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Updated by Kathy Waite on Oct 26, 2017
Headline for Supporting the growth of fee only financial planning
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Supporting the growth of fee only financial planning

Fee only financial planners do not sell products.
they help you figure out what you need , you then go buy it knowing what you need , not in danger of being up sold by a sales representative.

How to choose a professional that works for you NOT the institution that sponsors his/ her licences and has its name above the door

Plans before products

Kathy Waite Your Net Worth Manager www.yournwm.ca

SIPA's 'Investor Be Aware' Video Contest - Wyatt H

It was a pleasure to work and send this to you guys. I hope many people will get the chance to benefit and be aware of this cause. I originally had the names...

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How to Choose a Financial Advisor FWBtv

Most people think financial advisors are sales people. Time has moved on and a new breed has expertise in helping you figure out what is important to you and then get you from A to B. Text book smarts are not all thats required pick some one with "life" experience.

Kathy Waite Fee Only Financial Planning Regina Saskatchewan Your Net Worth Manager.

How to Choose a Financial Advisor FWBtv Michael Kitches

Most people think financial advisors are sales people. Time has moved on and a new breed has expertise in helping you figure out what is important to you and then get you from A to B. Text book smarts are not all thats required pick some one with "life" experience.

Choose someone you can communicate with but also who works for you , not representing a company. Reps of companies may not put your interests first. Fee only financial planners work for you not the institution on their business card. ​

The Fee for service Advice-Only Model

It remains an obscure segment of the market, but advice-only professionals are increasingly cropping up, offering clients a more affordable way to manage their wealth

I believe you can give advice or sell products, if you make a living from selling things the advice is always you need more or a new one.
Real financial planners help you figure out whats important to you and find specialists to implement.

If you went to buy a car or TV is the salesman going to say , dont bother , yours is fine for the purpose?

B.C. woman has to choose between paying off her mortgage or keeping her financial adviser, if her account gets smalle...

This is the kind of conflict of interest I avoid. She wants to pay off her mortgage but if her investment account drops in size her advisor may fire her. Just as she is retiring and needs more help. ( reassurance )
I have a wonderful client who came to me because some one she was working with told her she couldn't afford to fix the cottage up. We ran a plan and she could , it was actually a good investment .
The hidden agenda was he didn't want to lose his 1.75% on $200k she would use.

So be careful with people who sell products and charge commissions , whose interests are they looking out for?
I have seen people paying a MER on a mutual fund AND being charged a fee and also being charged 1.5% on cash thats making 0.75%.

Product pushers aren't planners, says industry veteran

More needs to be done to move the industry away from a culture of sales to one that prides itself on educational st - Wealth Professional Magazine

Kathy Waite Saskatchewan says " most people do not realize that product sales companies develop sales forces. Ford and Kia obviously have a network of dealerships. Its exactly the same the bank sell its own products and most dealers create their own products affiliates are pushed rot sell in return for licensing "

Banning embedded fees on investment products could hurt Canadians' retirement savings: report

'Any reform that causes investors to separate from their advisers, or to never hire one, would be counterproductive to the public policy goals of helping Canadians better prepare for retirement,' says author Pierre Lortie

Kathy Waite Regina Saskatchewan disagrees

The industry doesn't tell you what you pay or report clearly your results as they know they would then have to provide , service, value for money and results!
Big finance will fight to keep the status quo.

The arguments about small accounts not getting help are untrue. Most of them should be using GICs and HISA until they build up more anyway , your emergency fund should not be in the stock market.
The commissioned guys rarely tell you to pay off the credit card or mortgage or join the company pension , it earns them nothing

When my car goes in for service they give it a free wash and vac. Its not really free they price it into the cost of cars and service. However if they miss a spot I am probably not mad as it didn't " cost" me anything.
if I took my car to a professional detailing company and paid $150 and they missed a spot I would complain.
Why? because I feel the cost I want value

Hide fees no one feels the pain of whats deducted, about 1/3 of your account every 13 years for most folk. if any one fights change so much you have to ask yourself whats in it for them NO to change.
Mostly being held accountable and SALESMEN do not like to be held accountable

Why won’t Canadians pay for investment advice?

Choosing investments based on the lowest cost? You need to think again – and don’t be afraid to ask for help

I think the short answer is because the costs are hidden , commissions are embedded in products , the industry has taught people financial advice is free. However usually anything free isn't really valued or acted on.

'Why my views on funds are attracting hate mail'

A documentary created by a financial education website in support of passive
investing is attracting criticism. Director Robin Powell explains why

I’ve never been called a Communist before, and certainly not a Jihadist. But in the last few weeks I’ve been labelled both – and, I dare say, worse.

The reason? I’ve made a documentary about the fund industry. And it’s clearly hit a raw nerve.

It’s called How to Win the Loser’s Game and, without wanting to spoil it for you, it draws some pretty startling conclusions.

First, the average investor needs to forget pretty much everything they thought they knew about investing and ignore what the vast majority of investment professionals and money journalists say they should be doing.

The message is nothing new. There’s a wealth of independent, peer-reviewed evidence dating back to the 1950s that picking stocks and timing the market – or choosing an “expert” to do it for you – is a waste of time and money.

But the real issue is a deeper one: there are far too many powerful people doing really very well out of the status quo.

In fact I’m really quite heartened by the abuse that I and fellow campaigners for a fairer, more transparent investment industry have started to attract. I even managed a smile when a highly successful American fund manager suggested that those who rock the active boat “will surely rot in hell”. It’s certainly an improvement on being ignored.

It was Gandhi who said “First they ignore you, then they ridicule you, then they fight you, and then you win.” We’ve reached the ridicule stage already. And we’re ready for a fight.

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