I am dedicated to providing excellence through a fee based financial planning process that is as unique as each of my clients. By offering investments and consulting options, you can choose what works best for you in the financial planning process.
My consulting services are most appropriate for clients who value the financial planning process and want a professional to provide a written financial plan. An hourly fee of $75 is charged for financial, investment, estate or retirement planning. My fees will be discussed in more detail during your initial consultation along with an estimate of time for completion of a financial plan. For someone with limited planning needs I can consult on a project specific basis as well. For example, if you require an investment plan, a risk management analysis, an estate plan or a tax plan only, my fees start from $250 per plan depending on the complexity.
As a financial planner, I can also help select and oversee the investment management of your portfolio on an ongoing basis. I am compensated by a commission or sales charge when recommending investment and insurance products. These products include mutual funds, annuities, and guaranteed investment certificates.
To make more informed decisions about your investments, you need to understand how your advisor is compensated and what you receive in return. No matter what investment products you purchase – whether it's mutual funds, segregated funds, GICs or something else – there are two basic ways that you can pay for financial advice: through “embedded commissions” or “fee for service”. Here’s a breakdown of how the two compensation models work and the type of clients they best serve.
A service fee, sometimes referred to as a “trailer fee” is embedded into the overall product cost. For example, if you buy a mutual fund, an ongoing service fee is paid to GP Wealth Management and your financial advisor for investment advice and account services. The service fee represents a portion of the total product cost, referred to as the Management Expense Ratio (MER), that the fund manager charges you.
With the GP Wealth Management Signature Service Account, you pay an all-inclusive fee for advice, reporting, and administration. Your fee is based on the total market value of your assets under management (AUA) with GP Wealth Management. Fees are calculated on a sliding scale, which means as your assets grow the fee rate decreases.
Which compensation model is best for you?
Under fee-for-service, your fee as a percentage of assets will be reduced as your account grows. This is because the more assets you have invested, the lower your costs as a percentage of total assets. Conversely, the embedded-fee model will generally favour an investor with a modest amount of assets to invest. Determining which compensation model would you suit you best requires a thorough review of your personal circumstances and investment goals.
As a licensed insurance advisor, I can provide an array of insurance products, including:
I invite you to discuss these options with me in greater detail to determine what is most appropriate for you.
If you elect to have your investment portfolio managed by me then all fees associated with the preparation of the financial plan will be waived.
All investments and investment advice will be limited to financial instruments that I am licensed to recommend such as mutual funds including index mutual funds and ETF mutual funds, GICs and Savings Accounts.
Insurance products available through GP Capital Insurance Agency and PPI Solutions.
Mutual Funds available through GP Wealth Management Corporation.
Copyright © 2022 Thomas J Venner (CFP®,CEA): Fee Based & Fee For Service Only Financial Planning - All Rights Reserved.