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20 AVRIL AU 23 JUILLET
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Bakish Wealth Report The Science behind your Returns α β γ ϕ :
ith recent legislative changes requiring financial firms to provide more fee transparency the investment industry has focused on quantifying the value of working with an advisor. For example, a recent study from Vanguard, one of the world's largest asset managers, approximates an advisor can add three percent per year to the rate of return. How is this additional return achieved? A recent study from the CFA institute, a global association of investment professionals, who perhaps were reminiscing back to their university fraternal/sororal days, breaks the rate of return down into four contributing factors: alpha, beta, gamma and most recently, phi. Historically, finance textbooks have broken down the rate of return into "beta", the return one would receive if invested passively in an index, and "alpha", the increase in return an investment manager adds by security selection. Over the last few years however, research has shown that the role of an investment advisor goes far beyond security selection and as a result necessitated the introduction of two new elements, "gamma" and "phi". Simply put, Gamma is the incremental value that can be achieved by an individual investor from making more intelligent financial planning decisions. Specifically tax efficient investing, withdrawal strategies and asset allocation/location decisions. A study from Morningstar, a leading provider of independent investment research, estimates that gamma can reliably add 1.59% to your rate of return per year. Phi on the other hand can be defined as the added value from the alignment of purpose and motivation between a client, their advisor, the advisor team, and the firm. In other words, investment outcomes improve when a motivated
well coordinated advisory team supports a motivated client IF long-term goals are congruent. Transparent advisor compensation models, firm independence and elimination of product bias are all factors that positively affect Phi. According to the CFA institute, a one-point increase in phi provides 55% greater odds of excellent client satisfaction. Alpha, beta, gamma and phi interplay with one another to determine the likelihood your financial plan will succeed as represented by a rate of return. Research shows that Alpha is elusive, and beta pervasive, whereas gamma and phi are repeatable and attributable to skill. Therefore, when you examine the fees on your statement to determine the value added from working with a professional reflect most on the financial planning strategies in place and the long term goal alignment with your advisor team as that is what is most likely driving your future financial success. The opinions expressed in this report are the opinions of the author and readers should not assume they reflect the opinions or recommendations of Richardson GMP Limited or its affiliates. Assumptions, opinions and estimates constitute the author’s judgment as of the date of this material and are subject to change without notice. We do not warrant the completeness or accuracy of this material, and it should not be relied upon as such. Before acting on any recommendation, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice. Past performance is not indicative of future results. JOSEPH BAKISH, , CFA, CLU, CHS, TEP, BSc Vice President, Investment Advisor Bakish Wealth Management Richardson GMP Limited
DISCERNING ADVICE. INDEPENDENT EXPERTISE. Following a client-centric philosophy, we provide specialized services to many of Montréal’s most affluent doctors, lawyers, researchers, professors, small business owners, and families. At Richardson GMP, we are free to offer a virtually unlimited universe of investment options without bias to any product or platform, a more competitive fee structure, disciplined and complete investment and financial plans, exclusive investment opportunities and concierge service to help our clients achieve financial peace of mind.
Our passion is helping people to understand their wealth and the markets so they can make educated choices and accommodate many competing financial obligations. Bakish Wealth Management www.Bakish.ca • Tel. 514.981.5737 OUR PARTNERS
Bakish Wealth Management
Richardson GMP Limited, Member Canadian Investor Protection Fund. Richardson is a trade-mark of James Richardson & Sons, Limited. GMP is a registered trade-mark of GMP Securities L.P. Both used under license by Richardson GMP Limited.
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