Like benevolent vultures?Canada is home to 282,000 high-net-worth (HNW) individuals, those with $1-million (U.S.) or more of investable assets. Canadians who have recently joined this affluent group may discover that their approach to personal finance has not kept pace with their rising net worth, and the group has attracted a number of professionals dedicated to helping them manage their money.
erm?Invariably, HNW individuals will need advice on how to invest their wealth.
Well then.. that sounds like a bargain.The management fees are typically 1% to 2% of the assets under management and are usually tax-deductible. Additional fees may be charged for trading commissions and for the safe custody of client holdings at a third-party financial institution. The overall cost is often lower than the fees of mass-market financial advisers.
Sign me up! How about you?Once a client agrees upon an investment plan, the manager has total discretion to decide how the client’s money is invested.
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