Ed Rempel Org

Ed Rempel – Not Sold on ETF’s and Index Funds

Why I Won’t Own an Index Fund or ETF

 Skilled Fund Managers

Many investors are skeptical that there exist fund managers who have skill and who can beat the index over the long-term. Other investors believe that there are fund managers who have skill, but that it’s impossible to identify them ahead of time.

There are skilled fund managers that can be identified ahead of time. I know quite a few of them. You just have to look using the right criteria.

Identifying Skill

When looking at funds, many investors take an objective approach and study recent returns, look at ratings or statistics, or try to forecast which sectors will perform well.

Other kinds of skill evaluations are more subjective and rely on insider judgments, e.g., doctors assessing other doctors, or even actors judging performances of their peers.

The evaluation of a fund manager falls somewhere in between those two approaches, the objective and the subjective. I believe that, to find the best fund managers, you have to study them, not the fund.

Start by finding fund managers that have beaten their index over their career or long periods of time. This could be in more than one fund. They do not need to beat the index every year – just over time. Then study them to find out how they do it. Is it because of stock-picking skill?

Outperforming the appropriate indexes is just one factor in the criteria. Top fund managers are usually not trying to secretly follow the index–they’re more likely to have an effective style (like value investing), and have high “active share,” which means that they’re investing in a way that differs from the index; they also often have great experience and have their own money invested in the funds that they manage, i.e. “skin in the game”.

My All-Star Fund Managers

One of my special skills is identifying all-star fund managers — it’s essentially my main focus related to investments. I’ve found around 50 fund managers over the years who I would characterize as having superior skill, and all of them have beaten their index over long periods of time.

Most of those 50 managers are on my “watch list”. I own only a handful of those funds. Although I’m resistant to the idea of sharing statistics about my own personal investments, mostly because my investment style may not be suitable for every investor, I want to emphasize that it’s possible to identify skilled fund managers early and ahead of time.

Why I Will Never Own an ETF or Index Fund

I won’t ever own an ETF or an index fund because I’m not happy with below-index returns. I choose investments based on the fund managers–I want to invest with the Albert Einstein of investors, the absolute best. ETFs and index funds don’t have fund managers, so I’m not interested. The goal of investing is to obtain the highest long-term return after fees, and a skilled fund manager provides enough value to pay for those fees and more.

Above-Index Returns

There are really two options when you’re pursuing above-index returns: one, you can find yourself an all-star fund manager, or, second, you can choose a portfolio manager who’s paid by performance fee. When portfolio managers are paid by performance fee, they’re motivated to beat their index. If they don’t beat the index, the fees are similar to ETFs. If they do beat the index, the fee pays for itself.

Getting above-index returns is all about finding skill.

Allergen Stock Falls 0.39% Over Patent Deal with Native American Tribe

Allergen (AGN) stock is down over 0.39% to close on Wednesday after lawmakers take aim at the company over a patent deal they made with a Native American tribe. The pharmaceutical company struck a deal with Saint Regis Mohawk Tribe in September.

The patent deal would transfer Allergen’s patent for Restasis, an eye drug, to the Native American tribe.

Lawmakers state that the deal is an attempt to leverage the advantages that tribes have with patent challenges. Sovereign immunity allows the tribe to maintain exclusive rights to the drug through 2024, shielding the company from generic competition.

Allergen – known for their Botox drug that is used for anti-aging purposes, hyperhidrosis, muscle stiffness, spasms, eye disorders, wrinkles and uncontrolled blinking – is accused of using the workaround to protect the drug from competition.

The company’s September press release states that it entered into a “sophisticated” opportunity. The deal, transferring the patent rights to the tribe, allows the company to protect 15% of their profits.

Botox helped the pharma company boost their revenue by 10% annually, offsetting the falling revenue of older drugs the company offers. Botox is also under pressure as alternative medicines, and treatments, like iontophoresis, continue to threaten the company’s blockbuster product.

Restasis accounts for $1.5 billion of the company’s sales. St. Regis’ deal allows the tribe to receive up to $15 million per year in royalties and a $13.75 million payment. Tribes, along with universities, have patent protection.

The tribe said that the deal was a way for them to diversify their income.

“We realize that we cannot depend solely on casino revenues and, in order for us to be self-reliant, we must enter into diverse business sectors to address the chronically unmet needs of the Akwesasne community; such as housing, employment, education, healthcare, cultural and language preservation,” states the tribe’s council.

