Podcast Ep 7: Money Smart Kids and Crappy fee-only financial planning

If you follow me on twitter (@preetbanerjee), you’ll know that I decided to start a new podcast. I was trying to find some Canadian-content personal finance and business news podcasts but either I didn’t look hard enough, or most have stopped production because I couldn’t find anything. So I decided to start one up (again).

Mostly Money Mostly Canadian Episode 7

This week’s episode is now available on iTunes (You have to click through to “view in iTunes”). You can also just use the embedded player or MP3 download below.

This week:

  • Robin Taub, a chartered accountant, on how to raise money-smart kids. The three musts: be a good financial role model, start teaching your kids early, and how to keep the information age-appropriate
  • “Kevin” a regular investor, decided to find a financial advisor and decided he would use a fee-only planner who charged $3,000 but didn’t even give him a full financial plan. Then he decided to fork out more money to use a different fee-only planner who actually delivered the goods. We talk about his Tale of Two Advisors

Ratings on iTunes are appreciated :)

If you enjoy the podcast, please use the iTunes link to give it a rating (or even a review) if you have an iTunes account. The first five episodes both hit #1 in Business as well as in Investing – thank you!

Interested in being a guest?

If you would like to be a guest on the show, drop me a line at preet@preetbanerjee.com. Investors, advisors, fund managers, bloggers, whomever. Remember, it’s “mostly money” which means sometimes it won’t be about money.

 

Preet Banerjee
Preet Banerjee
...is an independent consultant to the financial services industry and a personal finance commentator. You can learn more about Preet at his personal website and you can click here to follow him on Twitter.
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Showing 4 comments
  • Turia

    Interesting podcast. I would have really like two more pieces of information with the second interview: 1. How much did Kevin pay the second financial planner? I understand that you clearly felt that paying $3,000 just to get a computer generated cash-flow analysis was a rip off (I’d agree!), but Kevin never said how much he paid the second advisor to get the full financial plan, which makes it hard to compare. I still have no idea how much is reasonable to budget for a full financial plan from a fee-only advisor (which is something I’m looking to get). My second question is where does one go to find a fee-only advisor? Are there online lists for each city? Are there websites where these people are reviewed or rated? I’m in Toronto, so I’m sure I’d be spoilt for choice, but I find it hard to know where to start when trying to find someone appropriate.
     
    I enjoyed listening, but felt a few more specifics would have made the interview more useful.

    • Preet

      @Turia A good point. I’ll get the info from Kevin and I’ll put the answer here.

    • Preet

      @Turia sorry, I’ll answer your second question after the weekend, just en route to Montreal right now – Thanks!

  • Rona Birenbaum

    Turia,  this is Rona Birenbaum, the second planner that Kevin hired.  My planning fee for Kevin’s plan was same as the first one he hired, $3,000.
     
    There is a list of fee only planners on the Moneysense website.  Also, you can do a google search, such as “fee only financial planner, city name”  and see what comes up.  As for ratings and reviews, there are a couple of sites, but they aren’t completely independent.  In other words, in one case, the advisors pay to be on the list….
     
    I suggest that you do some general research online or through the Moneysense site, then make a short-list of possible candidates and look up their Linked In Profiles.  Linked In testimonials can be very helpful as references/recommendations because the person posting the testimonial does so publicly, adding to the credibility.   To see what I mean, go to my Linked In profile and you will see a wide range of testimonials.  http://ca.linkedin.com/in/ronabirenbaum
     
    Also, after you interview a few planners in person, don’t hesitate to ask them to connect you with a couple of clients who are similar to you so that you can speak to clients directly about their experience. 
     
    I hope this helps.