Can Anyone Recommend an Independent Financial Advisor with Expertise in Pensions?

Preparing for life after work. RRSPs, RRIFs, TFSAs, annuities and meeting future financial and psychological needs.
Post Reply
User avatar
Mordko
Veteran Contributor
Veteran Contributor
Posts: 6327
Joined: 24 Jan 2016 09:26

Can Anyone Recommend an Independent Financial Advisor with Expertise in Pensions?

Post by Mordko »

I am changing jobs. Leaving a company with a really good DB pension. The funds could be left where they are or transferred to LIRA (partially; the government would get more than half of the rest) or, possibly, transferred to some kind of insurance scheme.

Quite a bit of money is involved so need an expert to help me understand advantages and disadvantages of each option.

Does anyone have experience with a good independent advisor in the GTA, who specializes in such issues?
User avatar
Peculiar_Investor
Administrator
Administrator
Posts: 13271
Joined: 01 Mar 2005 14:52
Location: Calgary
Contact:

Re: Can Anyone Recommend an Independent Financial Advisor with Expertise in Pensions?

Post by Peculiar_Investor »

Paging brucecohen, co-author of The Pension Puzzle: Your Complete Guide to Government Benefits, RRSPs, and Employer Plans and the go-to guy on FWF about pensions IMHO.
Imagefiniki, the Canadian financial wiki New editors wanted and welcomed, please help collaborate and improve the wiki.

Normal people… believe that if it ain’t broke, don’t fix it. Engineers believe that if it ain’t broke, it doesn’t have enough features yet. – Scott Adams
brucecohen
Veteran Contributor
Veteran Contributor
Posts: 13310
Joined: 20 Feb 2005 16:47

Re: Can Anyone Recommend an Independent Financial Advisor with Expertise in Pensions?

Post by brucecohen »

Here is an on-point article written by a FWFer that was published just a few days ago. It says Patrick Longhurst now does such analysis for individuals. Patrick spent 30 years as a well-regarded actuary with one of the biggest pension consulting firms where he designed retirement plans for corporate clients and did DB plan valuations. I thought he had retired, but he's apparently having a second career or perhaps just semi-retirement as an advisor to individuals.
User avatar
Mordko
Veteran Contributor
Veteran Contributor
Posts: 6327
Joined: 24 Jan 2016 09:26

Re: Can Anyone Recommend an Independent Financial Advisor with Expertise in Pensions?

Post by Mordko »

PI, Bruce - many thanks!
fundamental
Contributor
Contributor
Posts: 511
Joined: 30 Aug 2005 11:26

Re: Can Anyone Recommend an Independent Financial Advisor with Expertise in Pensions?

Post by fundamental »

I recall over the years, many FWFers have asked where to find a decent advisor. Well, it looks like they just launched a "Find an advisor" website where advisors can hang their shingle but risk the public wrath of clients in order to generate a history of client satisfaction ratings.

Sounds like the "HomeStars" or social media rating system for advisors.

As long as the ratings are legit, this could be a good thing
“Courage is what it takes to stand up and speak. Courage is also what it takes to sit down and listen.” - Winston Churchill
Clason
Veteran Contributor
Veteran Contributor
Posts: 1632
Joined: 25 Oct 2018 14:06

Re: Can Anyone Recommend an Independent Financial Advisor with Expertise in Pensions?

Post by Clason »

fundamental wrote: 09 May 2019 09:37 Sounds like the "HomeStars" or social media rating system for advisors.

As long as the ratings are legit, this could be a good thing
Homestars is not what people think it is. At least, it was a misleading service when we used it to attempt to put pressure on a service provider about 6-7 years ago. For a fee, they intercept bad ratings and let the reviewed company deal (or rather not deal) with dissatisfied customers and their complaints. The only bad ratings that show are for companies without a membership or without a desire to pay the Homestars fee.

If advisors pay for the listing on this new industry-managed system, I can see them using the same methods to manage negative reviews.
fireseeker
Veteran Contributor
Veteran Contributor
Posts: 1007
Joined: 03 Jun 2017 15:21

Re: Can Anyone Recommend an Independent Financial Advisor with Expertise in Pensions?

Post by fireseeker »

Clason wrote: 09 May 2019 10:07
fundamental wrote: 09 May 2019 09:37 Sounds like the "HomeStars" or social media rating system for advisors.

As long as the ratings are legit, this could be a good thing
Homestars is not what people think it is. At least, it was a misleading service when we used it to attempt to put pressure on a service provider about 6-7 years ago. For a fee, they intercept bad ratings and let the reviewed company deal (or rather not deal) with dissatisfied customers and their complaints. The only bad ratings that show are for companies without a membership or without a desire to pay the Homestars fee.

If advisors pay for the listing on this new industry-managed system, I can see them using the same methods to manage negative reviews.
I second Clason's assessment.
I looked closely at HS a few years ago. As far as I can tell, the business model is to solicit payments from service providers -- which is sort of like "financial advisors" getting paid by mutual fund company trailer fees. Who do you think the advisor is working for?
My question applies equally to this new advisor list. Note how the business is described:
Advisors can sign up for a basic profile and rating account for free or pay a monthly fee for enhanced and premium accounts.
Any listing/rating services that derives fees from the people it lists and rates is in a deep conflict of interest.
hamor
Veteran Contributor
Veteran Contributor
Posts: 1225
Joined: 09 Mar 2013 23:12

Re: Can Anyone Recommend an Independent Financial Advisor with Expertise in Pensions?

Post by hamor »

I got CV twice and I honestly don't see what an advisor can offer the OP (given the level of financial literacy)...
This is not rocket science and it is all about assumptions (no one knows the future).
There's more than enough written on the subject, so one can understand the considerations.
"Speculation is an effort, probably unsuccessfully, to turn a little money into a lot. Investment is an effort, which should be successful, to prevent a lot of money from becoming a little." Fred Schwed " Where are the Customers’ Yachts?"
gaspr
Contributor
Contributor
Posts: 287
Joined: 10 Feb 2015 11:39

Re: Can Anyone Recommend an Independent Financial Advisor with Expertise in Pensions?

Post by gaspr »

Alexandra Macqueen also specializes in that sort of work.

https://www.pensionacuity.com/
Post Reply