These P’s will help organize your questions and ensure the important ones get asked
If you’re like me, you’d rather mow the lawn than have to find a new adviser or investment manager. It’s a daunting task and you never know if you’ve made the right decision. But as the chief executive of your portfolio, you need to hire and then manage someone, unless you’re willing to go it alone.
Maybe it’s your first time hiring a manager, or perhaps you need one because you recently fired one. Either way, my partner, Salman Ahmed, and I use a framework called the seven P’s when selecting managers for our funds.
These P’s will help organize your questions and ensure the important ones get asked. Ideally, you should interview at least three candidates, even if you have one who is highly recommended.
Friendly and firm is what you’re looking for. Someone who is personable and approachable, yet strong enough to help you stare down the hard decisions. Experience and credentials will vary, but an understanding of asset allocation and portfolio construction is a must-have. These skills will help match your portfolio to your situation and personality.
Deal-breaker: The adviser is more interested in selling you the latest hot product than learning about your needs.
You buy into a distinct investment philosophy if you hire a manager at an investment counsellor, such as Mawer Investment Management Ltd., Pembroke Private Wealth Management Ltd. or our firm. The adviser’s approach is the firm’s approach.
If you hire an adviser at an investment dealer, it will be their personal philosophy. Brokerage firms cater to all types of approaches.
Either way, you need to understand how the adviser plans to build your wealth. Are there some industry biases or a focus on dividends? Will the portfolio be mostly in Canada or more broadly diversified?
Note: Exchange-traded funds (ETFs) are not an investment philosophy. They’re a useful tool for implementing one, but reveal nothing about how returns will be generated.
Where your adviser works could be important. At brokerage firms, it’s all about the person, since the tools and support behind the adviser are pretty standard. If, however, you’re considering a counsellor, then the firm is key (including its philosophy and track record). Always make sure there’s a history of stability and treating clients like you well.
On the latter point, if you have $250,000 to invest and the firm’s commission structure favours million-dollar clients, there’s little chance you’ll get the service you’ve been promised. Compensation drives behaviour.
What you’ll pay is a touchy subject that shouldn’t make advisers squirm, but often does. Nonetheless, like any product or service you buy, you need to ask what it will cost. Will it depend on the size of assets in your accounts, or be based on transactions? Will there be other charges such as a registered retirement savings plan (RRSP) or transfer fees? And how will it be reported to you on an on-going basis?
If you’re not getting straight and complete answers, be assured you’ll be paying too much.
This P refers to the decision-making process: how managers come up with ideas and make buy or sell decisions. This is especially relevant if you want to invest in individual stocks.
Equally important is how you will be served and advised. Who will you deal with? How will you be communicated to? Is financial planning included? And how often will you meet?
It’s a deal-breaker if there’s no mention of how the adviser helped clients in past bear markets. After all, turbulent times are when you most need sound counsel.
That is, long-term performance. At least five years, and, hopefully, 10 or more. It’s about growing your assets over time
Returns are easier to assess for investment managers who have a published track record. With advisers at brokerage firms, you’ll want to see a sampling of long-standing clients. Don’t settle for returns from a “proposed” portfolio. Anyone can use hindsight to put together a top-performing portfolio.
Warning: If the adviser doesn’t admit to any weak periods or mistakes, you’ve either found the best money manager in the world or …
This is probably more important in our process than yours. We’re looking for investment geeks to manage our clients’ money. You want investment chops, too, but also need someone who is grounded and has more enthusiasm for helping navigate your financial journey than driving the latest BMW.
Tom Bradley is chair and co-chief investment officer at Steadyhand Investment Funds, a company that offers individual investors low-fee investment funds and clear-cut advice. He can be reached at tbradley@steadyhand.com.
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TORONTO – Canada’s main stock index was up more than 250 points in late-morning trading, led by strength in the base metal and technology sectors, while U.S. stock markets also charged higher.
The S&P/TSX composite index was up 254.62 points at 23,847.22.
