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Are you receiving value for your Mutual Fund Service Fee?You probably pay high fees on your mutual nothing to do with how much or little use you sudden downturn in a particular sector of thefund investments. If you fall into that category make of investment advice.economy or part of the world?the question is, are you spending your money DollarsYour challenge is to make sure you are get-Every investor has issues. Investment advi-wisely? For many the answer will be a resound-ting fair value for those fees and that you are sors can help you with these issues. You just have&ing no.receiving the advice you need about various to ensure that you ask for the appropriate guid-The objective of this weeks column is to sug-financial matters.ance.Sensegest how you can get fair value for what you pay There are many financial issues you have that You are paying for advice. So ensure that youon investments fees. But there is one problem.could be helped with a conversation with your are receiving that advice and if you are gettingBy Petter WatsonThe way you spend money on investment investment advisor. Are you saving enough for fair value then you are spending your moneyfees is very different compared to how you spend retirement, your childrens education or planned wisely. Submitted by Peter Watson,MBA, CFP,R.F.P., CIM,money on virtually everything else you pur-vacations every year?FCSI. In 1991, Peter founded Peter Watson Investmentsshare that information with you.chase.Are you efficient at minimizing income taxes? in Oakville. Peter can be reached at 905-842-2100 orUnder no circumstances should you be hesi-When you purchase a good or service, you Are your investments safely diversified against a visit the website at www.peterwatsoninvestments.com.tant about having a conversation with your advi-pay a price and can easily determine if you sor about fees. This is business. It is a normal and received good value. The critical point here is healthy discussion.that you know the cost.Get a breakdown on what amount of the total Who would shop at a retail outlet that did not fee is paid to your advisor in the form a service communicate the price of what it was selling? fee. That fee is paid to your advisor as remunera-And that is a problem in the financial services tion for ongoing service.industry. Fees are too often hidden. Mutual Annual service fees paid to your advisor are funds are a good example of this.often from one half to one per cent and they are Mutual funds fees are outlined in the fund paid every year that you own the fund.prospectus. So, officially, you have been told how Understanding this is important because much you will pay.once you know what the advisor is being paid, The reality is that very few people actually you can better understand the amount of service read the prospectus; therefore investors often you should reasonably expect to receive. have no idea of what the true costs are. Investor If your account is very small then you will research over the years has shown that a signifi-likely have different service expectations than if cant number of mutual fund unit holders have you had a large account.no idea they are even being charged a fee.The service fee is fixed whether you get advice So that is your starting point. Understand the or not. If you receive no financial services there costs to own the mutual fund.is still a fee. The cost of your investments has Ask your advisor. They will know and can AdvertorialHarrington LLP: better access, more justiceGiving citizens more control over their legal matters and Harrington LLP offers an advantage because as a parale-better access to justice are the two most important goals for gal, I can work outside my independent scope of practice Wendy Harrington and Martin Felsky of Harrington LLP.(in areas like Family Law) when under the supervision of Almost half of all Canadians have some sort of legal a lawyer. Right now, we are focusing on Small Claims but problem but only a small portion is getting help for a have plans to expand our practice in the future.number of reasons, the main one being the cost of legal Harrington LLP offers fixed fee options and unbun-fees, says Harrington.dled legal services to avoid the uncertainty of billable Lawyers can cost upwards of $300 an hour, which is hours and allow clients to budget their decisions, espe-more than enough to stop someone thinking of pursuing cially those who prefer to handle certain aspects them-their legal matter right in their tracks, and while parale-selves but still need help in other areas.We wish to thank the Rotary Club gals are a more viable option financially, they have a We will consult with the client free of charge before limited scope of practice. Paralegals have been licensed anything else, says Harrington. From there, well out-of Oakville West, the Oakville Chamber by the Law Society of Upper Canada since 2007 and their line what it will cost for us to assess and handle the scope of practice includes areas such as: Small Claims dispute from start to finish including reviewing their Court, Highway Traffic Act and Administrative Tribunals documents, or for specific parts of the process such as of Commerce, & all the judges for our recent like Human Rights and WSIB. Even if the money is avail-drafting a claim or organizing evidence. Our website able, a lawyer may not necessarily feel the matter is worth further explains this.award of best small business in Oakville. the amount the client would end up being charged. But In addition to being a one-of-a-kind legal firm, thats where Harrington LLP steps in.Harrington LLP is also at the forefront of technology use Congratulations to all the Winners!Established in November 2010, Harrington LLP is in the industry. With an information system available considered a unique firm within the legal industry. The online, clients can communicate efficiently and securely partnership between Harrington, a licensed paralegal, with the partners.and Felsky, a lawyer, is the first of its kind in Canada.Harrington LLPs flexibility is another rarity in the Business ExcellenceWhat is the difference between a paralegal and law-legal industry; with evening and weekend appointments yer? Paralegals can deal with issues within their scope of available and opportunities to communicate via phone, Brands we carry - Quality you can trustpractice as outlined by the Law Society of Upper Canada email and Skype, clients dont have to run to the firms but cannot represent a client in Superior Court. A lawyer office to meet with them.has a wider scope of practice, including Superior Court.Our goal is bring an understanding to the legal Paralegals are allowed to represent clients indepen-process and give citizens more access to justice, says dently and can perform many tasks that a lawyer would Harrington. Were combining our professional and life do, but often at a lower rate, says Harrington. In our experiences to make civil justice accessible to Canadians 905-844-0712firm, the partnering of a licensed paralegal and a lawyer and small businesses.offers access to legal research from a lawyer and access For more information about Wendy Harrington, to legal representation in Small Claims Court from a Martin Felsky and Harrington LLP, visit www.harrington-email: Carl.SRB@on.aibn.comparalegal all in one place. Having a lawyer on-staff at llp.com or call 1-888-492-0336.13 Thursday, March 10, 2011 OAKVILLE BEAVER www.insideHALTON.com