2nd Opinion Part 3

I got (more) mail:

" Thank you Scott! I took your advice and set up a call with (advisor name, name withheld for privacy purposes) to discuss some of the questions that you suggested" :

(as a reminder, for those interested, here are the questions that I suggested in my Feb 11 blog):

Question 1) What am I getting for your 1.77% annual fee?

Question 2) Given my desire to retire in 12 years (it was 17 years when we started working together), is this risk profile (only 28% Fixed Income) adequate?

Question 3) Why so much exposure to Canadian Equity markets when Canada is only 4% of the global equity market?

Question 4) How much did you get paid to sell me those high risk and (for the most part) losing Junior Oil and Gas stocks that you were so excited about?

5) My total portfolio value is now back to the same level as it was in early 2013, what do you propose we do next?

"As it turns out, (advisor name)  was not on the call at all and I was told that I was to speak with his assistant about my portfolio questions because that is how their procedure worked. When I said that I preferred to speak with the person who I had signed up with in the beginning, I was told that I would have to wait a few more weeks because his schedule was very full, so I said that I would use the time now to ask some questions and set up a call with (advisor name)  when the next appointment became available."

"When I asked about my fee, I was told that it was 1% all in. When I pointed out the MER fees that you had indicated, he said that he would have to look into it, but that they were not very much."

"When I asked about the asset allocation in my portfolio and why it was structured the way it was, given my circumstances and more volatile markets, I was told that is the way it is for all clients because (advisor name) had set it up that way, but, if I wished to change it, I could ."

"I asked: isn't that your job? You are the experts."

"The assistant, apparently, would have to discuss it with (advisor name)".

"It dawned on me that I was not going to get much of anything out of this conversation, so I asked to just have the assistant set up an appointment with (advisor name) when his schedule permitted it".

"I am still waiting."

"Can we set up a call?"

Absolutely!

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