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More About This Title Who's Minding Your Money? Financial Intelligencefor Canadian investors
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She is a sought-after speaker at consumer events and industry conferences, a regular contributor to Advisor's Edge, and author of two national bestsellers, You Can't Take It With You: The Common-Sense Guide to Estate Planning for Canadians (over 85,000 copies sold) and Make the Most of What You've Got: The Canadian Guide to Managing Retirement Income.
Ms. Foster is the founder of CaratConnect, a Toronto-based financial services consulting firm. Her comments and advice have appeared in The Globe and Mail, The Financial Post, The Toronto Star, Advisor's Edge, Investment Executive, The Washington Post, Maclean's, and more. She is also a frequent guest on TV and radio, including The National, CBC Newsworld's The Money Show, ROBtv, and More to Life.
Ms. Foster holds the following designations: Certified Financial Planner (CFP), Certified Investment Manager (CIM), Registered Financial Planner (RFP), Certified Human Resource Professional (CHRP), Trust and Estate Practitioner (TEP), Fellow, Canadian Securities Institute (FCSI). She is currently a member of the Editorial Advisory Board for Advisor's Edge magazine, the Canadian Journal of Financial Planning (CAFP), and a judge for the 2000 Advisor's Edge Advisor of the Year Awards.
Sandra Foster is listed in the Who's Who of Canadian Business and is the recipient of the 1998 CAFP Multi-Media Award. Sandra previously served as vice-president of a major financial advisory firm where she developed a successful financial advisory practice from 1993 to 1999, working with high net-worth families, entrepreneurs, and executives.
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Chapter 2: The Changing Financial Services Environment
Convergence and Consolidation
Why Didn't This Happen Before?
Everyone's Consolidating
Summary
Chapter 3: The Brave New World of On-Line Trading
Trading Facility or Advice?
What You Want and What You GetTrading ServicesTrading FacilityCapacityInvestor ProfileWhat Is Their Investors Privacy Policy?Other ServicesLower Costs?
Risks of Trading On-Line
Are You A Closet Day Trader?Strategies for Day TradingSo Who's Making Money Day Trading?
Special Tax Reporting for Active Traders
How Much Time Are You Going to Spend?
Summary
Chapter 4: Integrated Financial Advice:
Part 1: Investment Management
What Is Integrated Financial Advice?
The Investment Management Process
Other Investment Management ServicesBalancing Your Asset MixComprehensive Reporting and Personalized Rate of ReturnOptimize Your Pre- and After-Tax ReturnsCapital Gains and Dividends for Your Personal Holding PeriodPersonal Financial Planning Advice
Summary
Chapter 5: Integrated Financial Advice: Part 2: Financial Planning
Comprehensive Financial Planning
The Financial Planning Process
Step 1: Clarify Your Current Situation
Step 2: Identify Your Financial and Personal Goals
Step 3: Identify Problems or Obstacles
Step 4: Get Written Recommendations and Solutions
Step 5: Implement Your Financial Plan
Srep 6: Review Your Financial Plan
What Will the Financial Plan Cost?
Setting Standards For the Financial PlanRates of ReturnWatch Those Other Assumptions Too
The Proficiency Exam
Restricted Use of Financial Planning Titles
Buyer BewareNo Prerequisites for the Proficiency ExamDon't Assume You'll Get a Financial Plan
Letter of Engagement
Summary
Chapter 6: The Cost of Minding Your Money
The Cost of Banking Services— Fees, Fees, Everywhere Fees
The Opportunity Cost
The Cost of BorrowingHow Much Debt Can You Afford?Credit CardsMortgagesLine of CreditInvesting on Margin
Summary
Chapter 7: The Cost of Investing
You Pay for Convenience
Costs of Acquiring Your Investments
The Ongoing Cost of Maintaining Your InvestmentsManaged Money ProgramsMutual FundsSegregated FundsAdequate Disclosure?Fund of Funds ProgramWrap ProgramsFee-Based AccountsOther Fee-Based Investment ProgramsUniversal Life PoliciesAnnual Trustee FeesAn Increasing Variety of Investment Options— The Want You!
