Comments on: A Lap Of The Blogs http://www.wheredoesallmymoneygo.com/a-lap-of-the-blogs-20/ A Canadian Personal Finance Blog Thu, 18 Mar 2010 11:39:38 -0700 http://wordpress.org/?v=2.8.4 hourly 1 By: Preet http://www.wheredoesallmymoneygo.com/a-lap-of-the-blogs-20/comment-page-1/#comment-2462 Preet Sun, 10 Aug 2008 22:49:20 +0000 http://www.wheredoesallmymoneygo.com/?p=762#comment-2462 @ Joe - Yes, the $100 second opinion would still apply as generally the only thing different from a DIY investor and one who is already working with an advisor is that the investor himself or herself is making all the decisions as opposed to having an advisor (or working in conjuction with an advisor) making the decisions. But the same analysis would apply (i.e. portfolio analysis, product selection, financial plan analysis, investment policy analysis, etc.) Ultimately, either arrangement could allow for less than optimal decisions being made. There would be no need to examine the advisor fee structure since there isn't one, but I would tailor the analysis to be more palatable to a DIY investors concerns as well. For example, if you read these posts from Tim at Canadian Dream: Free at 45, you'll see that he is very proficient with managing his own affairs and at the same time he was quite happy to use me for a very detailed second opinion (note that I created a full blown financial plan, and a full blown investment policy statement for him, so his 'second opinion' was more of a full blown fee-only engagement. Nonetheless, he was satisfied and is a DIY investor. Click here to read his posts: <a href="http://blog.canadian-dream-free-at-45.com/2008/04/25/the-second-opinion-part-i/" rel="nofollow">Part I</a> and <a href="http://blog.canadian-dream-free-at-45.com/2008/06/06/the-second-opinion-part-ii/" rel="nofollow">Part II</a> Again, to be clear - back then I didn't have the $100 second opinion service - it was something I've only recently come up with as many people pointed out that they didn't know if they needed to fully engage another advisor (or in the case of DIY investors - if they had anything that might need addressing), so the $100 second opinion is designed to figure these things out. The $100 second opinion offers no concrete financial planning strategy recommendations or investment instructions - it is only to highlight areas of concern and to show you the various ways you might consider addressing them. @ Joe – Yes, the $100 second opinion would still apply as generally the only thing different from a DIY investor and one who is already working with an advisor is that the investor himself or herself is making all the decisions as opposed to having an advisor (or working in conjuction with an advisor) making the decisions. But the same analysis would apply (i.e. portfolio analysis, product selection, financial plan analysis, investment policy analysis, etc.) Ultimately, either arrangement could allow for less than optimal decisions being made.

There would be no need to examine the advisor fee structure since there isn’t one, but I would tailor the analysis to be more palatable to a DIY investors concerns as well. For example, if you read these posts from Tim at Canadian Dream: Free at 45, you’ll see that he is very proficient with managing his own affairs and at the same time he was quite happy to use me for a very detailed second opinion (note that I created a full blown financial plan, and a full blown investment policy statement for him, so his ’second opinion’ was more of a full blown fee-only engagement. Nonetheless, he was satisfied and is a DIY investor.

Click here to read his posts: Part I and Part II

Again, to be clear – back then I didn’t have the $100 second opinion service – it was something I’ve only recently come up with as many people pointed out that they didn’t know if they needed to fully engage another advisor (or in the case of DIY investors – if they had anything that might need addressing), so the $100 second opinion is designed to figure these things out. The $100 second opinion offers no concrete financial planning strategy recommendations or investment instructions – it is only to highlight areas of concern and to show you the various ways you might consider addressing them.

]]> By: Joe Dolan http://www.wheredoesallmymoneygo.com/a-lap-of-the-blogs-20/comment-page-1/#comment-2459 Joe Dolan Sun, 10 Aug 2008 19:16:00 +0000 http://www.wheredoesallmymoneygo.com/?p=762#comment-2459 Preet, the $100 opinion is an excellent idea. Thanks for sorting out the e-mail situation for me. What about if you are a diyer? Would the $100 opinion still apply? Preet, the $100 opinion is an excellent idea. Thanks for sorting out the e-mail situation for me. What about if you are a diyer? Would the $100 opinion still apply?

]]> By: Preet http://www.wheredoesallmymoneygo.com/a-lap-of-the-blogs-20/comment-page-1/#comment-2448 Preet Sun, 10 Aug 2008 00:49:04 +0000 http://www.wheredoesallmymoneygo.com/?p=762#comment-2448 @ Cheap and FP - the end result is greater than the sum of the parts! ;) Question: have you ever thought about changing your names to Ying and Yang? :P @ Cheap and FP – the end result is greater than the sum of the parts! ;)

Question: have you ever thought about changing your names to Ying and Yang? :P

]]> By: Four Pillars http://www.wheredoesallmymoneygo.com/a-lap-of-the-blogs-20/comment-page-1/#comment-2447 Four Pillars Sun, 10 Aug 2008 00:18:48 +0000 http://www.wheredoesallmymoneygo.com/?p=762#comment-2447 I'll second Mr. Cheap except to rephrase the question "whose review did you hate the least"? :) I’ll second Mr. Cheap except to rephrase the question “whose review did you hate the least”? :)

