Portfolio Strategies
2 reviews 1850 14 St SW, Calgary, AB +1 403-252-5222 www.portfoliostrategies.ca suggest an edit
02 February 2023 4:57
Portfolio Strategies has provided the perfect place for my wealth management practice. It is an amazing and refreshing place to grow. From their compliance, to embracing technology, to providing a complete product shelf of ETFs and Mutual Funds, This place is completely different from your traditional Mutual Fund Dealer. I highly recommend portfolio strategies as a place to grow and maintain your practice!
23 September 2022 21:17
Unfortunately, my experience with PS started off okay but did not end well. There are several issues that I have with PS.
First, when I was in my early-20s and first started investing with PS, I didn't understand investing or the market. I placed a lot of confidence in the recommendations from PS. Ultimately, they determined that I preferred "low risk" investments and thus put me in bond funds (at age 23).
As a result, my portfolio hilariously underperformed during what was the biggest bull run in history.
All good. I take the view that I asked for low risk, since "who would want to take on risk with their money? ", and got what I asked for. Now having a much better understanding of what "risk" relative to investing means, I am in a more appropriate 80/20 portfolio.
But I am disappointed that my advisor didn't educate me like I believe she should have, as the money left on the table was significant.
Second, my wife and I have combined finances and share assets. My wife prefers that I own our financial strategy because A) I really like it, and B) she does not have much interest in it. She has asked me to own it because I am active in learning about it and staying on top of our finances.
It's important to point out that we contribute to our RRSPs/TFSAs based on what is best for us on a taxation level. I make 3x what my wife does, so we invest heavily into my RRSP. However, we have also put considerable sums into her TFSA - more than what she would have been able to contribute with just "her" money, so to speak.
So, when our advisor presented options on what to do with my wifes small amount of funds she had in a mutual fund with PS, I provided direction based on the understanding my wife and I had. When my advisor turned to my wife and said "well it's YOUR money, what do YOU want to do", both my wife and I were taken back. I could see this if it was the first time the advisor had met with us, but it wasn't - it was one of several annual visits we had.
This was what made us decide that we didn't have a partner in PS that actually understood our situation (or even really card to). If she did and had, she'd have known that. After that visit, my wife turned to me and said "that made me really uncomfortable. "
When COVID hit, we decided we needed to have direct control over our funds because of the need to access it if necessary. As business owners, we do not apply for any financial assistance available right now.
As soon as we asked how to take ownership of our funds, the tone from our advisor became unprofessional. I asked about the insurance policies we have through them, and I was told to go to the insurance co's website because "as you know, they do not compensate me to manage this for you. "
No, actually, I did not know that. Why would I?
I was a client for more than 10 years. What a shameful way to end a relationship.
Ultimately, it's hard to feel good about my experience with PS. I never felt the recommendations provided were based on anything other than sales literature, and the explanations I was given for lacklustre performance of said funds were, frankly, deflections. In hindsight, it was clear that their interest was more on "selling" specific funds vs.looking after our best interests.
You decide if the above has merit or not as it relates to you.
First, when I was in my early-20s and first started investing with PS, I didn't understand investing or the market. I placed a lot of confidence in the recommendations from PS. Ultimately, they determined that I preferred "low risk" investments and thus put me in bond funds (at age 23).
As a result, my portfolio hilariously underperformed during what was the biggest bull run in history.
All good. I take the view that I asked for low risk, since "who would want to take on risk with their money? ", and got what I asked for. Now having a much better understanding of what "risk" relative to investing means, I am in a more appropriate 80/20 portfolio.
But I am disappointed that my advisor didn't educate me like I believe she should have, as the money left on the table was significant.
Second, my wife and I have combined finances and share assets. My wife prefers that I own our financial strategy because A) I really like it, and B) she does not have much interest in it. She has asked me to own it because I am active in learning about it and staying on top of our finances.
It's important to point out that we contribute to our RRSPs/TFSAs based on what is best for us on a taxation level. I make 3x what my wife does, so we invest heavily into my RRSP. However, we have also put considerable sums into her TFSA - more than what she would have been able to contribute with just "her" money, so to speak.
So, when our advisor presented options on what to do with my wifes small amount of funds she had in a mutual fund with PS, I provided direction based on the understanding my wife and I had. When my advisor turned to my wife and said "well it's YOUR money, what do YOU want to do", both my wife and I were taken back. I could see this if it was the first time the advisor had met with us, but it wasn't - it was one of several annual visits we had.
This was what made us decide that we didn't have a partner in PS that actually understood our situation (or even really card to). If she did and had, she'd have known that. After that visit, my wife turned to me and said "that made me really uncomfortable. "
When COVID hit, we decided we needed to have direct control over our funds because of the need to access it if necessary. As business owners, we do not apply for any financial assistance available right now.
As soon as we asked how to take ownership of our funds, the tone from our advisor became unprofessional. I asked about the insurance policies we have through them, and I was told to go to the insurance co's website because "as you know, they do not compensate me to manage this for you. "
No, actually, I did not know that. Why would I?
I was a client for more than 10 years. What a shameful way to end a relationship.
Ultimately, it's hard to feel good about my experience with PS. I never felt the recommendations provided were based on anything other than sales literature, and the explanations I was given for lacklustre performance of said funds were, frankly, deflections. In hindsight, it was clear that their interest was more on "selling" specific funds vs.looking after our best interests.
You decide if the above has merit or not as it relates to you.