We begin the new client discovery process with a conversation. We are businesslike. And we ask a lot of questions.
These questions analyze each client’s financial strengths, weaknesses, blind spots and assumptions that may have been overlooked or unacknowledged.
Disciplined, systematic and goal-driven, the The Funke Group also recognizes that many affluent individuals and families have other experts they rely on for advice.
If you are one of them, we applaud you for doing so. We welcome the opportunity to work with your other advisors to develop an integrated, comprehensive plan that measurably builds, protects and grows wealth.
Equity investing has evolved significantly over the years and has taken on a whole different look with the evolution of the internet. 40 years ago, a small part of the population were invested into the stock market, but in the early 80’s and 90’s as interest rates fell, investors began looking for alternatives to GIC’s. The so called GIC refugees, used to receiving double digit returns, were now faced with a lower interest rate and an appetite for higher returns. This lead to the proliferation of the mutual fund industry, where one could invest in one product, managed by a portfolio manager, with greater access to information and expertise. The mutual fund industry saw record growth during this time and a lot of people felt there were more mutual funds than stocks. But with the crash of 2000, mutual funds began to show some warts. With massive liquidation of mutual funds, led to massive selling pressure of their holdings and we became aware of the inefficient tax consequences of holding mutual funds, as well as the embedded fees that were not hidden but were definitely out of sight.
This led to the next phase of equity investing, where investment advisors would recommend portfolio managers, or pension managers to manage the portfolio. Fees were in plain sight, stocks were individually held and your gain or loss was dependant on your own circumstances. These were named separately managed accounts. But these too had faults, especially during 2007 to 2008 crisis, where stocks were hit, yet fees which were still somewhat high, kept on being charged on the assets invested.
After 2008, the biggest question people ask are, what is this going to cost me. We have seen a proliferation of low cost exchange traded funds, where you can just buy an index, or sub-index which are passive ways of investing and now we are seeing a large number of actively managed exchange traded funds, with a slightly higher fee, but there to provide a higher return.
With all of these changes over the years, and the access to information, whether it be through the internet, BNN, or CNBC, or from your friendly cab driver, everyone has their opinion on how to invest in the stock market. We believe here we have come up with the best solution for this.
The Scotia Wealth Management Portfolio Advisory Group, are specialists who provide equity and fixed income advisory and trading services, specifically focused on the retail full service brokerage of ScotiaMcLeod, and more broadly to the Wealth Management operations of Scotiabank.
Their Vision: To partner with Advisors and their clients, providing value added services and actionable ideas supporting equity and fixed income advice, trading and portfolio strategies that allow Advisors to define themselves with their clients and prospective clients.
This group is unique within the Canadian investment world both in numbers and expertise as well as the way they manage money. It gives us the best of both worlds with the expertise behind a separately managed account but with a competitive fee structure. We have unlimited access to these individuals to discuss ideas and trends. The portfolio Advisory Group is led by Shane Jones, Chief Investment Officer, Co-Head, who is very well known in the investment circles of Canada and is a frequent commentator on BNN.