Price to earnings (P/E ratios), price to book, earnings per share (EPS) – the terminology of investing can be quite daunting to anyone trying to grow their wealth in these tumultuous times without any professional help. With some patient online research and a willingness to learn, anyone can take charge of their own finances.

The exalted role of the investment advisor is a quirk of Canadian society. Sure, many people all over the world seek professional advice before investing their money. And there is nothing wrong in that. But it should be your choice to seek financial assistance if you choose to. What is distressing about the financial landscape in Canada is that the role of the investment advisor is taken for granted by companies offering investment products like mutual funds. It is as if though Canadians, in general, are viewed by the industry as largely incapable of making their own investment decisions.

Take a look at the website of any large mutual fund company that operates both in the US and Canada. A visit to this company’s US website will show that their sales pitch and products are presented with the individual investor – that is YOU - in mind. Now switch to the same company’s Canadian website. Sure they offer similar products like mutual funds and brokerage services. But do you see a difference? Almost all of the Canadian websites of these global investment companies are pitching their products to Canadian investment advisors, and not to you. What they expect is that the investment advisors will, in turn, try to sell you their investment products. And for doing so, the advisors are paid a fee, either up-front or continuously in the form of “trailer fees” as long as you keep your money parked with the company, as per your advisor’s advice.

No wonder, then, that Canadian mutual funds are among the most expensive in the world in terms of the management fees charged to customers like us. They need to factor in the fees they have to pay the “middle person” – the investment advisor who offers you advice on how to invest your money.

As I’ve said, I am not against investment advisors. They provide a valuable service and need to be justly compensated for their expertise. My grouse is with the financial industry as a whole which apparently considers Canadians inept and incapable of taking charge of their own finances.

For those who are new to investing, spending some time online learning about the basic ins and outs of finance from the many resources available will perhaps be a far more rewarding enterprise than having to dole out extra fees to experts to tell you how to invest your money.

I look forward to the day when the Canadian financial services industry begins a dialogue directly with us, its potential customers, rather than with Canada’s financial advisors. Offer us your products, tell us their merits, and leave it up to us to seek expert advice if we choose to do so.