Choosing Between Calgary Wealth Management Firms
Choosing the best financial advisor for you can be hard. With over 100 registered firms in Calgary alone, it can be difficult to recognize what makes a wealth management firm different. This does not even consider the different registrations that firms, financial advisors or planners may fall under.
Think in the context of your financial plan
Comparing between performance, fees and asset size is often viewed as the first step. Yet these may not be an apples-to-apples comparison between firms. Some wealth managers have a tendency to pursue more risk while others may prefer a more conservative approach. Performance will typically reflect this. Some managers may claim lower management fees, but use external funds that have fees embedded within them. Understanding these differences is important. But understanding how they apply in the context of your financial plan is what drives success. The difference between a 4% and a 6% return may have no impact on your lifestyle and spending. But chasing the higher return could lead to too much risk and compromise your retirement.
Evaluate the Intangibles
Once you have decided who can help you meet your financial goals, the next step is understanding the firms themselves. This decision often comes down to the intangibles. How their qualities can offer you the most satisfaction and peace of mind while working towards your goals. We outline some of the qualities that we believe are important in choosing the best wealth management firm for you.
1. A TRADITION OF TRUST
Wealth management is a trust-based industry. Advisors have a direct impact on your financial future. Clients want to know that their financial advisors have their best interests at heart. That they will act in an ethical and transparent manner.
All of Hemisphere’s client relationships are built on this principle. While many firms may make a similar statement, we back this up with tangible actions. We own the same securities as our clients so our success depends on yours. Our registered portfolio managers have a fiduciary duty to you. We adhere to the highest ethical standards for both asset management and performance reporting.
2. personalized service
Longer waiting times and less personalization have become commonplace across many industries. The private wealth management industry is no different. Customer service has fallen while more financial advisors or planners now service their clients virtually. The industry is using more standardized products at a time when financial problems are becoming more complex.
At Hemisphere, we know that managing your assets is not a one-size-fits-all solution. It is your unique financial situation that allows us to truly show our value. That is why we offer personalized services through our financial advisors in Calgary. Whether you are looking to grow your nest egg, preserve your assets after you retire, or distribute your estate to the next generation, we are here to help. Come introduce yourself.
3. experienced professionals
The financial landscape in Canada is filled with a wide range of certifications and titles. It can be difficult to tell the difference between a qualified professional and someone with limited expertise. This raises concerns about the quality of any advice. Understanding the different certifications so you can choose the best financial advisor for you is a key step in the process.
Hemisphere’s investment professionals are Chartered Financial Analysts (CFA) or Chartered Investment Managers (CIM). Clients can have confidence in the knowledge of our team. We have undergone thorough education and adhere to a strict code of ethics. Choosing a reputable financial advisor can provide peace of mind knowing your financial interests are in capable hands.
4. independent and employee-owned
True independence is becoming harder to find. At banks or dealer firms, your financial advisor is often limited to the products they can offer. But these products may not always be in your best interests. Are there any trailer fees or commissions on the product? Are there any restrictions on selling the product? Does this product properly reflect your risk level? Questions that should be answered are not.
As an independent wealth management firm in Calgary, Hemisphere is not affiliated with any bank, investment dealer or insurance firm. We know that the onus should not fall on you to ask these types of questions to uncover conflicts. For us, the best approach is to make sure these conflicts do not exist in the first place. This is our advantage; we can focus on you while ignoring the conflicting interests of larger organizations.
5. RELIABLE SERVICE FOR YEARS TO COME
What happens when your financial advisor leaves or retires? At large firms or banks, the decision may not be up to the advisor. This can lead to an abrupt change or a rotating door of relationship managers. Establishing trust under this scenario can be very difficult. You are often told to have a long-term view on investing. This can be difficult when the time horizon with your advisor is much shorter.
For over 30 years, Hemisphere has served a diverse group of clients in Canada. Our legacy stands on the success of our clients. We are committed to our legacy. Our succession plan is well in place as we look to continue serving our clients for years to come. All the while remaining independent and employee-owned.
6. Established Investing Principles
Investing principles provide a clear basis for an informed decision-making process. These principles help advisors make rational choices based on sound analysis and research. By adhering to investing principles, advisors can better manage risk and increase your chances of achieving long-term financial success.
The portfolio managers at Hemisphere are conservative individuals. We operate with a disciplined, but flexible, decision-making process. It is through our principles that we are able to shape our approach to success.
MAXIMIZING LONG-TERM NET WORTH
We are not market timers. Successful investment management is about effective asset allocation over the long-term between equities and fixed income.
INVESTING WITH A MARGIN OF SAFETY
Our conservatism means we would rather be reasonably certain of a good result than hopeful of a great one. Good investing is about avoiding mistakes.
Conviction in our insight and decision-making approach facilitates the framework to successful and reliable investment management.
Our business is one of identifying undervalue in the financial markets. We want to own good companies, but at the right price.
INDEPENDENCE OF THOUGHT
We think for ourselves. Other business interests, recent investment returns and consensus views do not shape our investment management approach.