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Your Financial Advisor is NOT worth the Fee you are paying!!

by | Oct 29 | News & Updates

Over the last few years, consumers have been bombarded with messages of how high investment management fees are. We hear adds from Quest Trade, and WealthSimple, and other robot investing companies, making the compelling argument that you don’t need a financial advisor, and by having one you are wasting your hard earn cash on fees. In fact, even my own firm runs adds on 6800NEWS promoting our www.lowfeegrouprsp.com campaign.

We have regulators, and compliance bodies sitting around boardroom tables, making statements that professionals in our industry are making too much money, and its not “fair” to the consumer.

I was beginning to “drink from the cool aide” myself, however, after a recent investment review with one of my very first clients, I realized there is so much more value that I bring to the table then what my fee is. 

This particular client has been investing with me since 1997, (when he was 26 years old). He and his wife have accumulated close to 1 million dollars in investable assets over those 20 years. His first comment to me, as I was to begin the review was: “man! thank god you started working with me back when I was 26 – there are guys in my office who never used a financial advisor, and there are just starting to save for retirement now“. (in their mid 40s) This is when I came to the realization; the concern regarding what fee is charged is completely irrelevant if you never started to save in the first place.

Regulators are getting caught up on fees, and forgetting how vital the long term relationship that we build with our clients is to ensuring they achieve their goals.

A robot advisor is not going to build a 20 year relationship and provide consumers with the discipline and insight into saving for your future. It is a proven fact, that consumers who use the services of a financial advisor are leaps and bounds ahead financially than those who do not.

I am extremely proud of the advice, counsel and dedication I’ve provided my clients over the last 20 years, and I’m worth every penny my clients have paid in fees.

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