In New York, the Dow Jones industrial average was up 432.77 points at 41,935.87. The S&P 500 index was up 96.38 points at 5,714.64, while the Nasdaq composite was up 486.12 points at 18,059.42.
The Canadian dollar traded for 73.68 cents US compared with 73.58 cents US on Thursday.
The November crude oil contract was up 89 cents at US$70.77 per barrel and the October natural gas contract was down a penny at US2.27 per mmBTU.
The December gold contract was up US$9.40 at US$2,608.00 an ounce and the December copper contract was up four cents at US$4.33 a pound.
This report by The Canadian Press was first published Sept. 19, 2024.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press. All rights reserved.
Losing a loved one is never easy, and the legal steps that follow can add even more stress to an already difficult time.
For years, families in Vancouver (and Canada in general) have struggled with a complex probate process—filled with paperwork and legal challenges.
Thankfully, recent changes to Canada’s probate laws aim to make this process simpler and easier to navigate.
Let’s unearth how these updates can simplify the process for you and your family.
Probate might sound complicated, but it’s simply the legal process of settling someone’s estate after death.
Here’s how it works.
Probate ensures everything is done by the book, giving you peace of mind during a difficult time.
Several updates to probate law in the country are making the process smoother for you and your family.
Here’s a closer look at the fundamental changes that are making a real difference.
Now permanent in many provinces, including British Columbia, wills can be signed and witnessed remotely through video calls.
Such a change makes estate planning more accessible, especially for those in remote areas or with limited mobility.
Smaller estates, like those under 25,000 CAD in BC, now have a faster, simplified probate process.
Fewer forms and legal steps mean less hassle for families handling modest estates.
Courts can now approve wills with minor errors if they reflect the person’s true intentions.
This update prevents unnecessary legal challenges and ensures the deceased’s wishes are respected.
These changes help make probate less stressful and more efficient for you and other families across Canada.
(Image: Freepik.com)
Working with a probate lawyer in Vancouver can significantly simplify the probate process, especially given the city’s complex legal landscape.
Here’s how they can help.
Probate lawyers ensure all legal steps are followed, preventing costly mistakes and ensuring the estate is managed properly.
They manage all the paperwork and court deadlines, taking the burden off of you during this difficult time.
If conflicts arise, probate lawyers resolve them, avoiding legal battles.
With a probate lawyer’s expertise, you can trust that the estate is being handled efficiently and according to the law.
With a skilled probate lawyer, you can ensure the entire process is smooth and stress-free.
The updates to probate law make a big difference for Canadian families. Here’s why.
With these changes, probate becomes smoother and more manageable for you and your family.
Even with the recent changes, being prepared makes probate smoother. Here are a few steps to help you prepare.
These simple steps make the probate process easier for everyone involved.
Recent updates in probate law are simplifying the process for families, from virtual witnessing to easier estate rules. These reforms are designed to ease the burden, helping you focus on what matters—grieving and respecting your dead loved ones’ final wishes.
Despite these changes, it’s best to consult a probate lawyer to ensure you can manage everything properly. Remember, they’re here to help you during this difficult time.
TORONTO – Canada’s main stock index was higher in late-morning trading, helped by strength in energy stocks, while U.S. stock markets also moved up.
The S&P/TSX composite index was up 34.91 points at 23,736.98.
In New York, the Dow Jones industrial average was up 178.05 points at 41,800.13. The S&P 500 index was up 28.38 points at 5,661.47, while the Nasdaq composite was up 133.17 points at 17,725.30.
The Canadian dollar traded for 73.56 cents US compared with 73.57 cents US on Monday.
The November crude oil contract was up 68 cents at US$69.70 per barrel and the October natural gas contract was up three cents at US$2.40 per mmBTU.
The December gold contract was down US$7.80 at US$2,601.10 an ounce and the December copper contract was up a penny at US$4.28 a pound.
This report by The Canadian Press was first published Sept. 17, 2024.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press. All rights reserved.
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