Depending on your circumstances/goals, they may be.This quote is hidden because you are ignoring this member. Show Quote
Depending on your circumstances/goals, they may be.This quote is hidden because you are ignoring this member. Show Quote
Nice call-back.This quote is hidden because you are ignoring this member. Show Quote
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You're not misunderstanding at all...however many people do not have a basic understanding of how these things work. They may think it'll go down, but be surprised by the magnitude of which it will fluctuate. For VRGO for example, in a sharp downturn in the equity markets (like in 2008) you shouldn't be surprised to see it's value drop by 30%. It's just the way it works.This quote is hidden because you are ignoring this member. Show Quote
What I find confusing is how much it is costing me at the end of the day with the funds I have, I don't find it to be clear but I may just have not put a concerted effort in admittedly. I am very hands-off and haven't make any effort to learn that part of the finance world. Also how does one evaluate whether it's worth transferring their holdings to these types (VRGO etc.) once you factor in costs and whatnot? Your adviser is never going to tell you it's the right thing to do because you're taking money from them.This quote is hidden because you are ignoring this member. Show Quote
Last edited by JRSC00LUDE; 10-18-2019 at 02:23 PM.
Originally posted by SJW
Once again another useless post by JRSCOOLDUDE.
Originally posted by snowcat
Don't let the e-thugs and faggots get to you when they quote your posts and write stupid shit.^^ Fact CheckedOriginally posted by JRSC00LUDE
I say stupid shit all the time.
Exactly. You need to do the research yourself.This quote is hidden because you are ignoring this member. Show Quote
Your holdings need to reflect your objectives. What are you trying to accomplish? Are you using the funds to retire, or...?
Next question: how long until you need the funds? What 91_Integz is saying is that VGRO and funds like it are still subject to market volatility, and VGRO as an aggressive fund especially so.
RE: costs, you pay a % of your holdings as a fee. That's the MER. If your funds have a 1% MER, you pay $1/$100 invested.
Costs to transfer are minimal. If you move to Questrade, buying an ETF is free. Transferring funds from your current RRSP/TFSA/etc. to QT is pretty easy as well.
Correct me if I am wrong but they aren't even fiduciaries - so they don't even have the slightest obligation to act in your best interests. They have about the same motivation to steer you down the right path as a used car salesman who has everything to gain and nothing to lose by bending you over as far as possible.This quote is hidden because you are ignoring this member. Show Quote
I met with an RBC adviser for our company's RRSP matching plan (I had to in order to switch the account to self directed) and he literally could not provide me with a reason why I should buy RBC ETFs haha, but he REALLY wanted me to buy them.
Well to be fair alot of these "advisor" roles are entry-level and the individuals trying to tell you what to do with your money are probably no better off than you. That's why I mentioned that these so called services are just a smoke screen designed to make you feel like you're getting proper advice.
No disrespect to anyone in these jobs but I don't like taking advice from people without bona fides. It's like getting nutrition and diet advice from a fat guy. And even then, you have to think critically if what they're telling you is aligned with your interests.
A fiduciary responsibility only exists when an Advisor (typically with the title Investment Counselor, or Portfolio Manager) provides discretionary portfolio management on behalf of a client. This service is typically reserved for the high net worth segment of the market, as Buster alluded to earlier. Anyone else who claims to be a fiduciary is lying.This quote is hidden because you are ignoring this member. Show Quote
I can help you with this if you want. Send me a PM.This quote is hidden because you are ignoring this member. Show Quote
Thanks for confirmingThis quote is hidden because you are ignoring this member. Show Quote
There is a wide variety of capability when it comes to financial advisors.This quote is hidden because you are ignoring this member. Show Quote
But if you're talking to a discretionary portfolio manager, you are talking to the highest level of qualification in the industry. Usually they have a CFA. These people are NOT mutual fund slingers from WFG.
I think I'm going to transfer my RRSP to Questrade after reading this thread.This quote is hidden because you are ignoring this member. Show Quote
Ultracrepidarian
I did, but I still keep $5k in my Scotia iTrade as I find its research tools are better than QT's.This quote is hidden because you are ignoring this member. Show Quote
But for buying/selling ETF's? QT is great.
Yeah, I just meant your typical "let's set you up with a 25 year old TD representative and he'll tell you what products to buy."This quote is hidden because you are ignoring this member. Show Quote
I think we all know there is a variety across the spectrum, but alot of people will walk into a bank talking to low end so called financial advisors who are just glorified salespeople.
Apologies for the delayed response. My last two weeks have been brutal at work. I handed in my two weeks notice last week. HA!This quote is hidden because you are ignoring this member. Show Quote
Ok...now I can breathe...
It sounds like you have got a lot of your shit sorted out. Well done. Not many people get to that level.
