An accountant is, or should be, great at tax planning. They are not investment advisers, but they can help you set up thing effectively from a tax perspective..
I helped Employers, Trustees and Unions monitor, review, hire and terminate the services of Insitutional Investment Managers. i.e. Fund Managers. in other words the Firms who managed their Organization's Retirement plan(s) , and on ocassion their Health & Welfare Trust's money. I am retired now and can't do much more than speak in general terms.
I expect that many people still don't understand what they need to be looking for.
I asked AI to make a list of three books you might consider reading before you do anything.
For a Canadian starting their investment journey, the top three books to read are
"Millionaire Teacher" by Andrew Hallam,
"The Wealthy Barber" by David Chilton, and
"Beat the Bank" by Tom H.W. Pook. These books provide foundational knowledge on Canadian investment vehicles, low-cost index investing, and how to avoid high bank fees.
Here are the best three books:
- 1. "Millionaire Teacher: The Nine Rules of Wealth You Should Have Learned in School" by Andrew Hallam
- Why: A Canadian-authored classic, this book explains how to build a portfolio using low-cost index funds, specifically tailored to Canadian investors.
- Focus: Practical, actionable advice that works, even on a modest income.
- 2. "The Wealthy Barber: Everyone's Common Sense Guide to Becoming Financially Independent" by David Chilton
- Why: A foundational Canadian bestseller that explains personal finance and investing in a conversational, easy-to-understand story format.
- Focus: Long-term financial planning, savings, and common-sense investing principles.
- 3. "Beat the Bank: The Canadian Guide to Simply Successful Investing" by Tom H.W. Pook
- Why: This book is crucial for Canadians, as it highlights how big banks overcharge for management fees and shows how to keep more money by managing your own investments.
- Focus: Direct, cost-effective investing strategies (DIY indexing) for Canadians.
Other excellent honourable mentions include:
I was asked this question by lots of our friends over the years and I always gave them the same answer.
Follow things like Nerd Wallet even though it is US based.
Use Google to check and explain every bit of "word salad" you don't understand.
Understand how fees are charged and what firms have the lowest fees.
Visit sites like Vanguard, Fidelity Investments, and Black Rock and read about their low cost exchange traded funds.
I understand my risk tolerance and I like low fees and index funds.
I just found this site. Give it a read as well. (I haven't looked at it).
The fees saved by DIY investing can help your investments grow faster. When could hiring a financial advisor add value to overpower that?
www.looniedoctor.ca
One more thing
Have a current will, appoint your Power of Attorney, and when you are doing your will have your lawyer explain why you might want to consider a Standard of Care Document/Representative Agreement/Power of Attorney. Now it is late and I may have these names reversed..
And consider joining the Memorial Society of BC . You have to be a member before you die, to be able to avail yourself of their services
https://memorialsocietybc.org/
Best $60 you can spend, and the Binder that you get is simply first rate, . Joining the Society is a one time cost.