Add Up Your Fees
Summary
Chapter 8: Working with Financial Advisors
The Range of Licenses You Find
The Nature of the Professional RelationshipWhat's Trust Got to do With it?
What Do Advisors Really Do?The Disclosure Statement
What Do You Want: Products, Advice or Both?
How Do Advisors Get Paid?Fee For ServiceSalaried EmployeesCommission-Based CompensationAsset-Based CompensationPerformance-Based Compensation
Working With a Financial AdvisorThe Initial MeetingThe Working RelationshipRating Your Financial AdvisorWhen Your Financial Advisor RetiresWhen Your Financial Advisor Changes FirmsNot Getting What You Expected?
Firing Your Financial AdvisorTransferring Your Investment AccountTransferring Life Insurance Policies and Segregated Funds
Summary
Chapter 9: Are You Getting Your Money's Worth?
Best Product, Best Advice, Lowest Price
1. Discount Brokers Rebating Commissions
2. Discount Brokers Rebaring Trailer Fees
3. Elimination of Commission on Front-End Load Funds
4. Preferred Pricing for Large Mutual Fund Investors
5. Costs Are the Next Big Thing
What Is Value?
What Is Advice?
Cost/Benefit AnalysisThe Benefits
Are You Getting Your Money's Worth?
1. Is There a Comparable Product At a Better Price?
2. Is There a Cheaper Way to Build You Portfolio
3. Are You Getting the Advice you Are Paying For?
4. Is Your Portfolio Taking on More Risk Than You Need?
5. Are Your Fees Increasing But Not Your Service?
6. Are Your Fees Tied to Your Asset Allocation
How Much Is Too Much?
Do It Yourself or Fully Assembled?
Investment Services and Programs Shopping ListThe Labelling of Investment ProductsYou Can't Always Tell By the Name
Summary
Chapter 10: The Regulators: Who's Protecting Your Money?
Fraud and Other WrongDoings
The Punishment
Seven Steps to Make It Right
1. Start With Your Financial Advisor and/or the Compliance Department
2. File a Complaint with the Government Regulator
3. File a Complaint with the Member's Professional Association
4. Appeal to the Office of the Ombudsman
5. Appeal to the Media
6. Consider Arbitration
7. Consider Court Action
Protection For Your Deposits and Investments
How to Protect Yourself
Summary
Chapter 11: Financial Intelligence Shouldn't Be An Oxymoron
Sex is Taught in School. Why Not Money?
The Knowledge Gap
Do You Need to Pay More Attention to Your Pension Plan?
Steps You Can Take NowTake Some CoursesCanadian Shareowners AssociationInvestment ClubsEducational Material on the WebOn-Line Investment SimulationsBooks to Read
Summary
Chapter 12: No One Cares About Your Money As Much as You Do
Don't Confuse a Bull Market for Brains
The Internet: The Great Equalizer?
More Choices Than Ever Before
Know Who You are Dealing With
Appendix A
Contact Numbers
Appendix B
Cost Tables
Index
Suggestions and Seminars
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"In my job, I get the same question from readers almost every day: 'How do I find a good financial advisor?' Now I have something new to tell them: 'Read Sandra Foster's book." --Ellen Roseman, Business Columnist, The Toronto Star.
"Sandra Foster's new book is a comprehensive, plain-English primer on who's looking after your money. Her book makes it clear that you and I are frequently paying too much for services that could be much better. It's an essential self-defence guide for the enlightened consumer." --Ian McGugan, MoneySense magazine
"Generating sufficient wealth to become financially secure is an uphill climb. Maintaining and building on that security is a challenge for most of us. Sandra Foster provides the necessary guidance in Who's Minding Your Money?" --Fred Ketchen, Managing Director, Equity Trading, ScotiaMcLeod Inc. Chair, Investor Learning Centre
"In a world where investment and financial services are, at the same time, fragmenting and converging, becoming simplified and yet more complex, and are becoming a twenty-four hour activity, Sandra Foster shows how to understand and get the most from providers, online and face-to-face." --Paul K. Bates, President CEO, Charles Schwab Canada Former Governor, The Toronto Stock Exchange Director, The Investment Dealers Association
