Doing it yourself

If you can't or won't DIY

It doesn't bother us to hire plumbers to fix a leak or to pay someone to change the oil in the car. Modern economies are built on Adam Smith's division of labour and are better for it. There is no shame in paying a reasonable fee to have someone look after your finances. The shame only comes in if you let yourself pay far too much.

If you have only a small portfolio, say under $100,000, then the advice you're getting is reasonably balanced against the average mutual fund's fees ($1,500-2,500 a year). But if you have a $400,000 RRSP, all invested in mutual funds or wrap accounts, you could be paying $10,000 a year. At a million dollars, $25,000 per year. It's too much.

If you really don't want to invest on your own, contact a professional.