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Q: We are self-directed investors, but do feel that having a second opinion would be valuable. So for a number of years we’ve been trying to obtain external investment advice. This has been surprisingly difficult. We have gone to a number of different types of services:
- Fee-based advice: Person looked at our accounts and thought it looked like we had a plan and thus thought we didn’t need him. He did however indicate interest in taking our investments over and charging a fee.
- Non fee-based advice: They proposed moving us into a new set of funds with associated higher MERs. Would have led to at least 1-1.5% more than we were paying now (our average MER is running around 1.1%). They did offer financial planning, etc. as part of that.
- Brokerage firm: Adviser wanted to move our funds into a non-discount brokerage account and charge an additional 1% on top of it.
We get it that these folks want to make a living but are quite at a loss that we can’t find a solution for our particular need…

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Oil: By year-end 2015, I expect the WTI price of oil (now $74) will be approximately $80-$85, based on an improved global demand outlook and modest production cutbacks from both OPEC and non-OPEC producers around the world. There is a significant portion of global oil production that is not economic or “fiscally viable” below $80 per barrel and this will result in production cutbacks after oil remains below $80 for a couple of quarters.
Housing: I see home prices nationwide being flat. The good news is housing inventory, in terms of supply and demand, is in good shape and mortgage rates are likely to stay low for a prolonged period. But home prices relative to apartments are too far into the stratosphere, and residential real estate values, benchmarked against virtually any economic metric, are far too high relative to historical norms to believe there can be much upside to prices. The condo market in many areas is overbuilt and faces a long period of price softness; the single-family sector is in better shape…

The U.S. economy grew at a sizzling 5 per cent annual rate in the July-September period, the fastest in more than a decade, boosted by strength in consumer spending and business investment.