Briefly: “Survey set to explore fee model” and more of Monday’s news

Canadian financial advisors are being invited to participate in the 2009 Fee Advisor Survey, which aims to provide a clearer picture of the fee-based business model and its place in the Canadian advice industry.

Conducted by To Fee or Not to Fee, the survey is open to all advisors, regardless of their level of fee income, and can be accessed by clicking here.

“The fee advisor market is fascinating but quite confusing and filled with inaccurate data,” says Marc Lamontagne, founder of To Fee or Not to Fee and workshop leader. “We think advisors will benefit from taking the survey because it will prompt some thoughtful consideration of their practice and give them a fee-model-specific benchmark.”

Participants will have access to the survey’s findings, which will provide insight into pricing and transition to the fee-based or fee-only models, and help to clear up any myths or misunderstandings about the model.

To Fee or Not to Fee is an advisor training company specializing in the transition to the fee model.

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AGF offers corporate class Elements

AGF Funds is offering a new corporate class version of four of its Elements portfolios, allowing investors to switch between the mandates in a tax-efficient manner.

“In launching the Elements corporate class portfolios, investors can now switch between corporate class investments as their needs and objectives change without incurring an immediate tax liability,” says Randy Ambrosie, president of AGF Funds.

The four new classes include the AGF Elements Conservative, Balanced, Growth and Global Portfolio classes. The portfolio classes reside within the same corporate structure as 20 AGF corporate class mutual funds.

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Invesco Trimark offers DCA program

Invesco Trimark has launched a dollar cost averaging program aimed at easing investors back into the markets.

“The Invesco Trimark Dollar-Cost Averaging Service helps ease investors back into the markets by providing a disciplined and systematic investment approach to meet their long-term financial goals,” said Peter Intraligi, president and COO of Invesco Trimark Ltd. “The service also helps take the emotion out of investing by eliminating the temptation to time the market.”

Investors can make a lump-sum investment into one of two DCA series of the AIM Canada Money Market Fund: Series DCA or Series DCA Heritage. The cash is then invested systematically into equity or fixed income funds of the investor’s choice.

The minimum investment required to participate in the DCA program is $1,000 for mutual funds. If investors choose to use the DCA service to access the firm’s Dialogue Portfolios or Series A of Retirement Payout Portfolios, the minimum rises to $25,000 per investment. Where transfer funds are private pools or Series P of Retirement Payout Portfolios, the minimum investment is $100,000 per investment.

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BMO LifeStage Plus offers two new target dates

BMO Investments has rolled out two additions to its BMO LifeStage Plus funds, with maturity targets of 2022 and 2026.

“During these times of market volatility, investors are seeking products that will protect them from any potential downturns while still offering upside market exposure,” said Linda Knight, president and CEO, BMO Investments.

The BMO LifeStage Plus fund lineup offers downside protection, locking in unit prices at their highest daily value. The lineup already includes target dates of 2017, 2025 and 2030.

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RBC names new chief admin officer

RBC has named Janice Fukakusa as chief administrative officer. She will continue in her current role as chief financial officer.

“Janice’s deep understanding of our business and her proven success as a leader make her the ideal person for this expanded role,” said Gordon M. Nixon, RBC’s president and CEO. “Janice will lead process and technology improvements to help our businesses improve the client experience and competitively differentiate RBC.”

As CAO, Fukakusa will be responsible for enterprise oversight of technology and operations.

The bank also announced the appointment of chief risk officer Morten Friis to its most senior management committee, the Group Executive.

“Morten has led RBC’s risk management activities effectively through all market conditions,” said Nixon. “I know he will make a significant contribution to the discussions and strategic decisions of the Group Executive going forward.”

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Creststreet caps alternative energy fund

Creststreet Mutual Funds has announced the closing of the Creststreet Alternative Energy Fund to new investors, capping the fund at $75 million in assets. The fund currently manages only $24 million in assets.

At the same time, the company is rolling out two new series of fund units in addition to its existing A series. The new B series will pay a negotiable front load commission of between 0% and 5% and an annual trailer fee of 1.0%. The new F series will pay no commission or trailer fees.

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Northern Rivers Innovation Fund suspends redemptions

Investors hoping to access their capital in the Northern Rivers Innovation Fund LP are bound to be disappointed. Northern Rivers Capital Management has announced the temporary suspension of redemptions from the fund.

The suspension may remain in place for up to two years, as of Friday’s close of business. The firm honoured all redemption requests received prior to 4 p.m. on January 23.

The fund invests in relatively illiquid small cap stocks and private companies. A wave of redemptions would force the manager to sell off holdings at reduced prices, if able to find a buyer at all.

The suspension does not extend to the Northern Rivers Innovation RSP Fund.

(01/26/09)