Because Money Podcast | Ep04 Noel D’Souza Money Coaches of Canada


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Fee-Only Financial Planning

Episode 4 (aptly named 'A New Hope' for the Star Wars geeks out there) of the Because Money Podcast featured guest Noel D'Souza from the Money Coaches of Canada. We had a great conversation about how a fee-only financial planner differs from the traditional idea or a financial planner.

Host Robb Engen of Boomer & Echo brought a great story to the table that allowed us to pick through a hypothetical situation to see the differences between the 2 models. "Does my [68] year old mother need a fee only planner?"

Did you know that on a portfolio worth $1M with a 2.25% MER, you would be paying $22500 in management fees annually even if your investments didn't make money?

In response to this little discovery, we received this smart tweet using the #becausemoney hashtag.

This led the conversation in the direction of, does fee-only financial planning only make sense to high net worth clients, or can the value be found for clients who have nothing to invest? Noel did a great job outlining the public perception of a financial planner as an investment advisor rather than more of a money coach.

The idea that there is not enough disclosure in the Canadian financial planning industry has been well documented. Sandi Martin threw this resource list together... not necessarily 'light reading' but certainly valuable for anyone looking to dig in.

I am wearing a kilt right now. I have consumed coffee today. Family Man. Innovator. Follow me on Twitter @kiltedbroker | Formerly the Executive Editor of the First Foundation #OwnGrowProtect…

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