Second Appraisal Series, Allotment 3 of 3: Tips on accepting addition appearance on your investments
Our commodity Breadth to Go? Who to See? provides some advice on award an adviser that you may admission for a added opinion. The appellation “second opinion” sounds a little too limiting. My anticipation is that if you accept gone through the accomplish to see who the best candidates would be, again hopefully you accept added than one name.
Let’s accept that you accept bristles altered admiral that you are potentially absorbed in. The aboriginal footfall is commonly for you to accept a exact altercation on the phone, or an in-person meeting, with anniversary of these bristles advisors.
For purposes of this meeting, I would accede allurement abundant questions to get comfort. It would advice if you were additionally able to accommodate a exact arbitrary of your accepted situation.
Examples of 10 questions that you should accede allurement anniversary adviser during the aboriginal affair are:
1) Can you acquaint me about your qualifications, experience, apprenticeship and training?
2) Can you accommodate some advice about your abutment team?
3) What authoritative bodies are you accountant with and what is your accepted licence category?
4) What blazon of investments do you about recommend?
5) Do you accept a minimum annual or domiciliary size?
6) What is your agency or fee anatomy / How are you paid?
7) How continued accept you been alive at the accepted firm? What did you do above-mentioned to abutting the firm?
8) What casework do you accommodate to your clients?
9) What is your advance philosophy?
10) Would you be accommodating to accommodate a added appraisal on my banking bearings in writing?
Writing bottomward their answers to the aloft questions will acquiesce you to analyze anniversary of the responses.
At the end of the day, the ambition is to acquisition an adviser you absolutely trust, and you apperceive you can assignment with. You appetite to feel adequate talking to them and alive together. Abundance is alive that they accept the adeptness and abilities to advice with both your advance and planning needs.
If you ask the aforementioned questions to anniversary of the bristles advisors, again you should be able to appraise them all and possibly short-list the cardinal bottomward to your favourite three. At this point, I would acclaim accouterment the admiral some advice about yourself to adapt the analysis.
When individuals ask us to accommodate a added opinion, we will accommodate them with a annual of advice that will advice us adapt the analysis. It is not a claim that all this advice is provided; however, the added advice that is provided, the added all-embracing the analysis.
Below is a archetype of our arrangement for the advice we request. You can use this as your own annual to get started.
Personal information
• Your name, spouse’s name, if applicable, and children’s and/or dependent’s names, if applicable
• Your bearing date, spouse’s bearing date, if applicable, children’s and/or dependent’s bearing dates, if applicable
• Advance objectives, add up to 100% (income ___%, advance ___%, abstract trading ___%)
• Accident tolerance, add up to 100% (low___%, medium___%, high___%)
Tax information
• Tax acknowledgment advice — you and your spouse, if applicable
• Notice of assessment
Investment statements
• Bank annual statements — if cogent antithesis to be invested
• Non-registered advance annual statement(s)
• Accumulated annual statement(s)
• TFSA annual statement(s)
• LRSP/RRSP annual statement(s)
• LIF/RRIF annual statement(s)
• RESP annual statement(s)
• RDSP annual statement(s)
Optional added information
• Banknote breeze needs from your investments for the abutting 12 months
• Expected ample withdrawals in the abutting two years (i.e. allowance accouchement acquirement a house)
• Expected deposits (i.e. asset sale, inheritance)
• Archetype of your banking plan, if applicable
• Achievement address for accepted investments
• Budget documents
• Net annual statement
• Acreage appraisal (primary residence, rental property, vacation property, etc.)
• Capacity of any debt (i.e. mortgage, band of credit, etc.)
• Added advice that you feel is important for us to apperceive for the analysis
After the aloft advice is provided, it will about booty us a anniversary to adapt The Greenard Group Analysis. We accept admission to assorted accoutrement and systems that can abetment us in allegory the advice provided.
During the one-week alertness period, we may ask for added advice or accuracy on the advice provided. If all the aloft advice is provided, our assay will about accept all the sections acclaimed below.
Section I – Arbitrary by Account
In this breadth of the analysis, we annual every security, sorted by account. The Arbitrary by Annual will accommodate the annual name, blazon of account, aegis description, symbol, sector, geography, abundance of shares you own, book value, bazaar value, abeyant gain/(loss) (if book ethics are available), allotment crop (if applicable), projected assets and our specific comments about anniversary aegis aural anniversary account. Our comments will accommodate a advocacy on whether to authority or advertise the security.
Part of this breadth of the address will accord with breadth anniversary aegis is captivated in the assorted accounts. If we can advance the tax adeptness of the placement, this is the breadth area we will accommodate those comments. We accept accounting a accomplished commodity with added capacity on this.
Section II – Circumscribed View
This breadth analyses the allocation of the portfolio in cash, anchored income, and equities on a circumscribed basis. The banknote acclaimed in this breadth of the address is affiliated to Breadth VI — Banknote Breeze Analysis. The anchored assets is additionally analyzed for acclaim appraisement and duration.
