Between brokers fees & management fees those can easily drain half the value of a mutual fund over 30 years.
You don’t need 1-3% in fees to get lower ROI than a passive index fund with 0.25% MER. But a salesman at a bank will absolutely tell you otherwise.
It is terrible advice. And it’s less terrible than advising them to go to a bank.
I’m sorry but you’re misinformed. When you walk into a bank and ask for financial advice those employees are NOT liable in Canada nor are they required to have full certifications.
They have no fiduciary duty to you and in fact they are PUNISHED for not scamming effectively or often enough for the banks. They have performance quotas to meet that are misaligned with their customers interests.
Pay for someone who is actually qualified.
As for why 1-2% MER actively managed funds pushed by banks can drain roughly half of your retirement savings there’s tons of info out there on how compounding effects work and the downsides of active management.
I encourage you to go pay for a qualified financial planner. It sounds like you’ve been lead astray.
other than the broker fees
EXACTLY. Do you know what compound interest is?
Yes necessarily. If you have the ability to determine whether they’re pulling the wool over your eyes then you might as well just advise yourself at that point.
Even the internet is often a better place to get advice than an advisor at a Canadian bank who’s job performance is intimately tied with how efficiently he can scam you.
Also, I didn’t say independent financial advisor. You should also not go for advisors who are independent but charge some management fees in exchange for controlling your investments. I said flat fee financial advisor.
A flat fee financial advisor isn’t going to sell you a scam mutual fund with 2% MER or advise you to take out a large debt you will not benefit from. They are paid by you and accountable to you with no authority to skim off the top of your assets. Those mutual funds you say are fine often rob people of half their retirement savings over the course of decades due to compounding effects.
You want to get advice ideally from those who have a fiduciary duty to YOU such that their interests are aligned with yours. Failing that, you want someone who has no stake in your money.
DO NOT take advice from financial advisors at banks in Canada. They are unregulated sales people paid to give advice that serves the interest of their employer.
The only people OP should consider taking professional advice from are flat-fee financial advisors. They will not find them at banks. And they must be flat fee.
If OP is not paying for the advice up front the advice is not going to be in OPs best interest.
That first part is where I’m stuck lol. I am fine with maintaining a good ratio but have limited bandwidth to pass a big exam or get in with the right crowd socially…
We absolutely do not need any more “strong progressive voices” whatever that even means.
This type of superficially “””progressive””” rhetoric while propping up technocratic neoliberal policies is exactly why the NDP is in the gutter.
What we actually need is an organized, unified left taking wealth back from those who’ve stolen it & using it to fix the abhorrent decline in our wages and living standards over the past 30-40 years.
Labour and wealth equalizing policies are wildly popular on all sides of the political spectrum in this environment. That the NDP is suffering a historic loss as we speak is a scathing rebuke of their inability to hold capital accountable and seize an election that was always theirs to lose.
We don’t need any more people waxing poetic about voices. We need the NDP to roll up their sleeves and start hitting back.
I’ve heard it’s best to just buy a domain for your email for hopscotch reasons
None of your business, frankly. Those are our genitals and we’re human beings not medical curiosities.
Asking us to defend publicly that our genitals are “good enough” by deep diving into the details of how a very complex and advanced surgery is done is utterly dehumanizing behavior. Anyway, I’ve literally never had a man say he felt there was something off with my genitalia and that’s including men who I never disclosed to & later asked me about pregnancy risks (implying they still believed I was cis). So this person is utterly misinformed and frankly speaking out of his ass.
Don’t ask again. Be kind and respect people’s privacy when the topic is about their genitalia. Thanks.
His modlog history also has some lovely 2016 anti-SJW flavour right wing troll cringe in it about cultural appropriation and “”“reverse racism”“”, too. Truly a sad person who showed up here with an agenda, try not to let the lowest common denominator here drag down your day, he’s so not worth it.
That’s so wholesome 🥺 thanks!
Yooo is that actually a storyline in the game? Cutee
Alex.
I’m a trans woman with a problematic attraction to any man who would’ve bullied me in high school.
Before you ask—yes, I am aware this is the only reason anybody ever marries Alex.
I guess I shouldn’t be surprised given the complexity of the problem. But all of these points in one article seem quite overwhelming.
Personally I think access to family doctors and stronger communities (get people off their phones and talking to their neighbours) would fix the lions share of these issues.
Reproductive health needs to be protected. Well honestly it’s insane to me that it’s not a given. What the hell sort of dystopian society are we devolving into.
We should be explicit about some things:
Tell me you know absolutely nothing about the work we actually do without telling me huh.
The top level comment is about AI development not AI use.
Speaking as someone with more than a decade of experience developing AI: prompting ChatGPT to write your cover letter for an AI dev role is at best neutral to your ability to perform the job, at worst a sign of total incompetence.
It’s fucking funny to me how every two years people dream up new and novel ideas of what it is we do based off nothing but vibes lmao
Using AI is very different from developing AI.
It’s okay I’m a millennial too…
it shouldn’t be a surprise
Yes it should. The working class is supposed to get compensated fairly for increases in productivity.
Through no fault of anyone
Billionaires are right there.
No, a mutual fund with 1-2% MER is not the same as an ETF with 0.25% MER. One of them steals half your money while the other does not.
Believe it or not it is very financially lucrative to drain up to half of people’s retirement funds while disguising it under opaque language they know people won’t understand (like MER, brokerage fees) while “”justifying”” their fees with hopes that they would outperform the market (which they don’t).
Sorry to break it to you but your parents were raised in a world where we had less data on these things. We now know their work over the years drained people of their money and siphoned it up to banks.
They didn’t need to be conscious of it for that to be the effect. That’s simply what happens. And because these are risk adjusted opportunity costs people don’t know better.
Moreover your parents worked in a market when 0.25% MER All in One ETFs didn’t exist. So it’s a moot point.