Do you feel you香蕉视频直播檙e not getting good value for the investment fees you pay? If so, you香蕉视频直播檙e not alone.
香蕉视频直播淎 lot of investors out there, especially retirees, don香蕉视频直播檛 understand the fees they pay and the services they receive for those fees,香蕉视频直播� said Kelowna-based financial advisor .
香蕉视频直播淭here香蕉视频直播檚 a lot of variation in fees charged for various investment services and many are often not fully disclosed,香蕉视频直播� 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.
香蕉视频直播淎t Raymond James we have the utmost transparency,香蕉视频直播� the certified financial planner said of herself and her client service specialist, . 香蕉视频直播淧eople know exactly what they香蕉视频直播檙e paying for, exactly what they香蕉视频直播檙e getting.香蕉视频直播�
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.
香蕉视频直播淚香蕉视频直播檝e taken on many new clients who questioned their old advisors once they realized the fees they were paying for inadequate service,香蕉视频直播� Wilson said.
Culture of independence
When Wilson started in the financial industry, she worked within the bank/credit union system.
香蕉视频直播淚 used to say that I felt I was a product distribution channel for the bank香蕉视频直播檚 profit centre,香蕉视频直播� 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香蕉视频直播檛 have proprietary products to sell, their advice is completely focused on the needs of their clients, rather than hitting sales quotas. 香蕉视频直播淲e are not subject to the issues that bank employees have, where they have targets for products to sell,香蕉视频直播� she said. 香蕉视频直播淚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.香蕉视频直播�
Thoughtful, deliberate approach
Creating a financial plan is an important opportunity to get to know clients personally and build trusted, lasting partnerships.
香蕉视频直播淲e don香蕉视频直播檛 follow a cookie-cutter investment approach, we cater to ,香蕉视频直播� Wilson said of her . 香蕉视频直播淒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.香蕉视频直播�
For example, Wilson said a client in his 70s recently considered a high-risk investment opportunity he香蕉视频直播檇 learned about through a friend. 香蕉视频直播淗e was blinded by the high return potential but didn香蕉视频直播檛 have a clear understanding of the risks.香蕉视频直播�
Because of her client-focused, caring approach, Wilson knew the unique situation and felt the high-risk investment was unsuitable. 香蕉视频直播淭he five years before and after retirement are known as the 香蕉视频直播榬etirement risk zone,香蕉视频直播� and they香蕉视频直播檙e the most important years to make sound investment decisions.
香蕉视频直播淗e can香蕉视频直播檛 return to work at this point in life if he experiences significant losses and the investment wasn香蕉视频直播檛 liquid to allow for retirement income withdrawals, so simply couldn香蕉视频直播檛 meet his needs,香蕉视频直播� Wilson said. 香蕉视频直播淗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.香蕉视频直播�
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香蕉视频直播檚 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