Legal professionals and lawmakers state that anyone who cares about drug prices should be worried about the deal.

Allergen’s move will keep generic drugs from reaching the market, allowing the company to maintain no competition. The drug’s prices will remain unrivaled by competition.

The Hatch-Waxman Act, enacted in 1984, allows generic competition to enter the market faster. The generic version of drugs will go through FDA approval faster. Allergen’s attempt to safeguard their patents will keep the drug’s prices higher by keeping competition stagnant.

The Act allows the original drug maker, in this case Allergen, to be able to have exclusive rights to their drugs for a specified period of time. This right is an attempt to help manufacturers recuperate their research and development costs.

Generic drug makers can challenge these limits, not set in stone, and force companies to allow generic versions of their product on the market.

Tribes and universities are immune to these challenges, allowing Allergen to keep generics out of the market for an additional four years. Allergen is in the middle of a federal patent trial.

The judge ordered the company to file briefs by October 13 “addressing the question whether the Tribe should be joined as a co-plaintiff in this action, or whether the assignment of the patents to the Tribe should be disregarded as a sham.”

3 Things Every New Investor Must Consider Before Investing

CNBC states that 52% of Americans aren’t investing, as of 2015. This means that people lost their window during the bull market. Stocks are soaring, and it’s harder now to find great stock deals than it was in 2009.

But that doesn’t mean that the market has run out of steam.

There’s still so much growth ahead. Warren Buffett made the bold prediction that the Dow will hit 1 million in the next 100 years. Whether this turns out to be true or not is yet to be seen, but one thing is for sure: the stock market is strong right now.

Investing for the long-term is a smart investment choice.

Before you start investing, you need to know:

1. What is Your Goal?

Your investment goals mean a lot. In fact, your investment goals will change as you age. When you’re younger, you might take higher risks. You can choose to invest in startups or choose to invest in solid stocks, such as Microsoft.

And then you also have to know your goals. What are you investing for?

  • Education?
  • Retirement?
  • Down payment on a home?

Liquidity will dictate a lot of your choices. If you invest in bonds, for example, your investment will be tied up until the bond hits maturity.

If you want to make income from your investments, you may want to choose a stock that pays quarterly dividends. There’s a lot to consider, so fledge out your goals so that you know what type of investment is best for you to hit your goals.

2. Do You Want Hands-On or Hands-Off Investing?

You can be a hands-on or hands-off investor. You can choose to be a hands-on forex trader, or you can choose to invest in stock indexes. When you invest in an index, you’ll have your investment generate the same rate of return as the market index.

Index funds, such as the S&P 500 fund or the Vanguard 500, allow you to cut fees and make a substantial return.

Several expert investors recommend funds because they offer superior returns. You can also choose a hedge fund, but the fees will kill you in the end.

If you want to be completely hands off and take the worry of your own investment away, choose a hedge fund or index fund. Buffett recommends index funds if you’re a hands-off investor.

3. Risks, Portfolio Diversification

Investments are a risk. When you invest, the goal is to try and balance your risks as much as possible. Diversification is the key to balancing the risks of your portfolio. You can write a whole book on portfolio diversification, but a lot of investors choose to divide their portfolio among:

  • Stocks
  • Foreign stocks
  • Bonds

And now you’ll also have digital currencies and precious metals mixed in, depending on the investor. If all of your money is invested in stocks, it’s a big risk. Markets can crash, causing you to have your investments cut in half.

If you don’t mind risks, you can make a lot of money in currency trading or commodities. The key is to determine your goals, how you want to invest your money and then to determine the risks you’re willing to take.

Your portfolio will then start to materialize based on these factors.

How to Start a Forex trading business

Forex trading can be very profitable if you know the rules of the game. Many Forex traders lose money in the beginning but it can prove to be highly lucrative once you get familiar with the arena. It can be a challenging task but putting in your efforts will surely pay you off.

In order to be a successful Forex trader, you need to continuously learn about it. Even if you become a pro, revisit the basics as one of the biggest secrets in your Forex success lies in the fundamentals.

