17
Oct
Why Private Wealth Management?
I am asked frequently the benefits of being in the Private Wealth Management (PWM) stream versus investing in mutual funds and/or bank funds. In order to answer this, we define PWM as the following:
- Minimum investment $500,000
- Custodial account (TD/National Bank/Laurentian Bank) managed by an Investment Counsellor (IC)
- IC buys and sells securities within your account based on a rigid Investment Management Agreement (IMA) signed by you
- A fixed fee of between 1-2% per annum is charged monthly based on the dollar amount of your account
- The portfolio is managed according to the “discretion” of the IC, and done without your signature or acknowledgement. You give the IC the authority to trade on your behalf
