Adam, informed and intelligent as ever. You do us DIYers a great service. Here's a suggestion related to that: consider a short series on DIY investing, addressing how it's done, who should and should not do it, etc. I realize that in a certain limited sense, financial planning firms like yours compete with DIY, but almost every DIYer out there, myself included, can benefit by the services -- planning tools and experience, tax and estate planning, and as you say here, decumulation advice, that we often don't have as self-taught investors. I think you'd find an audience for it, as so many self-directed investors in Canada already watch and learn from you.
After 40 years of “investing” and learning from Adam’s videos, as a DIYer, I now recognize what specific questions I have and understand that I require financial planning expertise to optimize the complexities of my retirement.
Hi Adam, this is exactly what happened to me. I was working with an advisor at RBC he was charging me $10,000 a year in fees he was not really providing any guidance in terms of investment and when I questioned my rate of return at always a little more than 3% he never really had a valid reason for this. I asked him time and time again why do I not see any dividends being paid out. Again no answers. After a lot of researching and getting educated I took over my own portfolio 4 years ago and I am a self-directed investor. Before the market blew I was making a little over 8% return. I know the market is good so I'm currently at 32% returns and my portfolio is paying out $36,000 a year in dividends which is more than enough to live off of for me. I thought because this guy was aligned with a very large bank that I could trust him but in the end I realized I could not.
Great video Adam! I applaud you addressing the difficult topic of divorce. Although very fortunately I am not affected, I have worked with many over the years that have been. Not an easy issue to navigate, nor is it uncommon!! 👏
I've been DIY investing since I was 21. At 68 I'm in quality covered call ETF's. Never slept better. I ascribe 100% to go go, slow go, no go and we're having a blast spending TFSA's. Thanks.
Hey Adam. This might be out of scope for your channel but it would be good to learn about health insurance options. Especially for those that retire early.
Agree with the cash wedge/cashflow planning aspect of a plan. One point of that, I don't see mentioned very often is, don't touch your cash wedge when markets are up. So using the 30K example, I may have 60K or 2 years cashflow in a high interest account. If markets are up when I need that first years cashflow, would assume it's better to sell RIF investments that year and leave the wedge alone until a downturn occurs. Agree?
Definitely need to hammer home for people not to panic with market fluctuations - it's always going to happen. I build my plan around using the 10 yr annualized ROR. I think that's the best anyone can do. Then let it go, exhale and live your retirement.
At work I've been more and more getting labelled as the "financial expert". I don't really know why ... I just continually recommend my co-workers subscribe and watch Parallel Wealth youtube videos. I hope that doesn't fall into the Trap 5 catagory ;-)
With regard to holding onto money for too long, I am just about to retire. I have been running financial plans for that phase of my wife and my lives. It has become clear to me that passing part of our savings to our kids need to be integrated into overall financial plan. If I knew what I know now, I would have started this process earlier as it probably takes all go-go years if not more to complete the transfer.
I was convinced I would take both my CPP and OAS at 70. Then I did a family tree and found out the last 4 male generations before me have a combined age of 48.75 years old. I just turned 56 and became the longest living male in 5 generations. Statistically, I'm living on borrowed time. I'm reconsidering taking my CPP at 60 and my OAS at 65.
Yes I understand. However, there are so many good health indicators now and prevention tools that you can access to truly understand if you actually have a shortened life expectancy. For many diseases there are relatively easy things you can do early on to prevent, slow down, or avoid (minimize your risk substantially). Most of our health care system (in US) is focused on disease treatment rather than disease prevention (that is changing, too slowly for me, though). However, there are huge increases in health literacy information at our fingertips. If you want to live a long and healthy life, find out the causes of your male ancestors' demise and take action! Find someone who is an expert in your area, My friend has lived healthy and happy up to age 88 with a similar situation to you! Best wishes.
Question for the 6:14 mark: does DIY's definition here extend to having package-stocks like XEQT, VGRO, and the like - or is it limited only to managing one's own stock portfolio like say an old-fashioned stock trader?
