Medicine Hat Finances Expert – Tyler Davidson

FEES. Now that I’ve got your attention let’s talk about something that’s on everyone’s top 5 don’t like to do list. Paying fees. Now some of you might be thinking, “I don’t mind” while others might laugh at the mention that people who think that even exist! Let me tell you something that I’ve found in my time in the industry. Rarely is it ACTUALLY the fees that are the issue, it’s the value you’re receiving. Let me illustrate; if I asked you to give me $1000 a year for nothing the idea would be absurd even for the wealthiest of people. Why? You’re receiving nothing for your money. Now let’s say I ask for the same $1000 and in return I give you time and professional advice that you feel benefitted by and tangibly returns something to you, fair trade, right? It’s not fees that are on trial, it’s the value you are, or are not, receiving for the fees paid. Does your car have Bluetooth? Navigation? An upgraded stereo or leather instead of cloth? These are all things you paid extra for because the perceived value justified the spend. In the financial world the press has been harping on this topic for years! It’s caused an effect in the market that is actually having a negative consequence. Fee compression has limited the availability of quality, dynamic advice to fewer and fewer Canadians. Price is only an issue in the absence of value. Do you feel like you understand the fees you’re paying? Do you understand the value offered to you by your advisory? If you need clarity or simply help through that discussion, give us a call, we’re happy to help.