Aug 12, 2021
Today our main topic expands on a recent episode in which we
talked about what constitutes good financial advice, and here we
look at how to go about finding the kind of advice that you want
and need. It is one thing to know what it is, but that does mean it
is straightforward to locate an advisor or firm that provides it.
After our opening salvo of some media recommendations and a review
of the fascinating book on different ideas on leadership,
called The Starfish and the Spider, we dive into
a listener question about where to geographically weight your
investments and the idea of underweighting the US equity of your
portfolio. This leads to a much bigger consideration of the
research, which we try to breeze through, and in sum seems to lead
us back to the idea of the non-predictability of markets. For our
main subject, we share an extensive list of questions to ask
yourself before even beginning any conversations with advisors, and
using your answers to determine the kind of advisor you need. From
there, we get into the questions you can ask the advisor and firms
you approach in order to make sure you find the best fit for your
needs. We talk about credentials, investment philosophies, firm
policies, and everything in between, and we will be posting this
full list on our community platform for your reference too. Stay
tuned for today's Talking Sense card, and Bad Advice of the Week
too, and make sure to tune in for the great guests we have lined up
in the coming weeks.
Key Points From This Episode:
- The positions that we are currently looking to fill here at the
- This week's book of the week: unpacking The Starfish and
the Spider and its lessons on leadership.
- Looking at an interesting blog post about the power of systems
over goals. [0:12:57.8]
- A listener question dealing with underweighting US equity in
comparison to emerging markets. [0:14:40.5]
- Plotting trend lines and the inconsistent relationship between
forecasts and outcomes. [0:23:02.4]
- Adjusting the standard errors, when using overlapping data
- Bootstrapped simulations for defining predictability and market
- Good financial advice and how to make sure you find it.
- The three channels through which you can access advice;
commission-based, asset-based fee advice, and fee-only.
- The conflict of interest that arises with us delivering our
thoughts on this topic. [0:36:28.8]
- Credentials and qualifications to look out for in Canada and
- Starting with what you want from an advisor and departing from
clearly defined goals. [0:41:12.7]
- Questions to ask yourself before selecting an advisor about
your assets, self-management, and more.
- The conversations to have with your chosen type of advisor;
services provided, compensation, and more.
- Getting to grips with the investment philosophy of an advisor
and their firm. [0:54:50.1]
- This week's Talking Sense segment: choosing between a lump sum
or installments. [0:57:28.2]
- Bad advice of the week and the seven reasons to own
individually-managed portfolios of stocks.