What is the minimum account size David will handle?

David’s services work best for households (of one or more clients) with $500,000 or more to invest.

How long has David been in business?

TFP Investment Counsel was incorporated in 2004. David Jones, the principal, has been in the financial industry since 1985 and previously worked at a national brokerage firm.

How many clients does TFP Investment Counsel have?

Each Portfolio Manager has their own client base. David works with approximately 150 families. Our clients include high profile executives, professionals, business owners, retirees and students. They range in age from young adults to the retired. Our average client is a middle aged person concerned about retirement.

How does David define his investment style?

David emphasizes a long-term value style of investing. He conducts in-house research to uncover champions of various industries at reasonable values. He seeks safety of principal first and a reasonable return second. David adopted this philosophy early in his career.

Does David’s approach suit my investment objectives?

David’s approach suits investors seeking long-term wealth accumulation and capital preservation. He does not engage in short-term speculation. His style is advantageous from an income tax, transaction-cost, and long-term performance perspective. He does not seek to maximise your rate of return; he seeks to earn a reasonable return given your risk tolerance.

Does David hold investments for short or long periods of time? Will there be much turnover?

David invests in stocks with long-term ownership in mind, while constantly monitoring the companies for material changes in their businesses. Turnover is typically low, which means lower transaction costs and smaller tax bills for clients.

Does TFP have policy constraints including rules on maximum weightings, credit quality, maximum industry exposure, etc.?

Your portfolio is constantly monitored for prudent diversification. Generally, an individual company will not constitute more than 10% and an industry more than 20% of your portfolio. For most clients, your fixed-income securities will be of investment grade. Your exposure to each industry is determined by our on-going assessment of the economy and its perceived risks.

Are the performance results compliant with the standards set out by the CFA Institute’s Performance Presentation Standards?

The CFA Institute’s Standards pertain to accounts under discretionary management. The calculation and presentation methods used for your portfolio are the same as the standard prescribes.

How available and easy is it to get information on my portfolio? What do the portfolio statements look like?

Clients have access to their accounts and their investments on-line on a 24/7 basis. The web program presents your portfolio with data fed directly from our custodians. On-line reports of various uses are available (Rate of Return, Realised/Unrealised Gain, Year-to-Date Income, Asset Allocation, etc.).

How available is David to meet and discuss my personal finances?

David will meet with you as often as necessary, with a minimum of one meeting a year. Many clients simply like to drop by from time to time for a cup of coffee. When changes or concerns arise in your life, David makes sure your finances are the last thing you need to spend a lot of time on.

What does David charge for his services?

David charges a monthly fee based upon assets under administration. At your option, you can also subscribe to his Total Financial Plan service, which covers every aspect of your finances (tax-minimisation strategies, estate planning, etc.). The Total Financial Plan service fee varies from family to family and is charged annually. Both kinds of fees are tax-deductible.

How is the fee calculated and charged?

A flat fee is charged based on the assets under management for a family. The monthly fee is debited from your account at the custodian directly. The fee percentage declines with progressively larger accounts. In other words, we work hard to make your wealth grow. Please see David’s Fees. page for more information.

Are there expenses other than the investment counselling fees?

There is transaction cost with every security order (another rationale for our long-term investment approach). A typical Canadian stock purchase/sell is charged $29 per transaction by the custodian. The custodian may also charge an annual fee for administering RRSP or RRIF accounts with assets under $25,000.