]]> By: Mr. Cheap http://www.wheredoesallmymoneygo.com/a-lap-of-the-blogs-20/comment-page-1/#comment-2435 Mr. Cheap Sat, 09 Aug 2008 03:20:04 +0000 http://www.wheredoesallmymoneygo.com/?p=762#comment-2435 Thanks for the links. You didn't say whose review you liked better! :-P Thanks for the links. You didn’t say whose review you liked better! :-P

]]> By: Preet http://www.wheredoesallmymoneygo.com/a-lap-of-the-blogs-20/comment-page-1/#comment-2429 Preet Fri, 08 Aug 2008 14:18:16 +0000 http://www.wheredoesallmymoneygo.com/?p=762#comment-2429 @CC - Thanks for the note. I'm going to post a sample 'second opinion' report and then I'm going to take your advice and highlight it in the blog. Since it's raining this weekend, maybe I'll get it done sooner rather than later! :) @CC – Thanks for the note. I’m going to post a sample ’second opinion’ report and then I’m going to take your advice and highlight it in the blog. Since it’s raining this weekend, maybe I’ll get it done sooner rather than later! :)

]]> By: Canadian Capitalist http://www.wheredoesallmymoneygo.com/a-lap-of-the-blogs-20/comment-page-1/#comment-2428 Canadian Capitalist Fri, 08 Aug 2008 14:03:23 +0000 http://www.wheredoesallmymoneygo.com/?p=762#comment-2428 Thanks for the mention Preet. The $100 second opinion is a brilliant idea and maybe you should highlight that in this blog. Thanks for the mention Preet. The $100 second opinion is a brilliant idea and maybe you should highlight that in this blog.

]]> By: Preet http://www.wheredoesallmymoneygo.com/a-lap-of-the-blogs-20/comment-page-1/#comment-2427 Preet Fri, 08 Aug 2008 13:54:55 +0000 http://www.wheredoesallmymoneygo.com/?p=762#comment-2427 @Michael James - thanks for the suggestion, will definitely incorporate that. @TKO - Close! Honda Accord. My first car was an Acura Integra LS (2nd gen) which I modified for light track use. Sold it at 275,000km - solid as it comes. I sold it and "downgraded" to the 1987 CRX Si which I bought for $800 and it had about 300,000km on it. I did this to help pay for taking a year off to go to the Bridgestone Racing Academy (9 month program). After that, I bought a used BMW 318is (I gave away the CRX at almost 400,000km), and the BMW was no spring chicken either at around 200,000km - again solid car and sold it at around 300,000km. My current car has been my first real "splurge" as I bought it with only 13,000km and it is an '05. It was between that and a TSX at the time (which really is just the european accord). @Michael James – thanks for the suggestion, will definitely incorporate that.

@TKO – Close! Honda Accord. My first car was an Acura Integra LS (2nd gen) which I modified for light track use. Sold it at 275,000km – solid as it comes. I sold it and “downgraded” to the 1987 CRX Si which I bought for $800 and it had about 300,000km on it. I did this to help pay for taking a year off to go to the Bridgestone Racing Academy (9 month program). After that, I bought a used BMW 318is (I gave away the CRX at almost 400,000km), and the BMW was no spring chicken either at around 200,000km – again solid car and sold it at around 300,000km. My current car has been my first real “splurge” as I bought it with only 13,000km and it is an ‘05. It was between that and a TSX at the time (which really is just the european accord).

]]> By: TKO from Ontario http://www.wheredoesallmymoneygo.com/a-lap-of-the-blogs-20/comment-page-1/#comment-2426 TKO from Ontario Fri, 08 Aug 2008 12:45:26 +0000 http://www.wheredoesallmymoneygo.com/?p=762#comment-2426 Interesting post PB, Honda CRX was my favourite car 'cuz it handled like a dream and went like stink, damn you car thieves! Standard > Automatic PB, What are you driving these days? You strike me as an Acura type of driver? To the readers of WDAMMG Blog: Is your car indicative of your investment style? Warren Buffet drove a 2001 Lincoln Continental, but now drives a Cadillac DTS. I guess he likes them built for comfort, not for speed. That's how I like my women...kidding ;-) Interesting post PB,

Honda CRX was my favourite car ‘cuz it handled like a dream and went like stink, damn you car thieves!

Standard > Automatic

PB, What are you driving these days? You strike me as an Acura type of driver?

To the readers of WDAMMG Blog: Is your car indicative of your investment style?

Warren Buffet drove a 2001 Lincoln Continental, but now drives a Cadillac DTS. I guess he likes them built for comfort, not for speed. That’s how I like my women…kidding ;-)

]]> By: MillionDollarJourney http://www.wheredoesallmymoneygo.com/a-lap-of-the-blogs-20/comment-page-1/#comment-2424 MillionDollarJourney Fri, 08 Aug 2008 10:01:02 +0000 http://www.wheredoesallmymoneygo.com/?p=762#comment-2424 Again, love the videos. Thanks for the mention and enjoy the weekend! Again, love the videos. Thanks for the mention and enjoy the weekend!

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