I value your opinion....but I am also learning every day......we are 63 and newly retired....go go...slow go...and no go ...is very wrong as I discoverer recently.... I just took a transatlantic cruise with the average age of 75 to 85...many with mobility issues....many have 25 cruises under there belt and they are already booked for more cruises....honestly this is an inspiration and we are not preparing for it.....a 78 year old couple just bought a condo in portugal...they live in the USA....there 78 and nobody is not talking about not making it next year... 90 year olds in wheelchair rocking it every night.... Adam....you will need a new plan...the new retiree is ...go go...with no slowing in site
AUM is rarely worth it! With low cost index funds, it’s way too easy to manage a simple portfolio over time. Getting some fee based financial planning advice can be worth the money every five to ten years if it includes the taxes and estate legal advice.
@@Redneckboy991 Can you help me understand how Alberta is paying for everyone else's CPP? Alberta population is about 5million Ontario is about triple that. Assuming similar employment rate, and matching mandatory employer matching, wouldn't triple the amount be contributed to CPP? Another 10million leave east of Ontario. So, all-in, the 'east' has 25 million people. What am I missing sir?
@@brucegarrod8674 Sure. We have the youngest demographic with the highest paying jobs per capita, Which means our people pay the maximum into CPP contributions every year. Me included. Alberta pays pays more into CPP than what our seniors get back. An Alberta plan would see our premiums cut in half while our CPP doubles in retirement. I've been to the townhalls where it's all laid out. Call me selfish but after 41 years I've been doing the heavy lifting for other Canadians who hate us. What you're missing is that Alberta would be far better off with their own APP.
Maximum means you won't be charged more than 2%. It depends what they are doing for you. He said if they are just putting your money in a mutual fund, no investing or tax planning, that 2% is way too high.
Unfortunately, in general terms, paying 2% or more commission is the price you pay until you learn enough about your investing to know what to do about it. 🤔 edit: this comment is not specifically referring to BCV, it’s a generalization.
This is pointless as not many people can’t predict how long they will Live; 20% are history before the Age of 65; You’re NOT Factoring in this Major Point
Everyone should remain single because everyone is now getting eviscerated in a divorce. My sister made more $$ than her husband and she paid through the teeth. It isn't 1950.Then again, a prenup is always an option. No one should get married without it.
trap 7 is what completely f’d up my retirement “vision for family”. I’ll be fine as I’m a simple, basic man, with simple, basic needs and have db, plus rsp, tfsa, adequate non reg, but it’s the vision/experiences and more importantly generational wealth that has been completely kiboshed. I know - coulda, shoulda, woulda; you’re living in the past man... but it’s the generational wealth that stings the most . Don’t get me wrong, my kids would’ve had to work hard to make their own way, but wouldn’t have had to go thru a fraction of what I had to in order to have a secure, stable future. I don’t wanna sound doom/gloom, but considering dbs are no longer around and precarious, low wage mc-jobs are the general norm, unless you’re highly specialized (dr, lawyer, engineer, etc) make having a “career” a thing of the past
Adam, informed and intelligent as ever. You do us DIYers a great service. Here's a suggestion related to that: consider a short series on DIY investing, addressing how it's done, who should and should not do it, etc. I realize that in a certain limited sense, financial planning firms like yours compete with DIY, but almost every DIYer out there, myself included, can benefit by the services -- planning tools and experience, tax and estate planning, and as you say here, decumulation advice, that we often don't have as self-taught investors. I think you'd find an audience for it, as so many self-directed investors in Canada already watch and learn from you.
Just recorded this morning. Out in a few weeks.
@@ParallelWealth That's wonderful news. I look forward to and will probably comment on it!
I agree. A DIY investment info from you would be great
After 40 years of “investing” and learning from Adam’s videos, as a DIYer, I now recognize what specific questions I have and understand that I require financial planning expertise to optimize the complexities of my retirement.
Okay Adam with the MooMoo sponsor. Love to see it. Always valuable content.
