Barry Dworkin, 48
Occupation: Family physician in Ottawa
Portfolio: Stocks include Bank of Nova Scotia, Berkshire Hathaway Inc., TransCanada Corp., BHP Billiton Ltd., Barrick Gold Corp., Johnson & Johnson, Manulife Financial Corp., Microsoft Corp., Shoppers Drug Mart and Suncor Energy Inc.
A busy professional
In addition to running a family medicine practice, Dr. Dworkin is an assistant professor of family medicine, host of a radio medical show (Sunday House Call) and author of a website (drbarrydworkin.com) that provides “evidence-based” medical information.
Investing approach
Being busy in his career, Dr. Dworkin delegates investment decisions to financial advisers. Finding a good one, however, has been a challenge.
He started investing in 1990 with MD Management Ltd., a financial services firm that distributes mutual funds and financial advice to doctors. “But after nine years of poor performance and limited choice, I switched to a different company,” Dr. Dworkin says.
He spent eight years with his second adviser, and after losing 30 to 35 per cent of his portfolio, switched to his present adviser, McLarty & Co.
His current asset allocation is 40 to 45 per cent in stocks and 45 to 50 per cent in high-quality corporate bonds.
Thoughts on using a financial adviser
“I remember one severe market downturn when I was supposed to meet with my [previous] adviser only to be called by them to say they were too busy to meet me,” he recalls.
“My current adviser spent hours with my wife and me preparing a detailed plan that outlines a conservative investment course to meet our retirement expectations.”
“I do not want a financial adviser who reacts in response to market turmoil – as opposed to preparing the portfolio to weather the storms,” he says. “I like to see an adviser that is available to address my concerns, who schedules regular updates and meetings.”
“When there are changes in the market, [my current adviser] will always contact us to keep us up to date with suggested changes or reasons why none are needed,” he adds. “We are not left with the impression that … clients with the larger portfolios are taken care of first.”
Best move
“Moving my accounts to my present financial adviser.”
Worst move
“Staying too long with my previous investment counsel and watching a portfolio overweighted in Nortel and JDS Uniphase fall to pieces.”
Advice
“Do not swing for the fences. Most people do not get the home run.”
Special to The Globe and Mail
Want to share your strategies? E-mail mccolumn@yahoo.com
|
Learn more about investing from John Heinzl The 2010 Investor Education series for beginner investors: |
