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I need investment advisor help

HOLLYWOODG

Well-known member
Dec 11, 2016
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That's why you go with the few recommended professionals who manage most of Toronto's wealth. You don't manage in excess of $11 billion by fluke. Once you reach that level you're in an elite class of financial gurus.
 

abdlguy

New member
May 21, 2017
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I've doubled my money in the last 5 years by investing in index funds that track the total US stock market (ETF: VTI). Please don't listen to the people that say index funds are bad. Usually they are trying to sell you a high fee product. Also, individual stocks are risky. Most individual stock investors can't even beat the indexes!

Warren Buffett recommends the S&P 500 index for most investors. I would also recommend checking out https://www.bogleheads.org/. Before starting investing 5 years ago, I was completely lost with investing. It's thanks the bogleheads forum that I created their recommended 3-fund portfolio and have not looked back. Buy+hold is what I have been doing and it works.
 

Big Rig

Well-known member
May 6, 2009
1,913
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I've doubled my money in the last 5 years by investing in index funds that track the total US stock market (ETF: VTI). Please don't listen to the people that say index funds are bad. Usually they are trying to sell you a high fee product. Also, individual stocks are risky. Most individual stock investors can't even beat the indexes!

Warren Buffett recommends the S&P 500 index for most investors. I would also recommend checking out https://www.bogleheads.org/. Before starting investing 5 years ago, I was completely lost with investing. It's thanks the bogleheads forum that I created their recommended 3-fund portfolio and have not looked back. Buy+hold is what I have been doing and it works.
Agree but market has been good recently so let see you stay in during meltdown also I am not convinced better mutual funds do not have value that index funds do not esp protection against loss during melt down
 

Zoot Allures

Well-known member
Jan 23, 2017
1,591
294
83
That's why you go with the few recommended professionals who manage most of Toronto's wealth. You don't manage in excess of $11 billion by fluke. Once you reach that level you're in an elite class of financial gurus.
Most hedge funds, which are restricted by law to the rich because of their risk, do not beat market so I have no interest in them and when they do get lucky the managers gut your return with their take
 

alan9080

Member
Sep 23, 2006
589
0
16
Toronto
I have met with several advisors. A lot of them have standard sales pitch but really are mutual fund salesmen. I do not trust them or their qualifications

Very frustrating
I agree with you 100%. Most advisors will be trying to make as much commission by buying and selling you tons of mutual funds. The best thing you can do is open a discount brokerage account with TD Or BMO Investorline and educate yourself by reading the Globe & Mail and MoneySense.ca
 

Shades

Shades of .....
Feb 8, 2002
2,999
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38
Two things:
Invest in a good Financial Advisor....these people are not affiliated with any bank, mutual fund etc. They, for a flat fee, analyze your financial status, and needs/goals and make strategy recommendations. I did, and got great knowledgeable advice on how to manage my money given my risk tolerance.
Second, not sure it has been mentioned there are new vehicles now...managed by robo-advisors. These are the Uber of stock investing! For about a 1% annual fee they will invest your money on the basis of your risk tolerance in a portfolio that operates within specific parameters. The computer system adjusts the holdings to maintain consistency with your risk/reward instructions. Lots written on them.
 

Barca

Active member
Sep 8, 2008
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This guy. He provided a yield of 20% year-over-year for the past 3 years for a friend.... Manages over $11 billion in wealth. I know a few industry gals that invested with him as he had some good financial strategies to mitigate CRA concerns.

There's no way in hell he manages $11Billion.
 

Big Rig

Well-known member
May 6, 2009
1,913
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Two things:
Invest in a good Financial Advisor....these people are not affiliated with any bank, mutual fund etc. They, for a flat fee, analyze your financial status, and needs/goals and make strategy recommendations. I did, and got great knowledgeable advice on how to manage my money given my risk tolerance.
.
So, where do you find these independent, objective financial advisors who do not get a % of your investments?
 

Shades

Shades of .....
Feb 8, 2002
2,999
2
38
So, where do you find these independent, objective financial advisors who do not get a % of your investments?
I guess you can try google for Investment planners...........independent. I found mine through a referral. I paid a flat fee based on what I needed. Not cheap, about $4000, but worth every penny to me. He recommended classes of and mixes of investment to meet my goals, but not specific companies....he doesn't get any kickback from the companies based on my investment. He doesn't invest for you...he doesn't sell anyone's products. When you know what you want to do, shop around for the product you chose.
First heard of these advisors reading Tony Robbins book Money. Started asking around until I found one in Toronto....Robbins examples of course are all US. Lots of good stuff in that book by the way, even if it is oriented to the US e.g. 401K's instead of RRSP's but solid ideas.
 

