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I have been managing my accounts myself so far. I am 84 years old.

Our kids suggested to give it to a financial planner who has invested in mutual funds. They are going to charge at least $35,000 this year.

Is it advisable to withdraw from there and put in an ETF myself?

—Laasya

When should you stop managing your own investments?

It sounds like you are not quite ready to pass on the management of your investment accounts, Laasya. It may be easy for someone on the outside looking in to say it’s time for a change given your age. I can imagine how difficult it must be to hand over this responsibility if you are used to doing it on your own.

I try to picture 84-year-old me being told by my kids that it is time to hire a financial planner. I may not be so keen myself when the time comes. Maybe I should bookmark this column.

I took over the management of my mother’s finances toward the end of her life. She seemed reluctant, but she knew it was time. I think she still saw me as her little boy even though thousands of clients and readers looked to me for advice that she was hesitant to take…

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MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada. To help you find the best financial products, we compare the offerings from over 12 major institutions, including banks, credit unions and card issuers. Learn more about our advertising and trusted partners.

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The best Visa credit cards in Canada for 2024
This guide to the best Visa cards in Canada will help you narrow down the field and find a credit card that fits your lifestyle.

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Why trust us

MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada. To help you find the best financial products, we compare the offerings from over 12 major institutions, including banks, credit unions and card issuers. Learn more about our advertising and trusted partners.

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var refresh_key = ‘refresh’;
var refresh_value = true.toString();

// Creating all ad sizes
var mapping = googletag.sizeMapping().
addSize([1024, 400], [[970, 90], [728, 90]]).
addSize([980, 400], [728, 90]).
addSize([0, 0], [[320, 50], [300, 50]])…