We provide our clients with financial peace of mind through strong relationships, specialized products, and comprehensive planning with an emphasis on financial education
In an attempt to ensure that every client receives exceptional customer service, we limit the number of clients per advisor to less than 1/3 of the industry’s average. To ensure competitive compensation, this has led to a minimum household investment sizes, depending on the investment advisor.
Generally, Innova Wealth Advisors open specialized investment accounts starting at $100,000+.
Households adding significant savings to their investments can be accommodated at a reduced minimum, depending on the advisor.
Our business model puts your interests first! Our compensation structure is built on fee-for-service instead of commissions, which means that if your money grows, so does our compensation. Conversely, if your money decreases, then so too does our compensation. By aligning our interests together, we optimize the potential of our partnership for all parties.
Built on the principles of transparency, a monthly or quarterly fee representing a percentage of your total investments under management is deducted from your investment accounts, a portion of which is directed to your advisor.
Insurance, Mortgage, Tax, Bookkeeping or Financial advisory services may result in commissions or direct fees. These are always discussed ahead of time so that you are aware of any and all forms of compensation your advisor may receive.
In the interest of transparency, we are happy to provide a complete breakdown of any costs you may incur for investments at Innova. For most clients who have investments with us, the all-in fee that they pay ranges from 0.6% to 1.6% of their investable assets, after-tax, depending on their product mix and level of assets.
|Investment management fee|
|Investments below $250,000||1.25% + HST|
|Investments between $250,000 and $999,999||1.00% + HST|
|Investments between $1,000,000 and $2,499,999||0.89% + HST|
|Investments between $2,500,000 and $5,000,000||0.75% + HST|
|Investments exceeding $5,000,000||0.6% + HST|
|Example of Investment Management Fee|
|Total Value of Investments under Administration:||$500,000|
|Management Fee on AUM of total portfolio:||1.00%|
|Harmonized Sales Tax (13%) (Ontario citizen)||0.13%|
|Monthly Management Fee (Drawn from the Investments)||$471|
Note that these fees are payable directly from your investments, similar to how most firms operate, without the transparency that we provide.
Along with the advisor’s compensation, you may incur product fees and custodian fees payable to other companies that may be involved in the management of your investments.
National Bank, one of the six biggest banks in Canada, acts as custodian, or safe-keeper of your investable assets. Along with registering your holdings with the CRA for TFSAs and RRSPs, the buying and selling of securities flows through National Bank. A custodian fee is charged by National Bank and ranges from $50 to $250 per person for this service.
Along with the proprietary solutions that Innova Advisors offer, as independents, we have the ability to offer financial products from thousands of the largest financial companies in the world. These products may carry their own fees which vary depending on the complexity of the product.
In all cases, your advisor will provide you complete transparency and a good understanding of the fees that are being incurred for the management of your investment dollars.
“the all-in fee ranges from 0.6% to 1.8% of their investable assets, after-tax”
“Price is what you pay, Value is what you get.” Warren Buffett
As part of our on-boarding process, we will set up accounts for you with National Bank, the custodian, or safe-keeper of your investable assets.
Cash contributions and withdrawals can be arranged directly from your bank account using electronic fund transfers.
Existing investments in RRSPs, TFSAs and other Registered accounts are transferred using a special form that eliminates any tax consequences of such transfers. The Transfer Authorization for Registered Investments to the relinquishing institution. If the transfer is ATON (i.e. electronic fund transmission) it will take approximately 10 days to receive the funds. If the transfer is non-ATON (i.e. paper cheque), then it can take 4-6 weeks to receive the funds. ATON vs. non-ATON is determined at the institutional level.
Our team members follow up once per week with the relinquishing institution to ensure transfers are as seamless as possible throughout this process. You will also receive regular updates on the transfer status until it is resolved.
In most cases, Innova Wealth will reimburse any transfer fees you incur during the on-boarding process. We invite you to discuss this with our team prior to the transfer process so that it can be properly flagged.
No, Innova Wealth does not charge transfer or redemption fees. You are free to move or withdraw your assets at any time without penalty. Given our track record of near-perfect client retention, we have opted to eliminate any such fees.
In most cases, Innova Wealth will reimburse any transfer fees you might incur for transferring assets over to us. We invite you to discuss this with our team prior to the transfer process so that it can be properly flagged.
As an investor, you are protected by two separate institutions, CIPF & CDIC.
The Canadian Investor Protection Fund (CIPF) was established by Canada’s provincial and territorial securities regulators to protect investors against insolvency of the firm holding their assets and is funded by firm members of IIROC who are assessed quarterly fees. If you have an account with a member firm, and that firm fails, CIPF works to ensure that any property being held for you by the firm at that time is given back to you, within certain limits. Property can include cash and securities.
The Canada Deposit Insurance Corporation (CDIC) is a crown corporation created to insure the deposits of Canadian investors up to $100,000 per type of account per member institution. If your institution closes, CDIC will reimburse your insured funds, including interest. Created in 1967 following a year of financial turmoil, this corporation was created to increase depositor confidence and contribute to the stability of the Canadian financial system. This insurance applies to savings and chequing accounts, GICs and other term deposits, and foreign currency.
National Bank Independent Network acts as our preferred custodian, or safe-keeper of your investment assets. In this way, your investment assets are held directly with the 6th largest bank in Canada, in your name.
Lastly, Aligned Capital Partners Inc., our securities dealership and a subsidiary of CI Financial, conducts extensive compliance audits on Innova Wealth to ensure we remain compliant with all securities regulations.
Innova Wealth is an independent financial advisory firm, which means we have access to products from a variety of financial institutions and are not restricted to in-house solutions.
Aligned Capital Partners Inc. is our dealer, who acts as a broker for all account transactions, provides third-party compliance overview, and portfolio management. ACPI is a member of the Investment Industry Regulatory Organization of Canada (IIROC). ACPI is also a subsidiary of CI Investments which gives them access to improved services and advisor support.
National Bank Independent Network acts as our preferred custodian, or safe-keeper of your investment assets. In this way, your investment assets are held directly with the 6th largest bank in Canada, in your name. We also leverage National Bank’s trading desk to facilitate the buying and selling of securities.
Transferring your existing investments away from a known provider can be an emotional process. We make it as seamless as possible. Once we receive your authorization, we submit transfer requests to the appropriate parties and follow through until completion, ensuring all dollars have been accounted for. Throughout the process, Innova Wealth Processing team will keep you up to date with progress.
ATON transfers (electronic) take approximately 10-15 days.
Non-ATON transfers (paper cheques) take approximately 4-6 weeks.
The first page is a quick overview of your investment portfolio value and asset allocation. Further information about your investment portfolio can be found on subsequent pages. Rest assured, Innova Wealth Partners is always here to answer any questions you have.
You can access your online accounts with us in one of two ways:
For more information on your online statements, please view our FAQ document here.
Send us a message and our team will be in contact with you!
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