HOLLYWOODG

Well-known member
Dec 11, 2016
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There's no way in hell he manages $11Billion.
Haters going to hate. You sound like some jealous tool that works in the industry and probably doesn't even manage 0.01% of what his portfolio is worth. When you're this good you can afford to remain low key and you have investors seek you out.
 
Second, not sure it has been mentioned there are new vehicles now...managed by robo-advisors. These are the Uber of stock investing! For about a 1% annual fee they will invest your money on the basis of your risk tolerance in a portfolio that operates within specific parameters. The computer system adjusts the holdings to maintain consistency with your risk/reward instructions. Lots written on them.
1) This 1% anual fee = a 9.1% front-end load of a mutual fund over ten years if the market is flat. If the value increases the fee equvelant fee is much higher. I doubt 9.1% load on mutual fund is allowed in Canada. 5.75% in the max in the U.S. and usually for very small investments. Unless you are an active trader, you likely pay much higher fees long-term under an asset based fee vs commisions on mutual funds. They key is the advisor and his firm is independent otherwise from the fund.

2) In the U.S. we have "Registered Investment Advisors" under the SEC which have a fiduciary duty to look after the clients best interest not the RIA's. It appears you do not have such a status in Canada.

Since you don't have RIA"s. I know you do have CFP's (Certified Financial Planners) that are at least required to follow extensive ethics and often operate as fiduciares - althoght that is a current hot topic with the CFP board.
 

einar

Well-known member
May 4, 2002
2,421
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Greater Toronto Area
Very interesting, Dave. Can you explain to a total rube how paying one percent a year for someone to manage your money ends up costing much more than buying many fee-style (front end version) mutual funds? I'm sure you are right, but maybe you could take us through an example. Let's say I'm Joe Canadian with $50,000CDN to invest, either by paying someone 1% yearly to look after my money, or by my purchasing mutual funds myself. Use a five or ten-year time frame. Please keep it simple, because I'm dimmer than Joe. (I gather Cdn. mutual are more costly than US funds in annual fees, so use some reasonable Cdn. fee rate.)
 
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Big Rig

Well-known member
May 6, 2009
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Very interesting, Dave. Can you explain to a total rube how paying one percent a year for someone to manage your money ends up costing much more than buying many fee-style (front end version) mutual funds? I'm sure you are right, but maybe you could take us through an example. Let's say I'm Joe Canadian with $50,000CDN to invest, either by paying someone 1% yearly to look after my money, or by my purchasing mutual funds myself. Use a five or ten-year time frame. Please keep it simple, because I'm dimmer than Joe. (I gather Cdn. mutual are more costly than US funds in annual fees, so use some reasonable Cdn. fee rate.)
I think front end loads charge no additional fees, I think. That may be the point Dave is making.

BTW, the 1% advisors charge does not include additional mutual fund charges. The 2 advisors I saw stick their clients $ into the same ETFs.
 

Barca

Active member
Sep 8, 2008
2,062
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Haters going to hate. You sound like some jealous tool that works in the industry and probably doesn't even manage 0.01% of what his portfolio is worth. When you're this good you can afford to remain low key and you have investors seek you out.
I sound like a tool because I live in the real world? There isn't a retail portfolio manager in Canada that manages $11Billion. There are barely Institutional PMs with books that size, and trust me, they're not at Hollis. It's a small street and a trader like myself knows all the players and all the big books. He isn't one of them.

How do I know this? First of all, the guy you are referring to isn't even the head of the advisor team he is on. Secondly, this guy is at Hollis Wealth. Hollis Wealth in total only manages $35Billion as per the Industrial Alliance purchase, and they do this through an advisor force of 800 across Canada. You're telling me ONE guy has 1/3 of the total AUM at Hollis and the other 799 advisors manage what's left, including the head and founder of his team? That's laughable. It's chumps like you that buy the BS these scam advisors tell you.