Hi Adam, this is exactly what happened to me. I was working with an advisor at RBC he was charging me $10,000 a year in fees he was not really providing any guidance in terms of investment and when I questioned my rate of return at always a little more than 3% he never really had a valid reason for this. I asked him time and time again why do I not see any dividends being paid out. Again no answers. After a lot of researching and getting educated I took over my own portfolio 4 years ago and I am a self-directed investor. Before the market blew I was making a little over 8% return. I know the market is good so I'm currently at 32% returns and my portfolio is paying out $36,000 a year in dividends which is more than enough to live off of for me. I thought because this guy was aligned with a very large bank that I could trust him but in the end I realized I could not.
No one can trust BIG BANK. Ever!
Great video Adam!
I applaud you addressing the difficult topic of divorce.
Although very fortunately I am not affected, I have worked with many over the years that have been.
Not an easy issue to navigate, nor is it uncommon!! 👏
I've been DIY investing since I was 21. At 68 I'm in quality covered call ETF's. Never slept better. I ascribe 100% to go go, slow go, no go and we're having a blast spending TFSA's. Thanks.
Very good episode ! Your channel is very nice and professional!
Thank you very much!
Hey Adam. This might be out of scope for your channel but it would be good to learn about health insurance options. Especially for those that retire early.
Agree with the cash wedge/cashflow planning aspect of a plan. One point of that, I don't see mentioned very often is, don't touch your cash wedge when markets are up. So using the 30K example, I may have 60K or 2 years cashflow in a high interest account. If markets are up when I need that first years cashflow, would assume it's better to sell RIF investments that year and leave the wedge alone until a downturn occurs. Agree?
Definitely need to hammer home for people not to panic with market fluctuations - it's always going to happen. I build my plan around using the 10 yr annualized ROR. I think that's the best anyone can do. Then let it go, exhale and live your retirement.
At work I've been more and more getting labelled as the "financial expert". I don't really know why ... I just continually recommend my co-workers subscribe and watch Parallel Wealth youtube videos. I hope that doesn't fall into the Trap 5 catagory ;-)
Lol thanks!
With regard to holding onto money for too long, I am just about to retire. I have been running financial plans for that phase of my wife and my lives. It has become clear to me that passing part of our savings to our kids need to be integrated into overall financial plan. If I knew what I know now, I would have started this process earlier as it probably takes all go-go years if not more to complete the transfer.
I was convinced I would take both my CPP and OAS at 70. Then I did a family tree and found out the last 4 male generations before me have a combined age of 48.75 years old. I just turned 56 and became the longest living male in 5 generations. Statistically, I'm living on borrowed time. I'm reconsidering taking my CPP at 60 and my OAS at 65.
Yes I understand. However, there are so many good health indicators now and prevention tools that you can access to truly understand if you actually have a shortened life expectancy. For many diseases there are relatively easy things you can do early on to prevent, slow down, or avoid (minimize your risk substantially). Most of our health care system (in US) is focused on disease treatment rather than disease prevention (that is changing, too slowly for me, though). However, there are huge increases in health literacy information at our fingertips.
If you want to live a long and healthy life, find out the causes of your male ancestors' demise and take action! Find someone who is an expert in your area, My friend has lived healthy and happy up to age 88 with a similar situation to you! Best wishes.
Question for the 6:14 mark: does DIY's definition here extend to having package-stocks like XEQT, VGRO, and the like - or is it limited only to managing one's own stock portfolio like say an old-fashioned stock trader?
Hi Adam, I signed up for Moomoo,how do I access the masterclass you offered? Also, I might be among the first to do so.
Moomoo will send you the code.
I value your opinion....but I am also learning every day......we are 63 and newly retired....go go...slow go...and no go ...is very wrong as I discoverer recently....
I just took a transatlantic cruise with the average age of 75 to 85...many with mobility issues....many have 25 cruises under there belt and they are already booked for more cruises....honestly this is an inspiration and we are not preparing for it.....a 78 year old couple just bought a condo in portugal...they live in the USA....there 78 and nobody is not talking about not making it next year...
90 year olds in wheelchair rocking it every night....
