Do you feel you91裸聊视频檙e not getting good value for the investment fees you pay? If so, you91裸聊视频檙e not alone.
91裸聊视频淎 lot of investors out there, especially retirees, don91裸聊视频檛 understand the fees they pay and the services they receive for those fees,91裸聊视频� said Kelowna-based financial advisor .
91裸聊视频淭here91裸聊视频檚 a lot of variation in fees charged for various investment services and many are often not fully disclosed,91裸聊视频� 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.
91裸聊视频淎t Raymond James we have the utmost transparency,91裸聊视频� the certified financial planner said of herself and her client service specialist, . 91裸聊视频淧eople know exactly what they91裸聊视频檙e paying for, exactly what they91裸聊视频檙e getting.91裸聊视频�
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.
91裸聊视频淚91裸聊视频檝e taken on many new clients who questioned their old advisors once they realized the fees they were paying for inadequate service,91裸聊视频� Wilson said.
Culture of independence
When Wilson started in the financial industry, she worked within the bank/credit union system.
91裸聊视频淚 used to say that I felt I was a product distribution channel for the bank91裸聊视频檚 profit centre,91裸聊视频� 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 doesn91裸聊视频檛 have proprietary products to sell, their advice is completely focused on the needs of their clients, rather than hitting sales quotas. 91裸聊视频淲e are not subject to the issues that bank employees have, where they have targets for products to sell,91裸聊视频� she said. 91裸聊视频淚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.91裸聊视频�
Thoughtful, deliberate approach
Creating a financial plan is an important opportunity to get to know clients personally and build trusted, lasting partnerships.
91裸聊视频淲e don91裸聊视频檛 follow a cookie-cutter investment approach, we cater to ,91裸聊视频� Wilson said of her . 91裸聊视频淒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.91裸聊视频�
For example, Wilson said a client in his 70s recently considered a high-risk investment opportunity he91裸聊视频檇 learned about through a friend. 91裸聊视频淗e was blinded by the high return potential but didn91裸聊视频檛 have a clear understanding of the risks.91裸聊视频�
Because of her client-focused, caring approach, Wilson knew the unique situation and felt the high-risk investment was unsuitable. 91裸聊视频淭he five years before and after retirement are known as the 91裸聊视频榬etirement risk zone,91裸聊视频� and they91裸聊视频檙e the most important years to make sound investment decisions.
91裸聊视频淗e can91裸聊视频檛 return to work at this point in life if he experiences significant losses and the investment wasn91裸聊视频檛 liquid to allow for retirement income withdrawals, so simply couldn91裸聊视频檛 meet his needs,91裸聊视频� Wilson said. 91裸聊视频淗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.91裸聊视频�
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 Wilson91裸聊视频檚 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