Investment Club Meeting on December 17, 2024 (Webinar)
Ellen's Investment Club (Toronto Central Investment Share Club)
Regular Session
December 17, 2024, 7:00 – 9:00 P.M
By videoconference
1) The Globe and Mail's Report on Business published an article by Dan Hallett, vice-president of research at Highview Financial Group, on Sept. 5. He was raising a concern that probably applies to many of our investing club members.
The headline is "Aging DIY investors must plan for succession." Here’s a link:
Last week, Steadyhand Investment Funds did a blog post on the same topic, with the headline, "DIY Investing? How to ensure your family isn't left holding the bag." Here's a link:
Dan Hallett suggests that DIY investors in their 60s, 70s and 80s should consider moving some of their registered assets (RRSP, RRIF, LIF, TFSA) to a trusted advisor or firm.
"This allows you to introduce a new financial partner to your family while continuing to self-manage a portion of your investments, if you choose. And if it doesn't work out, you can terminate the relationship and start again with no tax consequences."
And here is Steadyhand’s view:
“Portfolio succession planning is becoming an increasingly important topic among retired Canadians. As our population ages, this conversation is only set to grow. Many individuals in their 60s, 70s, and 80s have shared with us that their interest in managing their own investments is waning, their capacity to do so is declining, or they’re worried about the complexities that may arise if something happens to them.
And if you can relate, we invite you to reach out for a conversation.
“Financial advice is a key part of our offering, and we help many families with their retirement planning needs. Moreover, you can get started with us for as little as $10,000, allowing you to ‘dip your toe in’ with one of your registered accounts,” says Steadyhand, which offers a retirement withdrawal program.
You may be very comfortable managing your own investments in retirement. But even if your stock picking skills are as good as ever, there will come a day when you may not be able to summon the attention to detail and discipline to hold onto your stock portfolio during an extended downturn. So, it’s smart not to wait until you can’t do the job on your own any more.
I have lined up two guest speakers to help us understand the world of professional portfolio managers. Katie Walmsley is president of the Portfolio Management Association of Canada (PMAC), based in Toronto. And Dona Euell-Schultz is the board chair at PMAC and also the senior vice-president and portfolio manager of Cardinal Capital Management Inc., a 30-year-old firm based in Winnipeg, with offices across Canada, https://www.cardinal.ca/approach
In general, licensed portfolio managers have to meet a higher standard of conduct than what is required of registered investment dealers.
WHY HIRE A PORTFOLIO MANAGER?
Investor Resources
Portfolio managers owe a fiduciary duty to their clients. By focusing on a select client base, our members are able to develop bespoke portfolios that are tailored to the individual needs of their clients. Our members are committed to achieving the highest educational standards in the industry to provide investors with a higher level of service and thoughtful advice.
Here’s a link to the Investor Resources page on the PMAC website:
And here’s a link to the PMAC site, where you can search for member firms that match your needs:
Please try to check out this information before the meeting. The goal is to help you ask the right questions, so you can get ready for a future when you can’t make all the decisions on your own and you will want to transfer your investments to a professional manager.
2) Tom Loftus will update us on the club's fantasy portfolio, opening
up a conversation about which stocks to add and which stocks to drop. He will send a progress report to the club members’ email list before the meeting on Tuesday. Please come prepared with ideas on changes you would like to see in the portfolio.
See you on Tuesday.
Ellen
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