200K in your RRSP may not seem like a lot, but you have your home paid off and that is huge.
I would still push towards seeing a professional financial planner. The reason is you need to know what is normal within your range.
For example. I had a client last year. He made 70K a year, had car payments, line of credit etc. 44, no home or kids. He thhoght he was doing good. Compared to where he wanted to be vs other people in that range. He was doing pretty shit. Unfortunately I was the one giving him a reality check.
A proper financial planner will be able to see and tweak your financial profile compared to others in that range. COmepared to me you are doing great. But compared to others in your range, you might be able to be more efficient.
91_integz made a valid point. A lot of the value comes from the financial plan and not necessary the product itself.
Disclaimer, I am a life agent(well for the next two weeks). I always tell my clients, after seeing so many life polices. The secret is how the life insurance is structured.
You probably have one already but I'l say it anyway. Find a seasoned Accountant.
One of the key things a financial planner can do is projections of income and investments. Then you can work with your accountant to make sure you are tax efficient.
I have met a few people who have large RRSP's but regret it as they have been pushed into a high tax bracket. They would have rather paid the tax when they were younger.
You said you are 35 and your not planning to have kids. Have a think about your legacy and health. If you or your wife did not come home. Whats the game plan? Talk to your accountant on the tax implications. Some people get life insurance polices not because of the insurance, its because the payout is TAX FREE.
The other reason I raise this is because at age 40 life insurance for men shoots up. We statistically die before women. Women will live longer, but will have health problems.
I just found out this morning my best friend in London has breast Cancer. The have no kids, financially well off. Early 40's. Now all that has changed massively.
Your Financial Planner, Accountant and Life Agent are tools. Use the tools in combination with one another to make a plan in the direction you want to go or refine your financial profile.
I had a client last week whos lawyer told her to change her life insurance beneficiaries from the children to the estate. It took me a hour to explain that lawyer is not licensed to advise that. If she does that then estate is taxable. My point is, her own unconscious bias was enabling her to make a stupid decision as she had so much faith in her 'friend' lawyer rather than her accountant and life agent.
Hence use all three(or four) advisors to do your planning.
To your other point regarding ETF's.
You can buy these from a brokerage account. Most banks have them. TD has Waterhouse. You can buy and sell stock. Each has their own fee structure.
I would point towards Vanguard and Blackrock etf's. But seeing some of the posts on here, people have already recommended this.
Buying and selling is its own game and monster. You need to be careful and not deceive yourself. Men see patterns where there are none and will take more risk. Women tend to hold stock and are much more conservative. Both have pros and cons.
I have reviewed many client flies where women have bought ultra conservative funds. Held them for years and then bitched about how they made fuck all. I have had men, bought investments expecting high returns and then are dismayed at the poor returns or having dips in the market. Some even panic bought or sold.
If we go with your financial profile as is. You are well ahead. I dont see your problem being investments. I see the problem more in the range of planning, taxation and risk/health.
In regard to tangerine investments(mutual funds) as someone mentioned. Horses for courses. I use Tangerine. I don't have much investments due to starting late for various reasons(immigration, shitty work etc). But the fund give me flexibility to move funds in the instrument without investing, use dollar cost averaging etc. I cant do that with a brokerage account due to the fee's and minimums required in the account to avoid yearly fee's. You can't do part of that with WealthSimple either.
So its not good for some, but its good for others.
Another perspective. If you don't understand finances. You don't have to do that. Many people go down the property and real estate/business route.
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THIS.. this is how it should be done, time horizons, risk tolerance, goals, current situation, future plans.
Love going over this with clients and setting up a full plan, figuring out their FIN and working towards it!
Can you tell us where you are headed?This quote is hidden because you are ignoring this member. Show Quote
Hopefully straight to the next foodie meet.This quote is hidden because you are ignoring this member. Show Quote
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Lol damnit...I rode pretty close to the sun on that one for a week!This quote is hidden because you are ignoring this member. Show Quote
Thanks for all the info guys. I tend to not think about the future too much and always presume things will remain the same, which is obviously isn't usually the case. I guess I take the approach of dealing with the issue when it comes, and not really plan for it.
Think in the mean time I will move my stuff to QT or WealthSimple Invest (separate from their main product) as both allow you to buy ETFs for free.
I really don't like to manage things, so would standard WealthSimple not be a very good idea? Seems like over $100k in management the fee is .4% which isn't that big, and gives me some additional benefits like Airport lounge access, never used them but I travel lots and would use it if I had that benefit.
My main question regarding ETFs is the whole re-balancing thing. If I invest into the few ETFs mentioned here directly myself, do I have to "re-balance"? I understand the concept of re-balancing I think, but not sure how that applies to ETF? I mainly want to buy into something and forget it, check it once every few months type of approach.