Category Advisors/Fiduciary

Non-fiduciary advice is an oxymoron…Comments on CSA consultation 33-404: Enhancing obligations of advisers is insufficient-Advisers must become Fiduciaries

  In a nutshell   Non-fiduciary advice is an oxymoron. Statutory fiduciary advice is achievable by a principle, rather than rules, based approach. Advice is about process not product. Advisors placed in a context conducive to fiduciary behaviour must transition from a business to a professional model by: state-of-the-art best practices (e.g. IPS), institutional/employer oversight […]

“Your Portfolio is broken” by Chris Turnbull- A book review

In a nutshell In “Your Portfolio is broken” Chris Turnbull looks at what’s wrong with the advice, investment management practices and business models in the Canadian context. The advice model tabled in this book is based on CFA Institute best practices then using a portfolio implemented using a passive/index based approach which is then delivered […]

Q&A: What do I need: Investment manager or Financial Planner/Adviser?

 Question (paraphrased): While I use ETFs, my portfolio returns have not been great. Should my husband outlive me, he will not be able to continue to manage our portfolio. I found some pooled fund managers who charge 1.3-1.5% per year and have outperformed the market, so why not just invest our assets in their funds? Can […]

Fiduciary – Response to “CSA Consultation Paper 33-403 – The Standard of Conduct for Advisers and Dealers: Exploring the Appropriateness of Introducing a Statutory Best Interest Duty When Advice is Provided to Retail Clients”

In a nutshell A fiduciary duty requires the fiduciary to place the interests of the client ahead of one’s own. Consider fiduciary in the context of the ancient wisdom of the Bible which very sensibly suggests not placing an obstacle before the blind.  In the financial adviser context, not placing an obstacle before the blind […]

Fiduciary duty is necessary, but not sufficient

As you are no doubt aware, there is an ongoing debate in the US on the necessity for introducing a fiduciary standard of care for all those claiming to provide financial advice to retail clients. Specifically the SEC and Congress are considering extending the fiduciary requirement, now applicable to only Registered Investment Advisors (RIAs) to […]


Fiduciary In a nutshell In the simplest terms, a fiduciary duty requires the fiduciary to place the interests of the client ahead his own (or his employer’s or shareholder’s or anyone else’s). There are no shades of grey here: this is not about moral but legal obligation, it’s not about disclosing that you have a […]

Articles on selecting an advisor

Articles on selecting an advisor Choosing an Advisor and Bang for the Buck from Your Advisor (a couple of blogs I did on the subject over the last few years) “Where to find a true fee-only planner” “Getting advice in a rough market” “Three questions for your financial advisor” “Fee-only then, fee-only now” “Fee-based accounts […]

Want the greatest bang for the buck from your advisor?

Want the greatest bang for the buck from your advisor? Last week, Good(?) news, mutual funds perform better in recessions than expansions , discussed how difficult it is for active managers to exceed the index and how difficult it is to find the few who will outperform in the future. If it appears that it […]

Choosing an advisor

(Originally posted April 5, 2007) Let me start off by saying that I do not have a great deal of personal experience in picking an advisor. My objective in this website is to help you become self sufficient in your retirement planning. My wife, by the way, does not believe that I am pursuing a […]

Fee-only planners/advisors(Canada/U.S.)

Fee-only planners/advisors(Canada/U.S.) In a nutshell If you are thinking of using an advisor, aim to get one working on a fee-only basis, prepared to offer a fiduciary relationship and includes an Investment Policy Statement as part of the deliverable. The details The education function of RetirementAction.comis focused in helping individuals to become Do-It-Yourself (DIY) investors; […]