In forex trading, some people make millions while some lose millions, but one thing is for sure, you will learn a lot. The key to success in forex trading is that treat it as a business. Do not rely on luck and get rid of impulsive approaches. You will need the proper knowledge of how things are done. Hone your skills continuously by learning new things in the field. Devise your own forex trading techniques and slowly you will beat the market. Nevertheless, here are some tips to get started in forex trading business:

  • Gain experience

 

The Internet is full of ideas to teach you on how to get better in forex trading but the experience is the best teacher. Understand the basic forex terminology. Get knowledge on the type of currency you will spend. Get aware of terms like quote currency, long position, short position, ask price and the spread. Make predictions about the economy and be political in your approach. Go through economic reports to make well-informed decisions.

  • Initiate

 

You can even start your forex trading business venture from your computer but make sure that there is a proper Internet connection set up because you don’t want to lose on great trading opportunities.

Whatever trading ways you begin with, make sure you are partnering with quality ones. You don’t want to be part of scams and lose a great deal of money. Nobody guarantees anything in this field so you are responsible for yourself. Stick to popular online trading platforms that have good proven track records and has a wide-spread company network.

  • Hone your skills

 

Forex trading is a combination of different skills. Make sure you polish them constantly as you progress in your business. Learn how to calculate profits and analyze the market. Analyze the market technically, fundamentally and sentimentally to get different perspectives of how the field operates. Keep a track of your profits and losses.

Forex trading is all about control. Keep yourself grounded and trust the basics. It is like other businesses. Do not get excited when you get an opportunity before you. Make relevant evaluations and assessments before taking any step further. Losing money is very common in forex but it is part of the game. Hone your self-control and risk management skills to excel the game of forex.

Be patient and persistence if you are interested in forex trading. The most important thing you must do is to learn from your mistakes and progress forwards. Keep in mind that only progressive mindsets reach the pinnacles of success in forex.

What Should You Actually Consider When You First Start Investing?

When you are a complete beginner looking to make your very first investment and you talk to someone that is highly experienced there is a pretty good possibility you will not understand much and you will not care about various different things of high importance for that person. Obviously, as a professional nobody can really share much knowledge in just a few lines but what should be mentioned is the first time investor does not care about standard deviation or emerging markets.

The most important thing you do want to think about when you make your first investment is risk. You want to know if there is a big change that the money will be lost or not. You are told to learn as much as you can about diversification, how to spot gold and include it in your portfolio, how to keep growing the portfolio and how to analyze markets. At the end of the day this is not what you are interested in. Besides the risk involved in any investment, you surely think about the following.

Time Needed When Investing

When you invest in stocks you are committing yourself for the long run. The money that you get back will normally be profitable at a suitable amount after around 5 years. A ten years investment plan is actually preferred. When you need the money back in just 2, high yield savings accounts are preferred.

Diversifying The Investment

Most of the investors need to diversify based on many different possible investments. A highly important decision is the money you put into bonds as compared to the amounts associated with stocks. If you want to invest for the long run, more money has to be added to stocks.

Associated Costs

Many investments will have some associated costs. They may be small but when you multiply them over the duration of the investment you can be faced with a pretty high impact on the results. A one percent fee, as an example, can easily take out thousands of dollars over investment duration. This is why you should always know everything about fees and costs.

Ease Of Investment

Not all people love studying investments and learning everything they can about them. Some are simply interested in doing a really quick and simple investment. Even so, you do need to put some effort into it. The good news is that you can easily use free tools in order to track investments or spreadsheets. If you do not want to analyze and track investments, you need to make sure the investment you choose can be handled like that.

Final Thoughts

When you make your first investment you need to seriously consider the factors mentioned above and you want to be as serious as possible. Remember that your money will be locked for a period of time or you would end up losing money. Because of this, it is very important that you always invest just the amount that you can live without for the duration of the investment.

How do you buy stocks?

So you’re looking to get into the world of investing are you? Great. The stock market has long been a mystifying place for most, but it’s quite simple really. With the proper education and practice you can be well on your way to investing for retirement. Let’s start out with learning exactly what a stock is first.

So what exactly is a stock?

First of all stocks are different from other investments because they are pieces of an actual company.  Unlike mutual funds which are investments that are comprised of any number of companies and are repackaged and sold to an end user.  Additionally there is more than one type of stock, for examples stocks can be purchased based on the class of shares, different classes offer different privileges.  But for this article we will assume that common stock is being purchased.

A common stock is simply a type of security that involves ownership in a business and represents a claim on a portion of the companies assets and earnings.

