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Wealth Professional | 22 Oct 2015, 08:15 AM Agree 0
Don’t despair – CRM2 may have heightened sensitivity around advisor fees, but the truth is you may deserve more than the standard 2.1% of assets under your care. Advisors are offering WP their top reasons why
  • Mike Gentile | 22 Oct 2015, 05:42 PM Agree 0
    I sincerely appreciate the reasons why as an advisor why I should be compensated for the work I do.I have been in the financial services industry for over 40 years and have always put the needs of the investor first.This requires a great deal of research, time and expense. I have to question Monica Kowal of the OSC on how she figures we can provide quality service and advice for nothing while maintaining an office and staff payroll. what dream world does she live in? Fair is fair but then she enjoys government paid benefits and a taxpayer supported pension.She needs to try life in the real world .
  • Ken | 23 Oct 2015, 01:35 AM Agree 0
    At 3% investors should consider passive investments. According to recent Spiva report majority of funds can achieve benchmarks. As to advice in order to be considered professional trailers need to go and a fiduciary duty put in place. Then and only then will the industry be able to say that advice being sold is always in the best interests of clients.
  • Robert Roby | 24 Oct 2015, 03:01 PM Agree 0
    The value of our services cannot be commoditized. Every experience is diferent. If you focus on investments and number crunching only even 1 % is too much. Read Mirror on the Wall. Great book.
  • Yvonne | 24 Oct 2015, 08:20 PM Agree 0
    I agree Mike , in what world should we work for no thing maybe those changing the rules step,back and ask would they work for nothing , probably not
  • Barb Amsden | 25 Oct 2015, 08:48 AM Agree 0
    I agree it makes sense to consider passive investments... but the investor should consider all the facts and all the benefits as well as costs. The commissions' research shows advised (and I don't think this means robo-advised) investors are much less likely to be subject to fraud. I see the many things and advisor can offer as insurance: I may not use them all each year, but they are there when I need them. My experience with my godparents' advisor, as their executor, gave me (or rather their beneficiaries) huge value beyond what she got paid through her help dealing with the CRA, a tax accountant who made a big mistake, a law firm and getting money back most thought was a lost cause. Yet again, hats off to Jeanette Power.
  • Benjamin Felix (PWL Capital) | 29 Oct 2015, 02:20 PM Agree 0
    #1 – good advice does cost money, but does it cost $21,000 to get good financial advice for a year? Fees need to be scaled according to account size. A blanket statement that advisors should feel good about charging more than 2% is irresponsible at best. #2 – very few fund managers and financial advisors are able to produce consistent market beating returns, and the ones that do may just be lucky. Charging 2% of AUM on the premise of strong performance is business suicide. #3 – Alternatives do not necessarily mean higher returns, and claiming enough alternative investments expertise to justify a 2% fee is a very bold move. #4 – I somewhat agree with this point. In order to get good, unbiased financial advice, smaller accounts may end up paying higher fees. 2% is still steep. #5 – The market will value your worth. If you really deserve 2%, your clients will continue paying it, and tell their friends about it, too.
  • Robert Roby | 30 Oct 2015, 03:07 PM Agree 0
    Mike ..the market will not value my worth. My clients will value my worth and that value is based on each client experience. Its not about the investments. the returns, and what one might consider services. Everyone can provide almost the same thing. My 5 year old can enter data to complete a financial plan. Therefore what do you do differently than another advisor? The things I do cannot be replicated by anyone thus each client experience determines the value and thus a fair exchange for services provided. A price cannot be placed on sucg intangibles, thus the client will determine the value of the services at the end of the day.
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