The average book in Canada is $165million.

http://www.advisor.ca/news/industry...he-most-assets-and-the-largest-rosters-205346

You're telling me this guy has, not 2x, not 10x, but almost 100x the average book of business in Canada and yet nobody knows who he is? He's never appeared on any top advisor list. He's never been listed as a top performer anywhere I can find. He doesn't even have an executive title at all, something which all the top advisors at the big firms (of which Hollis is not) definitely have. And a book of that size would generate over $100million in revenue. This approaches the realm of fantasy. If he had a book like that, not only would he be the most successful advisor in Canada, he could quite possibly be the most successful advisor in the world. And yet somehow he's not even the head of his own team, and he is practically invisible.

Sure, that sounds believable.

And on top of that he manages to average 20% returns for your portfolio. You'd have to be a multi-millionaire to have the world's greatest superstar advisor managing your portfolio.

Somehow I don't believe that is the case.

Let's turn the tables, shall we? A superstar advisor like that would get tons of press in my industry as would his boss who surely also has a book of comparable size no? Somebody, somewhere has written about this guy and this superstar team (that surely have half the assets of Hollis Wealth, shoot, they'd BE Hollis Wealth) or he has received some award. Somewhere there is a bio of this guy and the team that proves your metrics. I'd like to see that evidence.

I know the top books at almost every major firm in Canada. I know these advisors personally at various levels. You could not be shovelling a bigger pile of BS if you tried.
 

VERYBADBOY

Active member
Dec 22, 2003
5,369
29
38
Back in the 6ix
There's no way in hell he manages $11Billion.
Of course he doesn't and you explained in your lengthy reply. I called him out on it earlier.

If you really want to know what numbers this advisor is doing just get in touch with someone from OSC, IDA, OSFI, IIROC or an inside source at Scotia or even Hollis ... they still have to report their numbers every month/quarter and when you get down to the branch reporting level you find out that it's not even $1B or even half that and then you get down to the representative level and it gets even smaller. If you have access to those resources you get truth ... or just call them up and ask a few questions, slip in how much assets they have under management? And you get an answer as well ... and it's not the BS this guy is telling you. Afterall he did provide a link with the contact info so it's just a matter of calling and hearing it for yourself.

VBB
 

Barca

Active member
Sep 8, 2008
2,062
4
38
1) This 1% anual fee = a 9.1% front-end load of a mutual fund over ten years if the market is flat. If the value increases the fee equvelant fee is much higher. I doubt 9.1% load on mutual fund is allowed in Canada. 5.75% in the max in the U.S. and usually for very small investments. Unless you are an active trader, you likely pay much higher fees long-term under an asset based fee vs commisions on mutual funds. They key is the advisor and his firm is independent otherwise from the fund.

2) In the U.S. we have "Registered Investment Advisors" under the SEC which have a fiduciary duty to look after the clients best interest not the RIA's. It appears you do not have such a status in Canada.

Since you don't have RIA"s. I know you do have CFP's (Certified Financial Planners) that are at least required to follow extensive ethics and often operate as fiduciares - althoght that is a current hot topic with the CFP board.
While Investment Advisors in Canada do not have a legal obligation of fiduciary duty to clients, most responsible firms do impose some level of compliance to these principles on them. However, if you want an advisor that is required to have that legal duty, here is Canada they're registered as Portfolio Managers with discretionary authority over client accounts.
 

Barca

Active member
Sep 8, 2008
2,062
4
38
I have met with several advisors. A lot of them have standard sales pitch but really are mutual fund salesmen. I do not trust them or their qualifications

Very frustrating
I am not recommending my guy, I am just going to tell you what he does, which I think proves there are guys out there that aren't mutual fund salesmen.

Because of my position, I have to have arms-length management of my portfolio. I picked a manager that has an excellent track record and is transparent with fees and such. He's been managing my portfolio since he joined the industry 20 years ago and now manages some notable Canadians, especially some that are very successful abroad because of his dual-license in the US. He also moved to a non-bank brokerage from a bank brokerage a few years ago in order to avoid being pressured to sell mutual funds from the bank, like Hollis does with Dynamic or BMO does with Guardian etc.

The strategy he uses for me is simple. Index funds tactically shifted between sectors according to technical data supplemented with participation in hot new issues. He's produced returns for me that average into the high teens for years and most importantly, has never lost me money. The worst he has done is during the credit crisis of 2008 he broke even because he went to cash and bonds, when other index players were well into the +40% losses. That to me is value. And for that I gladly pay a fee. Because of the size of my portfolio, he charges well below 1%. A bargain if you ask me.

Good advisors exist. Even good mutual funds exist. You just have to do your homework.
 
Ashley Madison
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