 

To buy or sell any stock you need to get in contact with a broker.  A broker is a licensed individual or corporation that will purchase and sell shares on the market on your behalf.  Brokers are trained in the legal requirements that need to be followed in order to make these transactions, ie.  registering trades with the appropriate governing authorities.

 

 Should I go with a discount brokerage or a full service brokerage?

The most basic decision an investor must make is the type of brokerage house they want representing them.  As of today there are essentially two options, discount brokerage or full service brokerage.  This decision is far from easy to make.  A discount broker will not offer guidance as to which purchases you make.

 

Discount brokerages are online entities like Interactive Brokers, or Questrade. More often than not these companies will provide a research platform to view fundamental data for companies trading on exchanges that you are investing in.

 

However, if you are reading this article on how to buy stocks chances are good that you don’t know how to choose them either.   Conversely at a full service broker you will be provided with research based on your investing style and risk tolerance.

 

Essentially you will have a guide to help you navigate through different investments.  A full service brokerage will provide you with an account manager that will be there to answer questions that may arise about your future or current investments.

Should I keep stocks inside my RRSP?

In addition to the differences listed above between full service and discount brokerages there is another important consideration to keep in mind and that is whether you want to keep stocks inside your RRSP or not.  There is plenty of information on  RRSPs on www.stocktrades.ca.  Before you make any decisions it is important to keep in mind the tax saving benefits of RRSPs and TFSAs as opposed to holding stocks outside of a plan which will then be subject to full taxation.

 

We hope this article gave you an idea of what a stock is and how you can go about purchasing them. It’s imperative that you read, read, read, and read some more when learning about investing. It takes years to learn the intricacies of the stock market. In fact, most investors are in a constant cycle of learning, as the markets always change.

 

 

All That Glitters: Investing in Gold

Gold is a safe-haven investment that is the perfect hedge against stock-market volatility. On Wednesday, 14 June 2017, gold was trading at $1,276.83 per ounce, up $11 on the day. The precious metal has generated returns of 9.43% over the past 6 months, or $109.10 per ounce since January. This is on par with the performance of the S&P 500 index, and the Dow Jones for the year to date. As a safe-haven commodity, gold tends to rally when investors adopt a risk-off approach to equities markets. We have seen gold briefly surging towards the $1,300 per ounce level in 2017, only to retreat towards its current levels as calm returns to the markets.

It is interesting to point out that the USD average annual percentage returns in gold have been volatile since 2012. At that point, gold averaged 7%, followed by a 28.3% decline in 2013, a 1.5% decline in 2014 and a 10.4% decline in 2015. During that stage, Wall Street was exceptionally bullish and traders were not interested in safe-haven investments such as gold. The tide started to turn in 2016 as the Wall Street rally lost momentum and continued at a modest pace. Last year, gold averaged 8.5% returns in USD, and for the year to date it is already up 10.1%. Gold has performed strongest when measured in Indian rupees (INR) with a total return since 2002 of 506.7%.

Recent Trends with Gold

Gold tends to gain favor with investors and traders when geopolitical uncertainty is rampant. For gold bugs, there has been plenty of this uncertainty with the French presidential elections and more recently the UK general election. In the run-up to the UK election, there was tremendous uncertainty in markets. Prime Minister Theresa May’s lead was initially 20 percentage points, but that dried up dramatically as election day neared. The outcome of the general election was certainly not positive for the Prime Minister, and she saw her lead shrink with a hung parliament after the June 8 election. Traders wasted no time and there was a huge spike in gold trading volumes.

However, they were not purchasing gold – they were selling gold.

This surprise trend had more to do with the anticipated consequences of a shock election result on the GBP than it did with the safe-haven asset. In other words, the rush to gold took place to benefit off the depreciation of the cable (GBP/USD pair) after the general election. Indeed, the sterling weakened from around 1.30 to under 1.27 after the election and traders made a packet by selling the dollar-denominated commodity on the markets. Consider that gold was priced at around £993 before the election and approximately £1007 in the aftermath. A stronger USD can be exchanged for significantly more GBP.

Where to Next with Gold?