Adam....you will need a new plan...the new retiree is ...go go...with no slowing in site
We have been with RBC and now at retirement, we are being encouraged to switch to RBC Dominion Securities. Any advice would be appreciated.
Set up a call with me and we can chat more. www.parallelwealth.com/strategycall
AUM is rarely worth it! With low cost index funds, it’s way too easy to manage a simple portfolio over time. Getting some fee based financial planning advice can be worth the money every five to ten years if it includes the taxes and estate legal advice.
Adam, have you any insight or opinion on the potential of Alberta leaving the CPP and most likely outcomes should this occur?
Great question.
Will never happen….
I'm 100% behind it. We have a media and eastern Canada freaked out that if Alberta leaves we will no longer be funding their retirement.
@@Redneckboy991 Can you help me understand how Alberta is paying for everyone else's CPP? Alberta population is about 5million Ontario is about triple that. Assuming similar employment rate, and matching mandatory employer matching, wouldn't triple the amount be contributed to CPP? Another 10million leave east of Ontario. So, all-in, the 'east' has 25 million people. What am I missing sir?
@@brucegarrod8674 Sure. We have the youngest demographic with the highest paying jobs per capita, Which means our people pay the maximum into CPP contributions every year. Me included. Alberta pays pays more into CPP than what our seniors get back. An Alberta plan would see our premiums cut in half while our CPP doubles in retirement. I've been to the townhalls where it's all laid out. Call me selfish but after 41 years I've been doing the heavy lifting for other Canadians who hate us. What you're missing is that Alberta would be far better off with their own APP.
Can you look after someone in Ontario?
Adam's team has built two plans for my wife and I. We live in Ontario. Zero regrets
Yes we can help Canadians Coast to Coast
It says that BCV has a maximum annual management fee of 2.00% of a client’s assets. Didn't you say in your video that that's too high?
Maximum means you won't be charged more than 2%. It depends what they are doing for you. He said if they are just putting your money in a mutual fund, no investing or tax planning, that 2% is way too high.
It's 1.5% or less
Unfortunately, in general terms, paying 2% or more commission is the price you pay until you learn enough about your investing to know what to do about it. 🤔
edit: this comment is not specifically referring to BCV, it’s a generalization.
I trade with Wealthsimple and the trades are free, both the Canadian and US ones.
Be aware of the steep conversion fees
NOTHING is free!
it says be aware of steep conversion fess - not free
Their conversion fees cost me a lot of money.
MOOMOO looks like a possible choice for US accounts, for sure. hmmmm...
This is pointless as not many people can’t predict how long they will Live; 20% are history before the Age of 65; You’re NOT Factoring in this Major Point
DIY and buy ETFs. Simple
Yes, I've known many men at work who have beenfinancially eviscerated in a divorce. A young man might wisely decide to remain single.
Everyone should remain single because everyone is now getting eviscerated in a divorce. My sister made more $$ than her husband and she paid through the teeth. It isn't 1950.Then again, a prenup is always an option. No one should get married without it.
We've been married 45 years and have a beautiful relationship! Married at 21 and never looked back.
@@chairmanmike5858 Very happy for you for beating the odds. Bottle and give away what you have for this mixed-up world.
A young woman should also remain single; neither is likely ready for the responsibilities of family life.
trap 7 is what completely f’d up my retirement “vision for family”. I’ll be fine as I’m a simple, basic man, with simple, basic needs and have db, plus rsp, tfsa, adequate non reg, but it’s the vision/experiences and more importantly generational wealth that has been completely kiboshed. I know - coulda, shoulda, woulda; you’re living in the past man... but it’s the generational wealth that stings the most . Don’t get me wrong, my kids would’ve had to work hard to make their own way, but wouldn’t have had to go thru a fraction of what I had to in order to have a secure, stable future. I don’t wanna sound doom/gloom, but considering dbs are no longer around and precarious, low wage mc-jobs are the general norm, unless you’re highly specialized (dr, lawyer, engineer, etc) make having a “career” a thing of the past