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  Questions about the firm How long has the firm been in business?
Tulett Financial Services was co-founded by Donald Tulett and Hugh Campbell and has operated as a discretionary investment management firm since 1995. Keith Matthews joined the firm as a partner and portfolio manager in 2005, bringing with him over 15 years of experience in the private client and institutional investment marketplace.
Where are you licensed to do business?
Where are you located?
Our office is located on the West Island of Montreal but we have clients from coast to coast. We have found that with today's technology (email, internet, and toll-free phone numbers) it has become increasingly possible to provide our client consultative approach to investors from across the country.
What kinds of accounts do you manage?
Private client investment accounts including RRSP, locked-in RRSP, RRIFS/LLIFs personal investment accounts, as well as holding company investment accounts. All accounts are managed on a segregated basis.
Do you ever receive commissions?
No. 100% of the firm's investment revenues come from investment management fees, charged directly to client investment accounts. We do not receive any compensation or commissions from any third party investment product manufacturer, nor is our compensation ever contingent upon the number or value of transactions made in client accounts.
This structural compensation format ensures that our loyalty is directed exclusively towards our clients. What's the difference between a portfolio manager and a financial advisor or registered representative,
While it may seem challenging to evaluate the difference between various financial professionals, due to the vast array of firms and individual service offerings, the process can be simplified. This short report created by the Investment Counsel Association of Canada gives you a better understanding of all the options available so that you can make an informed decision that best suites your investment objectives. Click here for the ICAC report entitled Selecting Investment Counsel.
Investment style or philosophy What sets Tulett, Matthews & Associates apart from other investment firms?
There are four unique areas in our approach to portfolio management services.
How are my investment holdings and portfolio performance reported back to me?
You will receive a monthly statement from TD Waterhouse showing the value of your investment holdings as of the end of the month, plus the activity for the month, such as transactions, interest earned, dividends and management fees.
In addition, clients receive customized portfolio management statements that show various levels of asset class diversification. Major asset classes are broken out into the more specific asset classes or sub-asset classes. Our goal in providing you with a more detailed asset class reporting structure is to ensure that the process is as transparent and easy to understand as possible. Does the firm hold investments for short or long periods of time? Will there be much turnover?
Our asset class investment approach is based on structuring portfolios for long-term results. Subsequently, we hold many asset class investment holdings for very long periods of time. When rebalancing portfolios, we try to use client driven cash inflows and outflows whenever possible to help reset the portfolio to the desired asset allocation for each client.
And given the fact that many of our asset class investment holdings are passively managed asset class strategies (vs. actively traded investment strategies) and in some cases index based strategies, investors can also expect a lower number of transactions within the investment holdings themselves. Many industry studies have shown that lower turnover or equity based strategies that trade less -- are in fact, more tax-efficient over long-periods (yielding higher after-tax returns), than actively traded portfolios. Studies typically compare various investment strategies with similar pre-tax returns but very different stock trading levels. We also believe that this disciplined (long-term) investment approach is a key factor in helping our clients capture the higher expected returns that come from investing in riskier asset classes such as: Value Companies (neglected, out of favor, low price-to-book securities) as well as Small Cap Companies. Are your management fees tax deductible?
Yes, but only for non-registered accounts.
What is the importance of your relationship with Dimensional Fund Advisors?
Tulett, Matthews & Associates have worked with Dimensional since 1999 and have invested in DFA strategies on behalf of our clients since their recent launch into Canada in October 2003. Their investment researchers are well known in the global investment industry for their pioneering work in portfolio construction concepts and capital market research. We rely heavily on DFA asset class strategies for our clients' portfolios because they provide access to what we believe are the best asset class investment strategies available in the Canadian marketplace.
Their investment portfolios (or asset class investments) are not available to the public and only authorized investment counselors or financial advisors are granted access to their strategies. Advisory firms that have access to Dimensional all share a common belief in a set of values that drives their investment philosophy, their investing process and their commitment to excellence in client service. What is the importance of your relationship with Barclays Global Investors?
Barclays Global Investors is the company responsible for creating and managing a series of exchange traded funds called iShares. Exchange traded funds (ETFs) are flexible asset class investment tools that empower institutional and private investors as well as investment counselors and financial advisors to gain asset class exposure in a low-cost, transparent and tax efficient manner.
Tulett Matthews & Associates have been working with ETFs since 1996. And as early adopters, we have always had a close working relationship with the professionals at Barclays Global Investors Canada Limited. Although not an exclusive relationship, we very much value their contribution to the financial advisory community in Canada. Custody and safe keeping of assets What financial institution do you recommend as a custodian for your clients' assets?
We selected TD Waterhouse Institutional Services based on their experience and reputation in the investment industry. Established in 1987, they are Canada's leading provider of comprehensive financial solutions to investment counseling firms. Backed by the strength of TD Bank Financial Group, TD Waterhouse Canada Inc. and its international affiliates have operations in the United States, the United Kingdom and Canada.
TD Waterhouse Canada Inc. is a member of the Investment Dealers Association and the Canadian Investor Protection Fund (CIPF)*, which are the regulatory organizations overseeing and protecting the interests of Canadian investors. They provide specialized administrative support so that we can dedicate our time to managing your investment portfolio. You also benefit from our relationship with TD Waterhouse through competitive fees and trading commissions, which can help improve long term investment results. How are funds accessed in my account?
All the funds to be invested are deposited at TD Canada Trust branches directly to your TD Waterhouse Institutional Services ("TDWIS") account. Electronic fund transfers between financial institutions are deposited directly to your account held by TDWIS. When a cheque is received by us it is immediately deposited into your TDWIS account.
All requests for the withdrawal of funds made to Tulett, Matthews & Associates are executed by TDWIS. The funds can be disbursed to the client either:
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