Saxon Trade specialist, Montgomery Clayton Esq. had this to say about gold prospects: ‘Interest rate hikes have a pronounced effect on the gold price. Typically, these decisions are priced into markets well ahead of time. The Fed has embarked upon a policy of gradual tightening, with multiple rate hikes since the global recession in 2009. The June Fed decision is an important one in that it gives clarity to the future direction of Fed policy. Gradually increasing interest rates indicate that the Fed is moving towards a federal funds rate of around 3%.’ As the interest rate increases, so the demand for the USD increases accordingly. Understanding how gold is priced is crucial to trading it. Since gold is a dollar-denominated asset, it typically moves in the opposite direction to rate hikes. Foreign buyers of gold can afford less when the price is relatively more expensive, and demand decreases.

5 Best tips to invest in the stock market

People are obsessed with finding easy ways to earn a ton of money without putting in effort proportional to their aims. Business and dealings associated with risks such as lottery tickets and binary options have worked out for some people to increase the ownership of their liquid assets, however these are not reliable sources and there are plenty of problems other than risk associated with them. Investing in the stock market can make you increase your ownership enough to surprise you. Here are a few good tips to help you start up your journey as an investor.

 

  • Know your purpose

 

A stock market takes a lot of time to start bearing considerably beneficial returns unless you are extremely lucky. If you expect your money back with some profits in the next few years to pursue some prospects such as your child’s education, then the stock market isn’t the right place to invest, insurances and government securities are. Like any other risk associated businesses, there is not guarantee that the money will flow back with profits. If you are keen in investing in the stock market make sure you save a considerable portion of your annual earning to invest and capitalize on your building profits.

 

  • Holding your ground

 

A stock market can also be explained as a battle of emotions. In the short term, if the prices of the company whose shares you possess start falling because of a loss of customer confidence or simply a rumor against them, thousands of questions form in your mind which question your investment. You need to keep your wits about you and not let these price shocks impact you, and for that purpose you need to have a strategy before purchasing the share. Have an exit strategy through which you will recognize when you will buy or sell stocks and work using that strategy without letting emotions cloud your vision.

 

  • Versatility in investment

 

If you are new to investing, it is always wiser to hold socks of different companies than to invest in the same country or industry hoping to gain benefits from its short term rising influence in the market. This is important because a price shock in one industry will not impact your generated profits elsewhere and in the best case, can help you cover up for any sale you make that goes in a loss. Moneybanker is a good transparent service if you want loans to start up your investment in multiple dimensions.

 

  • Limit leverage

 

Using borrowed money to invest in the stock market can sound appealing for beginners because in their ideal world, their profits can easily be used to pay back what they borrowed with interest and still have enough to live off in ease. That is not the case in real life, because as stock prices go up, the percentage of earning you are obliged to pay to your broker/loaner increases and ultimately your return is less. Worse off, if the stock prices go down, you have to sell the stock to pay the loaning authority and you are left with nothing, so if you are new to the stock market, start by investing with your own money.

 

  • Know your tolerance level

 

Investments in the start tend to make investors anxious, because there is no guarantee whether the graph will go up or down from there, and this anxiety is bad for mental health. Be honest with yourself and make investments that do not make you feel too nervous about your money, because this nervousness gives rise to emotion based decisions which decrease your performance in the stock market.

Colored Diamonds: What to Know When Making Your First Investment

Like the old song says, “Diamonds are a girl’s best friend.” These days, the beautiful and increasingly rare colored diamond can be an investor’s best friend, too.

Many investment counselors recommend including hard assets like diamonds in one’s portfolio.

Hard assets, which include things like oil, natural gas, gold, silver and real estate, can be an excellent inflation hedge.

Fancy colored diamonds have historically outperformed other hard asset classes. They’re recession-proof and they’re a good option for people looking for assets to hold on to for long-term growth.

Prices for the higher grade categories of colored diamonds have increased in the past 12 years, and the price for pink diamonds in the Fancy Intense color category has increased 1,000 percent for the same period.

Most people picture the traditional clear, colorless stone when they think of diamonds. But, diamonds come in a spectrum of colors — pink, blue, orange, purple, black and other shades. The colors are formed by trace chemical elements and particulates during the crystallization process: the presence of boron creates the blue diamond, while nitrogen produces orange and yellow ones.

The Argyle Diamond Mine in Western Australia is one of the world’s largest diamond producers. It’s the major source for the extremely rare and valuable pink diamond. Less than 1 percent of the Argyle diamonds are pink, making them highly desirable to collectors and diamond connoisseurs.

