Dean Kendall - Stop Paying Hidden Investment Fees!: How To Get Unbiased Advice For The Right Fee So You Can Reach Your Financial Goals Years Earlier

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Published by Dean Kendall

#205, 2505 17 Ave SW Calgary, Alberta T3E 7V3

2017 Dean Kendall All rights reserved. No part of this publication may be reproduced, distributed, or transmitted in any form or by any means, including photocopying, recording, or other electronic or mechanical methods, without the prior written permission of the publisher, except in the case of brief quotations embodied in critical reviews and certain other noncommercial uses permitted by copyright law.

ISBN (Print) 978-1-77501-321-1 (Ebook) 978-1-77501-320-4

To my caring, loving, supportive wife Ellen

Section 1

Introduction

Chapter 1:

Who Is Giving You Advice and What Are Their Motives?

Chapter 2:

Financial advisors and

Institutions Failure to Disclose All Fees

INTRODUCTION

The purpose of this book is to help you make smarter choices regarding your money. It will allow you to become better informed about the investment industry and to understand the vast array of hidden fees being charged by the people and institutions you are being asked to trust. It will also show you the impact of those hidden fees on your ability to reach your financial goals.

In addition, we will discuss, tax deductibility, active vs. passive investing styles and the comprehensive services you should be getting from your financial advisor and what you should be paying for those services.

Impact

It is imperative that you understand the massive IMPACT that hidden fees have on your ability to achieve your financial goals and ultimately live your ideal life. As we will demonstrate later in the book, avoiding these fees could enable you to retire a DECADE earlier! (Some people dont like the word retirement. They prefer financial independence, or Freedom Day! or some other term. Our point here is that whatever financial goal you wish to achieve, you can reach it years earlier by reducing the impact of fees on your investments.

We will show you the different ways that advisors are paid and what services an advisor should be providing for the fees you are being charged. It is very likely that right now you are being ripped off by your advisor and you dont even know it. Yes. Ripped off. I know that is strong or even inflammatory language, but I believe when you understand how much you are being overcharged, you will agree with me that you are being ripped off.

Who Should Read This Book

I have written this book for successful business owners, entrepreneurs and professionals of all types who appreciate a higher fiduciary standard and a culture of full disclosure. These successful people simply want to work with someone they can trust, who can provide full disclosure and transparency regarding the products, services, or advice they seek to achieve their ideal future. This is a reasonable request. Sadly, it is not the reality for most Canadians today. My hope is that by reading this book you will get a better understanding of the fees you pay, their impact on the achievement of your goals and your options to course correct your current situation.

Investors Are Completely Unaware

In my interactions with savers and investors who seek my advice, I have observed with overwhelming consistency that the vast majority of people are completely unaware of all the hidden fees that are buried in the financial products they own. Some even tell me that there is no fee, its free! (Almost never true!)

When discussing their investments they are unaware of the total annual cost in dollars or as a percentage of their investments. Additionally, they have very little understanding of how these fees impact their rate of return which directly impacts their timelines and ability to actualize their goals and live a better life.

Unfortunately, you probably dont know how much youre paying because your financial advisor and the institutions you trust have made it an art form to not disclose these fees. They hide them for one simple reason. Hiding the fees makes it nearly impossible for you to comparison shop. If you knew what the actual fees were, you would likely NOT pay them! These hidden fees can be thousands or tens of thousands of dollars per year which can add up to millions of dollars over your investing lifetime. These unscrupulous advisors and institutions are getting rich on the hidden fees they are charging you.

The Right to Decide

Let me be perfectly clear about one thing right up front. I dont have a problem with any fee or commission that any advisor or institution wants to chargeas long as they are clearly disclosed and communicated to the client UP FRONT in plain English. With full transparency and full disclosure, an educated client can make an informed decision. My beef with the industry is their widespread adoption and acceptance of hidden and undisclosed fees and commissions.

What they call disclosure is often in the form of a prospectus consisting of hundreds of pages of legalese which no consumer can reasonably be expected to read or understand. You should not need a lawyer to make a simple investment. I believe this is dishonest or at a minimum disingenuous.

You deserve the right to make informed decisions, to understand your fees, the impact they have on your ability to achieve your financial goals as fast as possible and to take the right corrective actions needed to get on track and stay on track to your goals.

Misdirection

Like great magicians, the industry is masterful at generating distracting misdirection and counterproductive noise and information that focuses your attention on anything but full transparency and full disclosure of the exceptionally high fees they are charging you.

No Standards

This is compounded by the fact that virtually anyone can call themselves a financial planner. With the bar set very low, there are many unqualified advisors in the marketplace creating confusion and irreversible damage. Many unsuspecting investors engage salespeople and / or financial advisors who are only paid when they sell a product. Salespeople on commission (regardless of their title) rarely have your best interests at heart and the investments they sell are often less than stellar investments precisely because of the percentage of your investment that goes directly to commissions. How can you get a great return on your investment if a huge chunk of your money is paid out as a commission on the front end? The short answer is that you cant.

The sad reality in Canada is that anyone can call themselves a financial planner and even the legitimate advisors are not mandated to provide any kind of standardized services and or deliverables to a client. Further, advisors are not held to a fiduciary standard, meaning that legally, they are not required to put your interests ahead of their own at this point in time.

There are over 18,000 individuals formally qualified to call themselves financial planners and tens of thousands more calling themselves financial advisors, financial consultants, investment advisors or wealth managers. Today in Canada, outside of Quebec, anyone can call themselves a financial planner. There is no regulation that restricts the use of that title. Just like any other profession, there are some great people who work as advisors and some not-so-great people.

Here is a quote directly from the organization that develops, promotes and enforces professional standards in financial planning, The Financial Planning Standards Council:

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