blackcamaro
Well-known member
You should check out and ask the same question on the forum at www.finiki.org and canadianmoneyforum.com
If I was in his position I would find an advisor who charges a flat fee for a consultation and maybe you can give your a friend a hand putting the plan that's laid out into motion. I'd avoid advisors who work on commissions and likely to just put your friend into mutual funds with high management fees. Like mentioned ETF's are very similar with much lower fees.
Vanguard offers one one stop shopping ETF's as of this year that track the U.S., Canadian and rest of world indexs with fixed income built in.
Like mentioned the big thing is structuring how much to put into certain registered accounts and then what to do with the left over.
One last thing. I'm a nobody and my crystal ball doesn't work so great, with that said I personally wouldn't put a large lump sum like that into the market at one time right now. We're 9 years in a bull run and at some point something has to give. If the market tanked your friend wouldn't be able to average down that effectively with regular contributions and might not handle seeing his investment drop say 20 to 40 percent. I'd want to spread out how I invested that money over the next couple years. Again I could be completely wrong but it's a question to think about.
If I was in his position I would find an advisor who charges a flat fee for a consultation and maybe you can give your a friend a hand putting the plan that's laid out into motion. I'd avoid advisors who work on commissions and likely to just put your friend into mutual funds with high management fees. Like mentioned ETF's are very similar with much lower fees.
Vanguard offers one one stop shopping ETF's as of this year that track the U.S., Canadian and rest of world indexs with fixed income built in.
Like mentioned the big thing is structuring how much to put into certain registered accounts and then what to do with the left over.
One last thing. I'm a nobody and my crystal ball doesn't work so great, with that said I personally wouldn't put a large lump sum like that into the market at one time right now. We're 9 years in a bull run and at some point something has to give. If the market tanked your friend wouldn't be able to average down that effectively with regular contributions and might not handle seeing his investment drop say 20 to 40 percent. I'd want to spread out how I invested that money over the next couple years. Again I could be completely wrong but it's a question to think about.
