Author Topic: Fixed Price Financial Advisor?  (Read 714 times)

max9505672

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Fixed Price Financial Advisor?
« on: January 06, 2022, 08:43:55 AM »
Hi all,

I've discovered the MMM community 5 years ago now and been investing in ETFs since then. It's been going pretty well, thanks to the markets performances, and my NW is getting to a point where I would appreciate advices from a professionnal financial advisor.

However, I do not want someone that will push mutual funds, or take a purcentage of my portfolio to manage it. I want to keep ''trading'' by myself (currently using Questrade platform), so I am simply looking for professional advices mainly on my AA and other general trading habits. As the numbers are getting bigger and bigger and I feel like minor decisions could now lead to more significant gains/loss.

Is there an online service that exists for this? I am from Canada, but is it common to find local financial advisors that would work for a fixed price? Would a bank do it?

Thank you!

lhamo

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Re: Fixed Price Financial Advisor?
« Reply #1 on: January 06, 2022, 09:00:32 AM »
You are looking for a fee only advisor.  Yes, they exist. 

There is another thread here somewhere with an extensive review of this guy's services:

https://planvisionmn.com/

$189 for the first year and $8/month after that.  He is US based but works with a lot of expats.  I'm going to give it a try later this year.

PS:  Here's the other thread

https://forum.mrmoneymustache.com/investor-alley/using-planvision-$189-per-year-for-financial-advising/
« Last Edit: January 06, 2022, 09:03:37 AM by lhamo »

max9505672

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Re: Fixed Price Financial Advisor?
« Reply #2 on: January 06, 2022, 11:58:12 AM »
You are looking for a fee only advisor.  Yes, they exist. 

There is another thread here somewhere with an extensive review of this guy's services:

https://planvisionmn.com/

$189 for the first year and $8/month after that.  He is US based but works with a lot of expats.  I'm going to give it a try later this year.

PS:  Here's the other thread

https://forum.mrmoneymustache.com/investor-alley/using-planvision-$189-per-year-for-financial-advising/
Awesome, thanks!

Looks like they mostly work with US citizens or expats. Will inquire if they work with Canadian citizen as well.
« Last Edit: January 06, 2022, 12:24:53 PM by max9505672 »

lhamo

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Re: Fixed Price Financial Advisor?
« Reply #3 on: January 06, 2022, 12:50:08 PM »
Andrew Hallum, aka The Millionaire Teacher, is Canadian and has recommended him in the past.  I think he has a lot of Canadian clients. 

He's mainly a proponent of buy and hold index fund investment so might not be a good fit for you if you want to do a lot of trading and have more complicated AAs.  Read the FAQs and watch the videos on his site and you should have a good idea of whether or not what they offer is a good fit.

DaTrill

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Re: Fixed Price Financial Advisor?
« Reply #4 on: January 06, 2022, 01:49:18 PM »
Schwab, Vanguard, Fidelity, TD, similar large discount brokers offer this service for free once a year.  If you are in under 10 bps/year ETFs that track S&P 500 or US/World market, you will beat all fee advisers.  If your AUM approaches $2-$3 million, then above brokerages will usually offer more individual advice once a year which is also free.  Tax strategist for Canada might be advisable to explore, but this is not provided by US based brokers.     

SimpleCycle

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Re: Fixed Price Financial Advisor?
« Reply #5 on: January 06, 2022, 02:59:56 PM »
We use a fee only advisor, and it's been a good fit because we only need a light touch and he's willing to provide that.  We pay $60/month for access to his toolset and a "reduced" hourly fee of $300/hr billed in 15 minute increments when we need specific advice.  We use 2-3 hours a year, so total advising fees are up to $1600/year, which is about .15% of our investable assets.

This has largely paid for itself by pushing me (and especially my spouse) to take on appropriate levels of risk.  It's also less money than using Vanguard's personal advisor services with a much higher level of service.  Vanguard charges 0.3% of your assets, only manages the assets you have with them, and puts everyone into the same 4 fund portfolio anyway.

Happy to provide the referral through PM if you want.  He works both remotely and in person in Chicago.

Edited to add: I see you're in Canada, I think our advisor only works with people in the U.S.  I posted actual fees because I think it's worth knowing about how much these services cost - they are not cheap and you have to decide if it's worth it!

FLBiker

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Re: Fixed Price Financial Advisor?
« Reply #6 on: January 07, 2022, 05:34:39 AM »
I haven't worked with either, but I did an initial consult with Spring Plans (https://springplans.ca/) and Objective Financial Partners (https://objectivefinancialpartners.com/).  Both are Canada-based, and I liked what both had to say.  Ultimately, I decided not to pay for their services, but they both seemed good.  I'm a US citizen and Canadian permanent resident, and I found that my questions were better answered by a crossborder tax accountant.

Objective Financial offers (or, at least, offered when I spoke to them) hourly consultations, whereas I think with Spring I would have had to do a full plan.  If I have a question in the future that I'm not able to answer on my own or via my tax guy, I'll go to Objective.