow
who let's you walk around watermark? I thought they had gates and guards and shit to keep you out?

Lol not quite. However my friend has a house there and apparently one of the biggest complaints of residents is that people from Tuscany come there to walk their dogs.

[broken_legs]

Anyone currently deal with an adviser who can structure Canadian family trusts, Offshore Trusts (NRT), advise on corporate vehicles for tax mitigation, foreign ownership of real property and the likes?

Please send me a PM.