“Investment fees, for most Canadians, really cause great damage to their ultimate retirement savings.”
— Larry Bates
Larry Bates is a name that my clients and long-time listeners know well — I recommend his book to them regularly!
Larry is an independent investor advocate, former investment banker, and author of Beat the Bank: The Canadian Guide to Simply Successful Investing.
So, it’s safe to say that Larry knows a thing or two about how the investment industry works — and how to minimize your risk and get higher returns. In fact, full disclosure: Larry’s book is what helped me feel more comfortable about starting to invest!
Larry believes that the average investor is not well-served by the investment industry.
“Most Canadians are losing, believe it or not, 50% or more of their lifetime investment returns to fees they don’t even see or understand,” Larry explains.
The investment advisors at your bank do not act in your best interest. It’s important to make informed decisions about your investments!
In this episode, you’ll discover:
- How sneaky investment fees seriously hinder your investment returns and retirement plans — and why so few people know about them
- How fee disclosure laws work (and don’t work) to reveal the true costs of investing
- The low-cost, alternative investment products you should consider
About Larry Bates: Larry Bates is an independent investor advocate, author, consultant and speaker. Larry enjoyed a 35-year banking career with several major financial institutions in both Canada and the U.K. He is currently an investment advisor with Aligned Capital Partners Inc. Larry is on the board of FAIR Canada and is an Ambassador of the Transparency Task Force.
Highlights:
00:44 Introduction
01:45 Meet Larry Bates
02:55 Beat the Bank
06:01 Fee disclosure law
09:01 Importance of learning the basics
10:16 Investment firm v. ScotiaBank story
12:04 Trust deficit v. trust surplus
14:03 Index ETFs & robo-advisors
16:38 How to use the market
20:08 T-Rex Score & FAIR
22:58 Takeaway
Links:
Larry Bates
https://www.facebook.com/profile.php?id=100014692831838
Twitter: @LarryBatesBTB
The Business Society: https://thebusinesssociety.co
5-Step Roadmap to Biz Finance Freedom: https://melissahoustoncpa.lpages.co/5-step-biz-finance-roadmap
Work with me: https://www.melissahoustoncpa.com/work-with-me
Want more tips and inspiration? Follow me on Twitter @melissahcpa and Pinterest @melissahoustoncpacga and visit my website: https://www.melissahoustoncpa.com
