THE PROFESSIONAL FINANCIAL ADVISOR, Insomniac Press, Finance, Paperback
Sweeping changes are transforming the financial services industry. More and more Canadians are turning to investment advisors to help them achieve lifelong financial security, but how do we know who to trust with our money and our retirement plans? All too often, argues John De Goey, an advisor who appears to be a dispassionate professional giving objective advice turns out to be a salesperson recommending a product because of the size of the embedded commission.
Where does the future lie for financial service professionals and their clients? De Goey favours a “STANDUP” approach—Scientific Testing and Necessary Disclosure Underpin Professionalism, his formula for the ethical delivery of financial services. In this third edition of his groundbreaking book, De Goey surveys the changes so far and compares the practices of financial advisors with other professionals such as lawyers, dentists, and physicians. He takes issue with the current wisdom that privileges “active management”—constant trading and rebalancing of an investment portfolio, which trigger associated commissions for the broker or trader, combined with attempts at stock picking and market timing—over “passive management,” or trust in the efficiency of the market.
Financial service providers should charge their clients a set fee for advice, regardless of the products that form an individual’s portfolio, says De Goey, thereby making themselves the ethical professionals they claim to be. John J. De Goey, CFP, is a Vice President and Associate Portfolio Manager with Burgeonvest Bick Securities Limited. He enjoys a national reputation as an authority on professional, transparent financial advice in Canada. A frequent commentator on financial matters, he has written for a number of media sources including Advisor’s Edge Report, Canadian MoneySaver, The Globe and Mail, and the National Post and has also made numerous appearances on a variety of television programs including BNN’s Market Call, CTV’s Canada AM, and CBC’s Marketplace, Newsworld, and The National. In 2003, De Goey broke new ground with his first book, The Professional Financial Advisor, which was later updated and re-released in a second edition in 2006.
He is a recipient of the National Multi-Media Award conferred by the Canadian Association of Financial Planners (CAFP), is a past president of the CAFP’s Toronto chapter, and was recently one of the first of only thirty-three Canadian CFPs to be recognized as a Fellow of FPSC™. He has spoken at numerous conferences throughout Canada as well as in Ireland, the United States, and the Caribbean and has lectured on behalf of the Canadian Securities Institute.
His personal website is: www.johndegoey.com