Author Topic: Crossborder fee-only, advice-only advisor recommendation?  (Read 979 times)

FLBiker

  • Handlebar Stache
  • *****
  • Posts: 1537
  • Age: 45
  • Location: Canada
    • Chop Wood Carry FIRE
Crossborder fee-only, advice-only advisor recommendation?
« on: May 30, 2021, 09:49:11 AM »
I realize this isn't purely mustachean, but I really appreciate the wisdom on this forum.  I've been a DIY investor all along, but I'm realizing that following our move to Canada from the US, I would like to have an expert that I can go to with questions or for a second opinion.  I have a tax guy, and that has been very helpful, but I would like someone I can ask crossborder financial planning questions of.

I am not interested in anyone who bills a % of assets under management, as I don't want to put my assets under management.  I want to pay an hourly rate.  Does anyone have any recommendations?

To give a sense of the type of questions I would like help with, I'm currently trying to figure out what brokerages to keep our retirement accounts with.  I've got some ideas, but I'd like to run the plan by someone with more expertise than me.  Similarly, we're nearing our financial independence number, so as we transition into decumulation, I could see wanting to run my plan by an expert as well.  I'm not looking for ongoing asset management or advice, though.

I live in Nova Scotia, if that makes a difference, but I'm happy to work with someone remotely.

Here are a couple of that I've found, and if anyone has experience with them I'd be grateful if you would share it.
https://www.efficientwealth.com/advice-for-fee/
https://springplans.ca/ (may not offer hourly services)
https://www.hutcheson.ca/services/cross-border-tax-services/ (tax focused, but does have crossborder financial planning as well)

Any if any additional information would be useful, please don't hesitate to ask.  Thanks!

highflyingstache

  • 5 O'Clock Shadow
  • *
  • Posts: 49
Re: Crossborder fee-only, advice-only advisor recommendation?
« Reply #1 on: May 30, 2021, 11:41:49 AM »
It might be a bit more expensive, but the team at PWL Capital, in Toronto not only has a ton of outstanding Canadian material, but could help with your cross-border issue. They are, as I understand it, probably % based for what they have under management. But I could see it as an option for a one time fee assessment. In a sense, Dan B and Justin B are the biggest proponents of indexing in Canada as a professional sense.

A bit smaller, but no less professional is Boomer and Echo. (A family blog of Financial matters that also offers fee based services). Big pushers of financial literacy and independence, they're based in the prairies. They very well could help set you up.

As for brokers, I would imagine Interactive Brokers would not only be the cheapest to transfer (and keep potential 401K, IRA, etc) while also opening (or transfering) to RRSP, TFSA and holding multi-currency Non-registered (margin/cash) accounts.

A lot of us are proponents of Questrade as well. Moneysense magazine offers a yearly brokerage comparison. Typically QTrade, Questrade come out near the top. In place of Interactive Brokers, they have a much more accessible and friendly interface, but fees will be somewhat higher.

Unlike Robinhood or other no-fee companies in the US, I would say the above mentioned are as close as we get. Big banks (TD, Scotia, RBC, etc) typically don't come close, even with bigger amounts in holding (1M+).

Feel free to PM for more thoughts. This is only a brief synopsis of ideas.

FLBiker

  • Handlebar Stache
  • *****
  • Posts: 1537
  • Age: 45
  • Location: Canada
    • Chop Wood Carry FIRE
Re: Crossborder fee-only, advice-only advisor recommendation?
« Reply #2 on: May 31, 2021, 03:15:12 AM »
It might be a bit more expensive, but the team at PWL Capital, in Toronto not only has a ton of outstanding Canadian material, but could help with your cross-border issue. They are, as I understand it, probably % based for what they have under management. But I could see it as an option for a one time fee assessment. In a sense, Dan B and Justin B are the biggest proponents of indexing in Canada as a professional sense.

A bit smaller, but no less professional is Boomer and Echo. (A family blog of Financial matters that also offers fee based services). Big pushers of financial literacy and independence, they're based in the prairies. They very well could help set you up.

As for brokers, I would imagine Interactive Brokers would not only be the cheapest to transfer (and keep potential 401K, IRA, etc) while also opening (or transfering) to RRSP, TFSA and holding multi-currency Non-registered (margin/cash) accounts.

A lot of us are proponents of Questrade as well. Moneysense magazine offers a yearly brokerage comparison. Typically QTrade, Questrade come out near the top. In place of Interactive Brokers, they have a much more accessible and friendly interface, but fees will be somewhat higher.

Unlike Robinhood or other no-fee companies in the US, I would say the above mentioned are as close as we get. Big banks (TD, Scotia, RBC, etc) typically don't come close, even with bigger amounts in holding (1M+).

Feel free to PM for more thoughts. This is only a brief synopsis of ideas.

Thanks for this -- I've got my taxable at Questrade, but I don't think they're an option for retirement accounts like IRAs.  Am I wrong about that?  And Interactive Brokers is certainly on my list to check out.  They seem more geared towards day traders, but I understand that they might be my best option.  And thanks for the advisor recommendations -- I'll check them out!

Thanks!