The Argyle supply of diamonds is being rapidly depleted and the mine is expected to cease operation in 2018. This in turn is driving global demand for colored diamonds — especially the pink diamond — and prices are expected to increase tenfold by the time the mine shuts down.

There are several key points to consider when investing in colored diamonds.

Grading A Colored Diamond

Color grading is one of the most important factors when appraising the value of a colored diamond. There are three criteria. Hue is the main color of the diamond: there are 27 hues. Tone refers to how light or dark the color is. Saturation, or strength of the color, is ranked in nine categories, from Faint to Fancy Vivid.

Physical Characteristics That Determine Value

Color diamonds are rated for clarity, which is a term that refers to the absence or presence of imperfections in the stone.

The price of a diamond is proportional to its carat weight.

The cut of a colored diamond isn’t a factor in pricing, but it does have an effect on color and carat weight. For example, the radiant cut produces a more even distribution of color.

Growing Your Investment’s Value

Setting an investment diamond into jewelry can increase its value. Higher demand for jewelry pieces drives up the resale price.

Although no two diamonds are alike, two that appear to be very similar can be sold as a pair at a higher value.

Authenticating Your Investment’s Grading

When buying a colored diamond, make sure that it has a grading report certificate from a reputable gemological organization.

Every company needs a money manager and so might every wealthy investor

The Canadian Dollar and MONEY.CA
Money in Canada

Managing an investment portfolio was relatively easy in the 1980s and 1990s, but there has been a significant increase in complexity over the past decade. The investment climate and markets is more volatile and demanding, and today’s low interest rate and returns don’t look like they are going to change anytime soon. To get better returns, the wealthy are adding non-traditional investments such as private equity, real estate and hedge funds to their portfolios, as well as diversifying globally, which just increases the potential complications.

It’s tempting then to turn the whole thing over to someone else to manage if you can get through the sheer volume of asset managers, products and strategies to pick someone. But even among wealthy investors, there is still a lot of confusion about whether they should have discretionary or non-discretionary investment portfolios. In other words, should you and your family manage the investments, or outsource the decisions to an individual or a firm of experienced professionals? For those who lack the investment experience, time or discipline to be involved with dayto-day decision making, discretionary investment management services are a popular option. Firms that provide this are called outsourced chief investment officers and should be licensed as portfolio managers with a provincial securities regulator such as the Ontario Securities Commission.

But not all discretionary services offered by the country’s myriad banks, brokers and portfolio managers are the same and there are at least eight important factors to consider when choosing one. Does the firm: Have the skill, experience and resources to evaluate and manage assets across public and private markets? Have an “open architecture” approach, or the ability to allocate capital without conflict-of-interest to any independent asset manager from around the world in areas such as direct lending, real estate, private equity and hedge funds? Have the ability to access “best-in-class” institutional quality traditional and alternative asset managers? Provide a culture centred on client relationship management and strong communication? Offer robust performance reporting along with relevant custom benchmarks? Allow for clients to meet or speak with underlying asset managers? Take tax considerations into account to optimize returns on an after-tax basis? Offer more than a one-size-fits-all approach that utilizes just one or a few asset classes, such as stocks and bonds?

If the answer to any of these questions is no, you should probably look elsewhere, or, at the very least, realize you’ll have to compensate for that lack of ability in some other way at your own expense and time. But if your family hires an outsourced CIO, you and the advising representative (a registered individual who can provide investment advice at a portfolio management firm) will start your relationship by discussing and documenting your unique investment objectives and constraints. Topics covered should include how much investment risk you are willing to take, the desired level of return for taking on that risk, liquidity needs, tax considerations, performance reporting and benchmarks, and the asset classes and markets you will allow your portfolio to be invested in. A written investment policy statement is then provided as a best practice that documents all of the above.

Your advising representative is then authorized to make all the necessary investment decisions (within the agreedupon guidelines) and will not require consent for individual transactions. This service, which also consists of regular communication through methods that best suit your family — whether it’s in-person meetings, webcam meetings, telephone conversations, emails and newsletters — forms an important part of the ongoing relationship. The relationship is of prime importance, since your investment objectives and strategy may need to change to provide a tailored fit as conditions within your family change.

Original publication: http://business.financialpost.com/financial-post-magazine/every-company-needs-a-money-manager-and-so-might-every-wealthy-investor