CLS.To Heck I messed tha one!
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Mad Mike
Well-known member
Personally, I'm a money investor, not an ethics crusader. If I want a return on investment, I invest where I can get that return.Someone was complaining about the service we get today in general.
Me: Do you have any financial investments, RRSPs, Pensions etc?
Them: Yes
Me: Do you like it when they go up?
Them: Yes
Me: They go up because the companies you're invested in cut half its staff and sent the other half to India.
Them:
I'll get taxed on the money so the gov can retrain those people for jobs that can't be done for $1/hr.
@madmike, your advice is where I am , RBC wealth management, seperate house from a bank branch , my fellow has a 1mil entrance point , but so much of his business is organic, Mom has money there, so kids go there , Granny starts an RESP for grandchikld and now investment guy has 6-8 clients ,
His bar is high by design, as he says , a 250k investor looses 10% he goes into shock , guy with 2mil looses 10% hes not happy but he'll wait for a correction.
When we met I discovered he had 3 Porche and was wearing a Rolex, I said we'll need to talk about your fee schedule. He doesnt miss a beat, 'did you want advice from a guy wearing a Timex and took the bus to this meeting? Alrighty then.
His bar is high by design, as he says , a 250k investor looses 10% he goes into shock , guy with 2mil looses 10% hes not happy but he'll wait for a correction.
When we met I discovered he had 3 Porche and was wearing a Rolex, I said we'll need to talk about your fee schedule. He doesnt miss a beat, 'did you want advice from a guy wearing a Timex and took the bus to this meeting? Alrighty then.
Mad Mike
Well-known member
1M is quite common these days -- I think it's more about time commitment than the skittishness of the investor. Both the $250K guy and $1m guy could have similar portfolios; each takes the same amount of time to manage, the $m guy generates 4x fees.
Tip: if you're under the entry point for wealth management services, pool your assets with family members. My kids have low 5 digit portfolios that are managed by my guy under my plan - all wealth managers will take close family menbers assets into a pool to manage.
My kids' wealth will be double what a financial planner would give them, thanks to using my wealth manager.
AllistonGT
Well-known member
It's ok. Down 15% so far today.
My brother was offered a job at Edward Jones. They would give him a quick course, the office and receptionist and sell sell sell. He knows nothing about investing (like actually zero). I'm sure they have some that know but wtaf. Make sure your person has some useful certifications, have a look at what they have your money in and have a talk with them.
Underperforming can be ok depending on the strategy. For instance, today in gold and silver, there have been swings of almost 15%. Many people may freak out with that crazy volatility and pull the plug at the wrong time. A slower plodding investment with lower expected returns and lower volatility would be a better fit for those people. Also, a well diversified portfolio almost always has a part that is underperforming. Say you had an all-weather portfolio, that means your returns in most years are down on people who are focused on the market that is winning that year. It also avoids years where the portion of the market you focused on was a huge stinker and drops/lags precipitously.
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Shaman
Well-known member
My broker came as a recommendation from a good friend who owns a construction company (he's a wee bit wealthier than me, lol). I believe in him, but it would seem that Scotia's team is doing an excellent job with my money, with 17% returns for two years running on a LOT smaller investment.
FYI, a huge change from the 1990s where they consistently lost money until I had enough and yanked my cash out for alternatives. RBC did even worse by me.
17% is ok but not great. S&P500 was 25% in 2024 and 18% in 2025. It's important to know why you are under those benchmarks. I suspect they may have you in some fixed income which provides stability but lowers overall return over those years. Depending on your timelines and risk tolerance, is the percentage of your portfolio in fixed income appropriate for you? That's a question your advisor should be able to answer (and the answer better not be your age in bonds or 100 minus your age or any other dumb rule-of thumb). Two years isn't really enough to judge performance as it can just be luck. Make sure you understand and agree with their logic as to where and why your money is invested.
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Buying op?
Mad Mike
Well-known member
Edward Jones provides financial planning services, it’s a step above a retail banks financial planning, expectations and performance should be about the same.
Private wealth management is different animal, they provide Financial Planning, but they also proving real estate, private equity and other investment advice, estate & tax planning, and trust services. You’ll need $500k to $1m depending on the team that manages your account. Returns in good times will be similar, in bad time the will be a lot better, as will your tax sn other investment outcome.
Edward jones is a great place to start a wealth journey, when you hit the entry point for TD, RBC or Fisher, it’s worth the change.
And that is a very important point. A 50% loss requires a 100% gain to get back to your starting point. Limiting downside makes a huge difference in portfolio value over time.
Mad Mike
Well-known member
That’s a big difference in the ways wealth managers protect your wealth.
That's why were very happy where we are. We may not ride the wave as high but I'm not scared of bottoming out.
