tag:blogger.com,1999:blog-5465015914589377788.post8982715831844632411..comments2024-03-20T09:32:16.592-04:00Comments on Michael James on Money: What Distinguishes Good Financial Advisors from the Poor Ones?Michael Jameshttp://www.blogger.com/profile/10362529610470788243noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-5465015914589377788.post-78149895741458899222014-03-31T19:58:02.250-04:002014-03-31T19:58:02.250-04:00@Paul: Our group RRSP provider took an interesting...@Paul: Our group RRSP provider took an interesting approach. They talked at length about the importance of low fees and showed how their fees were lower than the typical Canadian mutual fund by about 0.5%. They had all kinds of charts showing how big a difference this 0.5% makes. However, my own DIY portfolio is about 1.4% cheaper each year than the cheapest option with my group RRSP.Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-83086296710608738222014-03-31T19:49:13.759-04:002014-03-31T19:49:13.759-04:00@IG: I'm not sure how to make it happen, but a...@IG: I'm not sure how to make it happen, but a starting place is support.Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-10065887714008456542014-03-31T16:47:44.400-04:002014-03-31T16:47:44.400-04:00Thanks for your reply.
Low fee Group Pension pla...Thanks for your reply. <br /><br />Low fee Group Pension plans seem to be hard to find. I got involved in this at my work, called a lot of places, finally got lucky actually through a fan of yours who works for Steadyhand locally. There is at least one decent alternative to traditional GPP's that were willing to offer a group plan, with lower fees, and advise employee's (included) and offer a fiduciary standard.<br /><br />Our pension provider brainwashed our accountant with all the usual scare tactics they come up with to not make a switch to the other provider after a year of a small group of us trying. (Belittling their approach and size for the most part). My only consolation is they did several token MER/IMF reductions based on my constant nagging. Still far too high IMO particularly with our AUM with them. <br /><br />I received my Fair Canada update mail just today coincidentally. Seems their work has been stalled by the industry as well. Their recommendations of changes to the CSA from 2010 just wind up going nowhere. So I guess I shouldn't feel so bad. These massive companies have a lot of power and this will be a long battle. I'm not sure if it will ever be good news for the individual investor.paulhttps://www.blogger.com/profile/00050081178673700867noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-3279803550359846322014-03-31T15:39:15.463-04:002014-03-31T15:39:15.463-04:00"I see no effective remedy other than to cut ..."I see no effective remedy other than to cut off payments from mutual funds to financial advisors."<br /><br />I'd certainly vote for that! :)Juliahttps://www.blogger.com/profile/15481250523612923524noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-31597366387475251602014-03-31T15:03:55.263-04:002014-03-31T15:03:55.263-04:00@Paul: Thanks. I know that my reach is limited, ...@Paul: Thanks. I know that my reach is limited, but I'm hopeful that when my readers agree with me they'll take that information to a few others. So, I hope that my reach is a little further than it appears.<br /><br />You may be right about the commenter. I get no information about the identity of anonymous commenters. There certainly are many people who call themselves financial advisors who know very little about investing but do know how to calculate their commissions.<br /><br />Thanks for putting me in the same company as Preet and Fair Canada. I'm currently trying to explain the problem of high group RRSP fees to my employer as well.Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-55891091475851405722014-03-31T13:10:41.909-04:002014-03-31T13:10:41.909-04:00Good post as usual, one of my favorite topics.
U...Good post as usual, one of my favorite topics. <br /><br />Unfortunately the people that get harmed the most aren't signed up to your email subscription as I am for example. The vast majority of people have no idea they are being hosed.<br /><br />Secondly "Mr./Ms. Anonymous is also many times simply a bank teller that took an in house "sales course" on how to sell mutual funds and all of a sudden has this fancy sounding title on their business card saying they are an expert "Financial advisor"... It could also be someone recruited by a WFG or Primeamerica type organization, again who the day before was/is still a bartender turned advisor. Just someone looking at making a few dollars on the side of his other career.<br /><br />They themselves have no idea what you are trying to say here, just that you are trying to take their commission away unjustly. Thanks to people people like you or Preet, Fair Canada, and a few others trying to get the message out. Not easy but it is appreciated. I try to explain your principle to the accountant and CEO at work about our 2+ % fee pension plan. These are smart people otherwise. You can imagine how frustrating that is for me. But I'm no longer surprised by anything or that response you got.paulhttps://www.blogger.com/profile/00050081178673700867noreply@blogger.com