Do you feel you含羞草研究社檙e not getting good value for the investment fees you pay? If so, you含羞草研究社檙e not alone.
含羞草研究社淎 lot of investors out there, especially retirees, don含羞草研究社檛 understand the fees they pay and the services they receive for those fees,含羞草研究社� said Kelowna-based financial advisor .
含羞草研究社淭here含羞草研究社檚 a lot of variation in fees charged for various investment services and many are often not fully disclosed,含羞草研究社� Wilson said, adding she wishes there was more education for investors about appropriate costs for services.
Without a standard in place, Wilson shared some advice for people looking to invest without paying an unfair toll on their return.
Transparency is key
First, discuss fees and services when first meeting with a new advisor and expect to see a transparent breakdown on statements.
含羞草研究社淎t Raymond James we have the utmost transparency,含羞草研究社� the certified financial planner said of herself and her client service specialist, . 含羞草研究社淧eople know exactly what they含羞草研究社檙e paying for, exactly what they含羞草研究社檙e getting.含羞草研究社�
Fees do depend on the account size but should also reflect the sophistication and complexity of services provided, such as financial, tax and estate planning, tax optimization strategies and behavioural coaching.
含羞草研究社淚含羞草研究社檝e taken on many new clients who questioned their old advisors once they realized the fees they were paying for inadequate service,含羞草研究社� Wilson said.
Culture of independence
When Wilson started in the financial industry, she worked within the bank/credit union system.
含羞草研究社淚 used to say that I felt I was a product distribution channel for the bank含羞草研究社檚 profit centre,含羞草研究社� she said.
With that in mind, she encouraged would-be investors to seek out an independent advisor who could provide unbiased advice.
For example, since Raymond James doesn含羞草研究社檛 have proprietary products to sell, their advice is completely focused on the needs of their clients, rather than hitting sales quotas. 含羞草研究社淲e are not subject to the issues that bank employees have, where they have targets for products to sell,含羞草研究社� she said. 含羞草研究社淚nstead, we have full autonomy to truly understand our clients and to provide the most appropriate strategies, solutions and investments, from a completely open and unlimited product shelf.含羞草研究社�
Thoughtful, deliberate approach
Creating a financial plan is an important opportunity to get to know clients personally and build trusted, lasting partnerships.
含羞草研究社淲e don含羞草研究社檛 follow a cookie-cutter investment approach, we cater to ,含羞草研究社� Wilson said of her . 含羞草研究社淒eveloping your plan requires a solid understanding of your goals, investment experience, risk tolerance and more. Most importantly, your required rate of return to achieve your objectives.含羞草研究社�
For example, Wilson said a client in his 70s recently considered a high-risk investment opportunity he含羞草研究社檇 learned about through a friend. 含羞草研究社淗e was blinded by the high return potential but didn含羞草研究社檛 have a clear understanding of the risks.含羞草研究社�
Because of her client-focused, caring approach, Wilson knew the unique situation and felt the high-risk investment was unsuitable. 含羞草研究社淭he five years before and after retirement are known as the 含羞草研究社榬etirement risk zone,含羞草研究社� and they含羞草研究社檙e the most important years to make sound investment decisions.
含羞草研究社淗e can含羞草研究社檛 return to work at this point in life if he experiences significant losses and the investment wasn含羞草研究社檛 liquid to allow for retirement income withdrawals, so simply couldn含羞草研究社檛 meet his needs,含羞草研究社� Wilson said. 含羞草研究社淗is biggest focus should be on ensuring he has enough money to live the retirement lifestyle he wants to live for the rest of his life. Too often I see investors allowing emotions to dictate their investment decisions.含羞草研究社�
Working together, Wilson created a budget outlining his projected expenses until he turns 100. Then, she determined his required rate of return to achieve that lifestyle, and recommended a structured income plan and balanced investment portfolio.
To schedule a consultation or learn more about Wilson含羞草研究社檚 hands-on, holistic approach to retirement and investment planning, or to risk management, tax-efficient investment strategies, estate preservation and transfer, or corporate investment strategies, fill out the or call