Hey all,

A little background on me, I’m Canadian, in my 20s, poker player. If I’d have to scale myself from 1-10 on my financial/investing education I would probably give myself a 3.5. I have a net worth in the 7 figures, and I’m looking for some places to invest that rather than it rotting away in my bank accounts. Ideally, I want someone to just give me all the options available to me, and then providing me with their opinions, where I would then make the decisions on my own. So I’m looking to hire someone on an hourly basis.

Any suggestions are greatly appreciated,

Thank you.

Start here. I don’t imagine paying a financial advisor is a good idea without at least knowing the basics yourself to get a sense of if you’re being bull**** or not.

Most financial advisors are going to park your money in overpriced mutual funds and collect a commission. You're worth 7 figures, do you really think it's smart to trust someone who makes 60k/year and has no skin in the game? If they were really intelligent investors, they wouldn't be financial advisors.

Maybe it will comfort you to know that many sharp investors are holding large cash positions, and that perhaps investing the bulk of your savings into the tail end of a long bull run may be more risky than you think it is.

Holding cash is not a waste, it represents security and you have lots of capital to deploy if a good opportunity comes your way.

What are your goals/ambitions in life?
Family plans down the road?
Do you still have an income?
Where abouts in Canada do you live (real estate costs)
Do you hope this money on it's own will last you your life?
Could you get a loan from the bank? Sounds dumb but with no guaranteed income you likely can't.

Asking yourself questions is better advise than any advisor.

Best of luck.

most finance professionals dont work on a $ per hour basis. I guess if you want to find someone to teach you basics about etfs you could pay them that way, and then do it yourself, but you can also just read about that for free on the web.

if you want to pay someone to beat the market you generally end up paying a recurring management fee. its worth it if they can beat the market, and not if they cant.

just go balls deep in vgro. make sure your TFSA is maxed out in Vgro as well. and you'll want to closely document your poker winnings so you can prove the money didn't come from a taxable source.

While I agree that you should not be hiring a financial advisor who works on commission, the rest of this post is terrible.

Advisors who work for AUM do have skin in the game. I'm not sure this is the best way to compensate one, but if that's your requirement, pay a fee-only AUM advisor who is a CFP and does full comprehensive planning.

The idea that they wouldn't be working as advisors if they were intelligent investors is silly also. I believe you should be paying for the process and ongoing coaching, not the returns they provide you. If any advisors is selling their performance, run away.

And finally, cash is not your comfort security blanket. While investing a lump sum can be difficult psychologically when markets have been on a long bull... who is to say it will be any easier to deploy cash into a hemorrhaging bear? A good planner can help evaluate his situation and goals and help him implement and stick to the plan. If he has a history of not investing, or is nervous about doing it himself, or simply just wants another set of eyes, it's definitely worth seeking solid advice from a pro.

http://jasonzweig.com/the-19-questio...ncial-adviser/

I am also in Canada and hired a fee-based advisor a few years ago. We meet once a year and she suggests minor readjustments/rebalancing based on changes in life circumstances, but we mostly stick to the same plan that we started out with. I handle the actual execution of the plan via an online brokerage.

The cost of the advisor is worth the peace of mind for me. PM me if you'd like the details of the company I work with.

This sounds like a reasonable way to go. It also sounds like the most boring job in all of finance.

Hahaha true, I never thought of that. I'm sure they have clients that are more exciting than I am. But the company literally sends out mail every time there is a market disturbance, reminding clients to remain calm and ride it out. Probably not the best business model.