Wealth Management
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.
- 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.
- 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.
- 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.
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Many young people begin investing with the mistaken notion that a single big idea can make them rich. For some, the big idea is stumbling upon an investment that provides a 1,000-to-1 return. For others, it’s a technique that provides sure-fire investment decisions, or an investing course or guru that promises instant riches. If you ask investors who have a few decades of successful investing behind them, however, few if any will credit their success to any one investment or investing technique. Instead, most will talk about the value of everyday qualities like patience, consistency and a healthy sense of skepticism—in short, the kind of qualities that bring success in all aspects of life, not just investing....
This is the latest in a series of video interviews in which Pat McKeough will give his advice on a variety of topics. Some will deal with his overall investment philosophy, others on specific investment strategies, and still others will be comments on events that are affecting the markets and the economy. This time, Pat discusses the fact that in his role as investment counsellor, he learns a good deal from his portfolio management clients, Inner Circle members and readers. Successful investors spend a lot of time learning about investments, he adds, and you never know how much you might learn when you start commenting and replying to other investors’ comments.
Investment Counsellor: The Value of Your Comments...
Investment Counsellor: The Value of Your Comments...
This is the latest in a series of video interviews in which Pat McKeough gives his advice on a variety of topics. Some will deal with his overall investment philosophy, others on specific investment strategies and in still others he serves as an investment counsellor as he discusses events that are affecting the markets and the economy. That’s his role this week as he discusses the anxiety many have about the ongoing crisis in Greece. Pat turns the general sense of pessimism on its head—the markets frequently move up before crises are solved, while there’s often more cause to worry when things look good. And he adds an optimistic postscript about energy in the years ahead.
The Crisis in Greece: Be Ready for an Upturn...
The Crisis in Greece: Be Ready for an Upturn...
This is the latest in a series of video interviews in which Pat McKeough will give his advice on a variety of topics. Some will deal with his overall investment philosophy, others on specific investment strategies and still others will be comments on events that are affecting the markets and the economy. This time, the topic is one that figures into the retirement planning of many Canadians. Is my home an investment? Make sure you’ve made careful and complete calculations before you come to that conclusion, advises Pat.
Planning for Retirement: Your House as an Investment...
Planning for Retirement: Your House as an Investment...
This is the latest in a series of video interviews in which Pat McKeough gives his advice on a variety of topics. Some will deal with his overall investment philosophy, others on specific investment strategies, including those for retirement planning, and still others focus on events that are affecting the markets and the economy. In today’s video, he replies to the many questions he receives on how much money people need to retire on. As he tells his personal Wealth Management clients, Pat explains, determining how much you need for your retirement is a lot more than just a matter of dollars and cents.
Q: Pat, we hear a lot these days about how much money people need to retire on. What do you tell your Wealth Management clients when they ask you about this?...
Q: Pat, we hear a lot these days about how much money people need to retire on. What do you tell your Wealth Management clients when they ask you about this?...
Tip of the week: There are a few good reasons to pay a little extra money for the right class of shares in the stocks you buy.
The right number of stocks for you to own depends in part on where you are in your investing career. It makes sense that you should have fewer stocks
Every Wednesday, we publish our “Investor Toolkit” series on TSI Network. Whether you’re a beginning or experienced investor, these weekly updates are designed to give you specific investment advice, including ways in which you can maximize your retirement income. Each Investor Toolkit update gives you a fundamental piece of investing strategy, and shows you how you can put it into practice right away. Today’s tip: “It’s important to understand the limits of annuities if you plan to incorporate them into your retirement income.”...
This is the latest in a series of video interviews in which Pat McKeough will give his advice on a variety of topics. Some will deal with his overall investment philosophy, others on specific investment strategies and still others will be comments on events that are affecting the markets and the economy. Today, he deals with a question we hear quite often from our readers: How can I tell if my stock broker is really on my side? Pat begins by suggesting a version of the old encyclopedia buyer’s trick. Below is the transcription of Pat’s comments. ...