2009 July | WhereDoesAllMyMoneyGo.com

A Lap Of The Blogs

Posted by Preet on Jul 30, 2009 | 3 comments

If you are new to WhereDoesAllMyMoneyGo.com, every Friday I run a post called “A Lap Of The Blogs” which provides links to articles I found interesting and think that others may want to read for themselves. I also sometimes include some commentary on what’s going on in my personal life and a weekly “racing video” since my former life was in the auto-racing industry. The name “Lap of the Blogs” is in reference to “A Lap Of The Gods” which is an old video series which chronicled on-board footage of the world’s greatest F1 drivers lapping various racetracks from around the world. NOTE: you have to visit the actual website to see the embedded video...

An Investment Company Owned By Its Clients

Posted by Preet on Jul 29, 2009 | 13 comments

In Canada, most of the wealth management firms (advisors who work with clients) and investment product manufacturers (like mutual fund companies that provide investment products) are either owned publicly or privately. If a company is public, it means that you can buy its stock on an exchange. It also means management is responsible to the shareholders of the company (who may or not be clients or invest in the products of said company). If a company is private, it also means that management is not responsible so much to the investors as it is responsible to the private owners of the company. In the case of a product manufacturer, one could argue that nothing is really...

Providing the Website for The Yukon Securities Office is PROHIBITED!

Posted by Preet on Jul 28, 2009 | 3 comments

In case you missed the information for how to check if your advisor is registered with your provincial securities commission yesterday, the last entry showed the process for those living in the Yukon. It was also the only one which didn’t have a link to the commissions’ website. Why you ask? Well, their Disclaimer page indicates that no one is allowed to create or provide links or hyperlinks without written authorization from the Yukon Securities Office. In reality, I’m sure it’s something they would be happy to correct, and I imagine they would never go after someone for linking to them or any of their pages – but in the meantime, think...

Earl Jones

Posted by Preet on Jul 27, 2009 | 4 comments

You may want to share this with friends and family, tweet it, or share it via other social media like StumbleUpon, Digg, Reddit, etc. This is a simple, but very important post. If you haven’t heard by now, there was a “financial planner” in Montreal who defrauded Canadian (and some US) investors of an estimated $50 million in what looks to be a giant ponzi scheme. His name is Earl Jones, and he is being described as Canada’s Bernie Madoff. He was just arrested today, thankfully. You can read more about the Earl Jones story here, but one thing that I want to point out was that Earl Jones was not registered as an advisor in any way. While being...

A Financial Advisor Comments On The Genesis of DSC Funds

Posted by Preet on Jul 26, 2009 | 1 comment

Last week I had a guest post by Ken Kivenko titled “The Genesis of DSC Mutual Funds“. Financial advisor and author of the book Professional Financial Advisor II, John De Goey, CFP adds his comments: Ken, According to your latest article re: The Genesis of DSC (forwarded to me by Preet, BTW), you refer to trailers as “fees”. Please don’t. As you will recall from previous conversations, all prospectuses and regulators refer to trailers as “commissions”. The “re-branding” of the actual status of trailers is something the industry does in trying to legitimize their services as being offered by professionals, not salesmen. If, as you so...

Massive Giveaway Contest: This Blog Turns Two Years Old!

Posted by Preet on Jul 22, 2009 | 109 comments

On July 23rd, 2009 WhereDoesAllMyMoneyGo.com will be turning two years old. In order to celebrate, I thought it would be nice to have a big giveaway since the reason I keep blogging and the reason this blog keeps growing is because of YOU the reader! Prizes and details are down below, but first a bit of retrospection: Readership Statistics In the first year this blog received 62,731 visitors and this almost tripled to 176,898 in year two. Similarly, “pageviews” increased from 128,144 to 305,626. Cumulatively this means the blog has had 239,629 visitors and 433,770 pages read in total. It’s kind of neat to think that people have read almost half a...

The Genesis of DSC Mutual Funds

Posted by Preet on Jul 21, 2009 | 0 comments

DSC – stands for Deferred Sales Charge (and is also sometimes referred to as Declining Sales Charge). For more information on the different types of loads a mutual fund can have, click here. Ken Kivenko, investor advocate and author of the fantastic website CanadianFundWatch.com sent me this article on the history of the DSC fund. I thought it would be worthwhile to the readers of this blog so I asked Ken for his permission to reproduce it. Take it away Ken…. The DSC was an innovation of Mackenzie Financial back in 1987 with the launch of the Industrial Horizon Fund. It was a brilliant marketing move by Jim O’Donnell, founder of Mackenzie. At the time,...