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Kal Torak posted:You haven't heard about robo-advisors? There are several. More than just wealthsimple. That article could be better. You don't need to rebalance a minimum of 4 times per year so that alone is a poor reason to run to a robo advisor. And do people really need to be reminded that literal robots are not involved like 8 times, or is that just really lovely humour? Edit: In case it's not obvious, I think robo advisors are a good thing, I just think that article could be better at explaining them. Cold on a Cob fucked around with this message at 17:04 on Jun 21, 2017 |
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Jun 21, 2017 17:01
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Cold on a Cob posted:That article could be better. You don't need to rebalance a minimum of 4 times per year so that alone is a poor reason to run to a robo advisor. And do people really need to be reminded that literal robots are not involved like 8 times, or is that just really lovely humour? Fair enough. I just like that article because it takes you through pretty much all the robo advisors in the Canadian market. Tells you what accounts you can open at each and benefits/costs. Then it has promos if you want to sign up at any of them. I haven't found a better guide than that one.
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Jun 21, 2017 17:24
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Kal Torak posted:Fair enough. I just like that article because it takes you through pretty much all the robo advisors in the Canadian market. Tells you what accounts you can open at each and benefits/costs. Then it has promos if you want to sign up at any of them. I stick to CCP and rebalance myself twice per year, so I make no claims about accuracy but I read this one awhile back and it didn't make me want to strangle the author like the one you posted did (sorry).
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Jun 21, 2017 17:37
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Cold on a Cob posted:I stick to CCP and rebalance myself twice per year, so I make no claims about accuracy but I read this one awhile back and it didn't make me want to strangle the author like the one you posted did (sorry). Thanks, I will bookmark that one. I think the one I posted catered more to millennials.
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Jun 21, 2017 17:42
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Risky Bisquick posted:Didn't you say you made huge money off weed stocks? Or does that not cover other losses? I made enough to recover what I lost in lithium mining ventures.
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Jun 21, 2017 17:55
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Huh, Wealthsimple has... quite some bad reviews on Google at least. Seems like setting everything up is simple but anythinb eyond that is a nightmare.
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Jun 21, 2017 19:44
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Wirth1000 posted:Huh, Wealthsimple has... quite some bad reviews on Google at least. Seems like setting everything up is simple but anythinb eyond that is a nightmare. They periodically show up as suggested content on my Facebook feed, and pretty much all the negative comments on there are from users who just can't accept that a robo advisor might give better results than a human being. Or more likely it's astroturfing from banks. 
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Jun 21, 2017 20:48
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Wirth1000 posted:Huh, Wealthsimple has... quite some bad reviews on Google at least. Seems like setting everything up is simple but anythinb eyond that is a nightmare. I think their explosive growth has caused serious customer service issues. This is exactly why you may want to consider one of the other robo-advisors out there.
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Jun 21, 2017 23:44
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I've had a TFSA with wealthsimple for a year and a half and a RRSP account for 6 months and I haven't had any issues with them. Last year I even made a withdrawal from the TFSA for a new home purchase: no fees but it took a little over a week for the funds to make it to my bank account. Unrelated question: how would you go about finding a good financial advisor? I want someone for my mother in law to help with retirement planning, but don't want to see someone at her bank because they'll just saddle her up with mutual funds.
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Jun 22, 2017 12:35
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Kikkoman posted:Unrelated question: how would you go about finding a good financial advisor? Word-of-mouth. You want someone with a fiduciary responsibility, ideally who works for fees (not generally possible at the higher end, IME), and you want them to write up a plan so you can get a second opinion on it from someone else, maybe this thread or one of the denizens wiser than me.
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Jun 22, 2017 13:22
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Subjunctive posted:ideally who works for fees (not generally possible at the higher end, IME) Can you explain further? Do they demand a percentage at the higher end and is this the problem? Or am I missing something?
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Jun 22, 2017 13:29
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Cold on a Cob posted:Can you explain further? Do they demand a percentage at the higher end and is this the problem? Or am I missing something? At the higher end I wasn't able to find someone I liked who didn't take .25 - .5% of assets under management (reducing the percentage as you cross 5M/10M thresholds generally). The upside is that they generally index directly over securities, so there aren't meaningful mutual fund fees underneath for most of the money. My salary comes out of management fees for other people's assets under management too, so the model seems reasonable to me. 
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Jun 22, 2017 13:33
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Subjunctive posted:At the higher end I wasn't able to find someone I liked who didn't take .25 - .5% of assets under management (reducing the percentage as you cross 5M/10M thresholds generally). The upside is that they generally index directly over securities, so there aren't meaningful mutual fund fees underneath for most of the money. Got it. Probably never going to be a problem for me but you never know haha.
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Jun 22, 2017 13:50
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My wealth manager~ got me to meet a financial planner and she was saying that we need to plan for 35k/year university tuition for our precious 2.5 year old snowflake. That's in today's dollars btw. For a Canadian university. Anyone else planning to spend that much?
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Jul 4, 2017 20:32
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namaste faggots posted:My wealth manager~ got me to meet a financial planner and she was saying that we need to plan for 35k/year university tuition for our precious 2.5 year old snowflake. That's in today's dollars btw. For a Canadian university. Anyone else planning to spend that much? We're budgeting 27K/yr for our 9-year-old, I think.
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Jul 4, 2017 20:34
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Goddamn My first semester at McGill cost $1200.
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Jul 4, 2017 20:35
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I don't know where that number came from, but yeah, drat. I'm hoping she picks something more respectable like a trade or gun-running.
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Jul 4, 2017 20:37
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Goddamn, I hope that budget includes room and board at least.
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Jul 4, 2017 20:37
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mojo1701a posted:Goddamn, I hope that budget includes room and board at least. lol my dude. That's just tuition.
