How to go about securing the best return for your investment in Canada.
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Q. I’m a 23-year-old who just graduated with a Masters degree and I have $30,000 in student debt ($20,000 provincial, $10,000 federal). I also just got a job with an annual salary of roughly $60,000. My question is what is the best way to invest my money (index mutual fund, stocks, online Robo-advisor) so that I can still pay off my loan but also save for the future (i.e. buying a house/condo, getting married, etc.). Thank you!
—Jake
A. Jake, first, I’d like to offer congratulations. Kudos for wanting to reach for these goals and milestones, especially since you are quite young, have just begun your career and are still several years away from big mortgage payments and retirement.
One key thing to note is whether you are living with your parents or on your own. It makes a difference because paying for rent, food, and other shelter expenditures can consume a lot of financial resources. That being said, in either scenario, debt reduction is the best form of investment within either scenario…
—Jake
A. Jake, first, I’d like to offer congratulations. Kudos for wanting to reach for these goals and milestones, especially since you are quite young, have just begun your career and are still several years away from big mortgage payments and retirement.
One key thing to note is whether you are living with your parents or on your own. It makes a difference because paying for rent, food, and other shelter expenditures can consume a lot of financial resources. That being said, in either scenario, debt reduction is the best form of investment within either scenario…
What to look for when choosing a financial advisor
– moneysense.ca
Q. Our portfolio is approximately $1 million and is split almost equally between two advisors: one at a major bank and the other at a private firm. I have been considering consolidating our investments with one advisor. My question is, do we go with the bank or the private service? What’s the benefit of each? Should I get an independent review of our accounts to understand performance and associated fees to help me with a decision? Thanks in advance for any guidance or advice.
— Ali
A. Before I offer my advice, Ali, I need to declare my bias as a fee-based portfolio manager with an independent investment firm. I feel strongly that advisors should be paid a transparent fee and should not accept commissions (especially hidden ones) from the products they use, as this latter model is rife with conflict of interest. But I don’t think it’s helpful to judge advisors by the firm that employs them. There are fee-based and commission-based advisors at both bank-owned and independent investment dealers…
Q. My wife and I are retired and in our mid-60s. We are financially very comfortable. I also have a sizeable indexed defined benefit work pension. My wife has a large RRSP from self-employment. It is with Manulife (IncomePlus) and was intended to act as a variable rate annuity since she does not have a pension.
Manulife has offered her a very sizeable “enhancement deposit” to give up the guarantees and get out of the contract. The performance has been marginal because of the high MERs and administration fees. We are thinking about taking the offer and going into a lifetime annuity that guarantees, at a minimum, the return of initial lump sum payment (in case of early death). The annual annuity payments are substantially higher (almost 1/3 higher) than the minimum guaranteed in her current contract. It’s hard though, to give up complete control of some of our retirement funds although we have done it partially already. Any thoughts on what else to consider?
– Thanks, Abel
A…