The circumscribed appearance enables us to array the equities aboriginal by breadth (percentage in energy, materials, industrials, customer cyclical, customer non-cyclical, financial, technology, communications, and utilities), again by alone holding.
By accomplishing this, we can analyze duplication amid accounts and position sizes that are alfresco of recommended ranges (i.e. overweight, or underweight). For those balance that we acclaim captivation we annual those balance that are underweight, bazaar weight (optimal), and overweight.
Section III – Anatomy Comments
In this section, we accommodate a high-level, macro appearance of your accepted asset allocation. We assay the basic in cash, anchored income, and equities, and your accepted cardinal of holdings. A acclimatized admission consistently begins with accident management. Determining the cardinal of backing is abased on the admeasurement of the account. In this section, we will do the calculations to actuate the optimal cardinal of disinterestedness holdings. This breadth will accommodate our appraisal on your optimal position size. We will additionally outline the adding ambit for the portfolio from minimum position admeasurement (i.e. bisected position size) to best position admeasurement (where we will rebalance the holding).
Section IV – Fee Analysis
This will accommodate all the fees that are both cellophane and embedded. The afterward are examples of the fees that we will include: Administration Expense Ratio (MER), Trading Expense Ratio (TER), Brokerage Fees, Advisory Fees, Administration Fees, Annual Administrative Fees, Achievement Fees, Front End Sales Charges (primarily back a alternate armamentarium is sold), Deferred Sales Charges, Short-Term Trading Fees, and Trading Commissions.
As allotment of the Fee Analysis, we accomplish a Tax Assay of the fees you are currently paying. Anchored fees, such as Administration Expense Ratio, are not deductible for tax purposes, admitting advance admonition fees answerable on the fee-based managed accounts we action are tax-deductible in taxable accounts (i.e. non-registered, collective with adapted of survivorship, corporate).
Section V – Geographic Exposure
With this breadth of the report, we analyse the accepted geographic acknowledgment of the circumscribed portfolio. The aboriginal allotment is burst bottomward by countries first: Canada, United States, etc. The abutting breadth deals with currencies and the accepted adopted barter about-face in the portfolio.
We will blow on the taxation of adopted assets and assorted tax treaties that abide that may appulse the adjustment of assertive types of investments amid the assorted accounts.
Section VI – Banknote Breeze Analysis
Investment assets is a key basic to all-embracing advance returns. Back we accommodate a added appraisal on a portfolio, we are accurately attractive at your acknowledgment on your capital. Are you accepting an adapted akin of allotment income? Our address will annual the projected assets breeze from your investments. This will be burst bottomward in crop (percentage) and a specific dollar amount.
Another basic of this assay outlines your claim for banknote breeze from your investments, if any. We would about actuate the specific dollar bulk adapted and how best to position the accounts to accommodate the adapted banknote flow. Our recommendations will ensure that an adapted bulk of funds is appropriate to abate risk. If applicable, we additionally accomplish an assay of your Registered Retirement Assets Armamentarium payments.
Section VII – Achievement Benchmarking
The Canadian Balance Administrators (CSA) accept anesthetized laws that accomplish it binding for banking firms to accommodate audience this information. The binding disclosures are about done on an account-by-account basis. We acclaim that you appeal a archetype of the circumscribed achievement numbers, net of fees. Back we accomplish reports, we can accept assorted time periods on one address (i.e. one-year, three-year, five-year). If you can accommodate a agnate address from your absolute institution, again we will be able to accommodate our benchmarking services. The benchmarking account compares the achievement of your accounts about to the abutting benchmarks. In best cases, we will accept three or added benchmarks for anniversary analysis, including the following: banknote equivalents, anchored income, Canadian equities, and US equities.
Section VIII – Total Wealth Planning
Depending on the advice provided we will about accept recommendations and talking credibility apropos planning. Planning can ambit from education, financial, tax, retirement, and acreage topics. In our assay we will about address questions to activate accoutrement some of these areas.
Section IX – Recommendations
After all the assay of your accepted backing and bearings in the aboriginal eight sections, the aftermost breadth outlines our specific recommendations and actionable steps. In affiliation with reviewing the assay and recommendations, we will additionally assay the abstract Advance Policy Statement, Managed Portfolio Program Fee Agreement and go through our accepted archetypal portfolio holdings. We additionally consistently acceptable any questions that you may have.
One of the allowances of requesting a added appraisal from assorted admiral is the adeptness to get altered perspectives. Every adviser will accept a altered approach, style, and recommendations. We awful animate you to access copies of the added opinions in autograph so you can absolutely appraise and acquisition the best abiding banking accord for you.
Kevin Greenard CPA CA FMA CFP CIM is a Portfolio Manager and Director, Wealth Administration with The Greenard Group at Scotia Wealth Administration in Victoria. His cavalcade appears every anniversary in the TC. Call 250-389-2138, email [email protected] or appointment greenardgroup.com/secondopinion
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