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A MoneySense reader writes:
I have investments with a financial planner and my fees are 2% or more per year, for a total of close to $6,000 per year in fees. I’ve been looking at moving my investments to a robo-advisor, but I’m concerned about the capital gains and subsequent taxes from moving my non-registered account.
First, how can I calculate what the gains are to understand the taxes I may have to pay—and is there a way to avoid paying the capital gains taxes?
Secondly, my financial planner justifies the fees I pay because we meet once a year and he prints out a plan that I never even look at. When I started working with him in 2012, there were few other choices. Today, is there something investors can access that’s in between a full-service advisor and a robo-advisor?
FPAC responds:
First, let’s address the primary impetus for your dilemma, which is your concern about fees. The old saying goes that “price is only an issue in the absence of value,” so one can presume that your concerns have come up due to an absence of value from your financial planner…
I have investments with a financial planner and my fees are 2% or more per year, for a total of close to $6,000 per year in fees. I’ve been looking at moving my investments to a robo-advisor, but I’m concerned about the capital gains and subsequent taxes from moving my non-registered account.
First, how can I calculate what the gains are to understand the taxes I may have to pay—and is there a way to avoid paying the capital gains taxes?
Secondly, my financial planner justifies the fees I pay because we meet once a year and he prints out a plan that I never even look at. When I started working with him in 2012, there were few other choices. Today, is there something investors can access that’s in between a full-service advisor and a robo-advisor?
FPAC responds:
First, let’s address the primary impetus for your dilemma, which is your concern about fees. The old saying goes that “price is only an issue in the absence of value,” so one can presume that your concerns have come up due to an absence of value from your financial planner…
