Have you noticed that even though there seems to be a financial advisor at every turn, less and less of them are true full service advisors? More of them are pushing their own proprietary products, while attempting to make you believe they are actually independently advising you.
As an investor this should worry you. As an investor you need your advisor to have the full range of products and choices available to you. You and your needs do not fit into a neat little box with a limited number of choices.
You have your own individual goals and lifestyle choices. Any and all investment decisions should be made with your individuality in mind. Buying into proprietary or pre-selected investment portfolios is not taking into account your individual situation. Many advisors are building their own portfolios, convincing their customers into believing these portfolios are different than mutual funds. Don’t let them fool you.
Many of these portfolios are set up to make sure the advisor cannot be sued as a first goal and then for potential performance. They do this by looking back at the last several years and hoping this trend will continue. YOUR protection should be the first goal, not the advisor’s protection.
Are these portfolios:
Investing around the world? Canada has only 2% of the investments in the world
Sheltering your returns?
Protecting your wealth?
Paying you income in a tax effective manner?
You have to ask yourself:
“What expertise am I actually getting?”
“Has this portfolio been set up to meet my individuality?”
“Is my advisor truly an independent or simply meeting head office requirements?”
You will be surprised at the real answer.