Wealth Management

Wealth management is the practice of putting your savings to work so that it continues to grow over your lifetime and will also benefit your heirs. Wealth management encompasses many different areas of investing like long term investment planning and retirement planning.

If you’re new to investing, a good place to start managing your wealth is to consult your tax preparer or accountant. They may be able to provide you with financial planning services. They may also be able to refer you to somebody who can.

There are three types of professional wealth management services you can use.

  1. A full service stock broker – A good stock broker is one who understands investing and who has the integrity to settle conflicts of interest in the client’s favour. Good stock brokers can provide an effective and economical way to manage your investments. But if you are going to use a full-service broker, take the time to find a broker you can trust.
  2. A discount stock broker – A discount stock broker will simply carry out buy and sell orders for their clients, and charge lower commission rates than full-service brokers. You pay even lower commissions if you trade stocks online, instead of placing orders over the phone.
  3. Portfolio managers – A portfolio manager is someone who fully manages your wealth portfolio and has a fiduciary responsibility to make sound investment decisions on your behalf. Portfolio managers are more stringently regulated than full-service or discount brokers.

Get the answers you need when you read this FREE Special Report, Wealth Management & Retirement Planning: Canada RRSP Contribution Limit, RRSP Interest Rates, TFSA Contribution Limit and More.

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Wealth Management Post Archives

RRSP meltdown strategies could jeopardize your retirement

RRSP meltdown strategies could jeopardize your retirement

RRSP meltdown strategies promise to ease your tax burden on withdrawals, but these complicated manouvres are usually more lucrative for brokers than for investors
Investors sometimes ask us what we think of the so-called RRSP meltdown. This is a strategy that would let them make withdrawals… Read More

Asset allocation funds are overrated as an investment strategy. Here’s why

Asset allocation funds are overrated as an investment strategy. Here’s why

Asset allocation funds work great in hindsight—but they’re far less effective at forecasting the future.
Traditionally, asset-allocation funds adjust their portfolio weightings between stocks, bonds and cash in order to capitalize on perceived shorter-term investment opportunities in any one of those classes. For example, if the… Read More

Understand the Basics of Investing for Retirement to Save More

Understand the Basics of Investing for Retirement to Save More

Know the basics of investing for retirement to maintain the right mindset for making investment decisions
If you’re heading into retirement and are short of money, you should move your investing in the direction of safer, more conservative investments. That’s a far better option than taking… Read More

Canadian banks are some of the best stocks for investors. Here’s why.

Canadian banks are some of the best stocks for investors. Here’s why.

Canadian banks offer investors above-average dividend yields, low-to-moderate p/e’s; and above-average potential for long-term capital gains.
We’ve long recommended that most Canadian investors hold two or more of the Big Five Canadian banks—Bank of Nova Scotia, Bank of Montreal, CIBC, TD Bank and Royal Bank. That’s… Read More

Use a financial contingency plan example like this one

Use a financial contingency plan example like this one

Use a financial contingency plan example like this one to put your finances in trustworthy hands if you cannot handle your affairs yourself
Having a financial contingency plan will let someone you trust take charge of your finances and investments if you can’t handle them yourself… Read More