Frequently Asked Questions
How long, on average, have you worked with the majority of your clients?
Our average client has been with us for 18 years. We attribute the durability of our relationship with clients to our process of taking a comprehensive look at the big picture of your financial status, even in situations where only one specific need exists. Taking the time to evaluate how your present need will affect your overall financial situation, before providing recommendations, has resulted in satisfied clients. This also has formed a strong foundation for long-term relationships with more than one generation within families. It is these long-term relationships, some of which go back to 1986, that we consider one of the most satisfying elements of our service.
What are your qualifications and your areas of expertise?
We are licensed to sell mutual funds, stocks and bonds with IIROC, the Investment Industry Regulatory Organization of Canada and insurance through the Financial Services Commission of Ontario. Tracy is a member of the Institute of Advanced Financial Planners and has his R.F.P. (Registered Financial Planner) designation. He specializes in financial planning, portfolio management and retirement income planning.
What ongoing training and education have you received?
To maintain my licenses and R.F.P. designation, I am required to do a minimum of 30 hours per year of continuing education in tax and retirement planning, ethics, product information, estate planning and more. In addition, I attend conferences, meet regularly with representatives of the various fund companies and spend a part of each day reading economic updates and market news.
How are you paid?
For households who have less than $150,000 invested with me, I am paid fees by the investment or insurance companies I use in managing their portfolio. Everyone already pays these fees, whether to their current advisor or their bank branch. For example, the GIC rate received by my clients on a bank GIC is exactly the same as if the GIC were purchased from the bank directly. If I purchase it, the bank sends the fee to me, if it is purchased by a bank branch; the bank sends it to that branch. If you own a mutual fund, a portion of the management fees charged by the fund go to pay your advisor.
Clients with more than $150,000 can usually benefit from lower management fees by enrolling in HollisWealth's Summit program, a high-net- worth platform that expands the range of investments available while at the same time reducing management fees. For non-registered investments a portion of these fees also becomes tax-deductible. In this program, a fee is deducted monthly from your account. Fees are lower and more transparent.
How often will I receive account updates?
Account updates are sent out to clients monthly, quarterly or semi-annually, depending on the type of account. Most clients receive monthly statements. In addition, I send you a letter with my economic and market commentary quarterly along with a copy of our Wealth Builder investment newsletter. You will also receive a Morningstar list of your mutual funds with their short and long term performance.
Can I view my account online?
Yes, for clients who want to view their accounts online, we set up online access with your personalized password. This gives you access to current values and your portfolio's rate of return over various time periods, as well as stock quotes and other financial resources.