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Jul 4, 2017 20:38
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I was budgeting 50-60k each kid for school, no board. Hmmmnamaste faggots posted:lol my dude. That's just tuition. Local schools or ivy?
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Jul 4, 2017 20:42
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namaste faggots posted:lol my dude. That's just tuition. It's been 7 years since I was in university, OK? (Not counting two years of college later on to get a real job).
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Jul 4, 2017 20:43
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Risky Bisquick posted:I was budgeting 50-60k each kid for school, no board. Hmmm Better finish that basement. Canadian schools, if she wants to go to the US it better be full ride.
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Jul 4, 2017 20:45
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Risky Bisquick posted:I was budgeting 50-60k each kid for school, no board. Hmmm One of our local universities-cum-developers
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Jul 4, 2017 20:47
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Anyone have any thoughts on RESPs? Any reason not to use a family plan if you have multiple kids?
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Jul 4, 2017 20:51
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I'll ask my wife tonight.
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Jul 4, 2017 20:52
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I thought we had the floodgates open to foreign students to subsidize the locals. Why would tuition go up 50% over the rate of inflation?
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Jul 4, 2017 20:52
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GOOD loving QUESTION RIGHT? I think some rear end in a top hat who failed the CFA a couple times took a ruler to a tuition graph and just drew a straight line into 2032.
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Jul 4, 2017 20:57
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Risky Bisquick posted:I thought we had the floodgates open to foreign students to subsidize the locals. Why would tuition go up 50% over the rate of inflation? Because people will still take out major loans to pay for it.
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Jul 4, 2017 20:57
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mojo1701a posted:Because people will still take out major loans to pay for it. Yeah but if wages continue the stagnation trend and tuition continues its growth trend then no one would be able to get the $300k loan for an undergraduate degree. How will they buy a $1M 430sqft condo if they already have a monster loan for school? I assume classes and inequality are returning to the status quo before WW2 so most people wont have to plan for their kids to go to university because that'll only be for rich people.
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Jul 4, 2017 21:03
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cowofwar posted:Yeah but if wages continue the stagnation trend and tuition continues its growth trend then no one would be able to get the $300k loan for an undergraduate degree. How will they buy a $1M 430sqft condo if they already have a monster loan for school? Perhaps local people, the international student money teet shall not be stopped. It looks like I'm under funding tuition if this thread is true, hrm. So if lawyers and pharmacists will be be automated out, what is a sure thing job for the future? How many doctors do we honestly need? Maybe public middle management with a BA in the arts for the cash?
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Jul 4, 2017 21:14
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Risky Bisquick posted:Perhaps local people, the international student money teet shall not be stopped. It looks like I'm under funding tuition if this thread is true, hrm. Personal Finance Advisr e: Ew, this is a serious thread. If I could switch right now, I'd go for family law or electrician.
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Jul 4, 2017 21:18
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Postess with the Mostest posted:Personal Finance Advisr 
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Jul 4, 2017 21:23
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Family law is going to be replaced by a e:awful awful grammar Risky Bisquick fucked around with this message at 21:29 on Jul 4, 2017 |
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Jul 4, 2017 21:26
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Risky Bisquick posted:Perhaps local people, the international student money teet shall not be stopped. It looks like I'm under funding tuition if this thread is true, hrm. I'm hoping that we shift to a free energy star trek society before the next generation is even more hosed than us in the current economic model, but I doubt it. The current paradigm is becoming difficult to make work but greed will keep it limping along before civil unrest finally kills it off. cowofwar fucked around with this message at 21:31 on Jul 4, 2017 |
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Jul 4, 2017 21:28
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Risky Bisquick posted:Family law is going to be replaced by a Hmm, maybe. Everyone I've seen go through divorces get really irrational so I figured it'd be harder to automate. Also when humans are being irrational, $$$. I think I would enjoy it too though, probably a bit biased.
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Jul 4, 2017 21:42
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Lexicon posted:Anyone have any thoughts on RESPs? Any reason not to use a family plan if you have multiple kids? You can freely transfer money between Individual RESPs when the beneficiaries are siblings, and anyone can contribute to an Individual RESP. With a Family RESP contributors must be related by blood or marriage. Honestly the only reason to go with a Family Plan is if the management fees for Individual plans are excessive or you're totally unwilling to deal with more than one plan. Individual plans give greater flexibility.
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Jul 4, 2017 21:48
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Lexicon posted:Anyone have any thoughts on RESPs? Any reason not to use a family plan if you have multiple kids? Reasons not to: - it makes it harder for your financial institution to screw up the attribution of contributions, withdrawals - big age gaps between kids - RESP must be dissolved after 35 years, which may not give younger ones enough time. 15 year spread between my oldest/youngest siblings, for example. I started off with separate but merged them together when I changed brokers.
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Jul 4, 2017 21:53
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cowofwar posted:Yeah but if wages continue the stagnation trend and tuition continues its growth trend then no one would be able to get the $300k loan for an undergraduate degree. How will they buy a $1M 430sqft condo if they already have a monster loan for school? Yeah, I think we determined that post-secondary education in Canada was also predicated on a bubble. I don't remember any sources but it basically mirrors the housing bubble.
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Jul 4, 2017 22:00
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There's gotta be a point where University either becomes only for the ultra-rich or enrollment drops so much that they have to lower or freeze tuition, no loving way my kid is paying 108k for a BA in the Liberal Arts
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Jul 4, 2017 22:04
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Graduate employment numbers are also declining every year. So every year tuition costs go up while in-field employment goes down. Which means eventually the actuaries at the banks will not provide loans for education anymore because there wont be confidence that it will be repaid. I guess Canada could make tuition free at that point but more likely backstop it with a CHMC for education.
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Jul 4, 2017 22:24
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