Frequently Asked Questions
DeLuca Veale FAQ
Who is a typical client?
Our clients typically have $500,000 or more in investment assets and are either already retired or ready to start diligently planning for retirement. They want the best qualified professionals to manage their investment portfolio and to do so while helping them with all their important financial decisions along the way.
How does a client relationship generally start?
Many of our clients are referred to us by existing clients or a professional such as an accountant or lawyer. Often new clients seek our counsel when they feel the need to change to independent investment management. This can be due to the sale a business, receipt of an inheritance, or the loss a financial advisor or trust in a financial advisor. The first meetings with a prospective client are always complimentary and without obligation. We welcome the chance to talk to anyone who feels we might be a good fit for their needs.
Who holds custody or possession of my investments while DeLuca Veale manages them?
A financial institution that is separate from DeLuca Veale, known as a custodian, provides safekeeping of your investments as well as providing your monthly statements, tax slips, retirement savings plan contribution receipts, and related documents. Like most portfolio management firms in Canada, DeLuca Veale does not hold any non-discretionary publicly traded investment assets. Clients discretionary managed assets are always held at one of the two custodians we presently work with: Aviso Wealth (formerly Credential Securities Inc.) or Fidelity Clearing Canada. Both of these firms are members of Investment Industry Regulatory Organization of Canada (IIROC) and are thus members of the Canadian Investor Protection Fund (CIPF). Our clients select a custodian, and we take care of the entire account-opening process and transfers on behalf of the custodian. Upon new client assets being transferred successfully to the custodian, DeLuca Veale then takes over the day-to-day investment management of each account as per the objectives of the client.
How is DeLuca Veale compensated for investment management?
We are a fee-based investment management firm. This means we charge a fee on the assets we manage for the services we provide—we do not charge trading commissions. Our fees cover our portfolio management and ongoing financial counsel to you as our client. Our fees are calculated monthly as a percentage of the month-end balance and are collected from the investment account being managed. Our investment management fees range from 1.5% down to 0.6%, depending on the dollar value and type of investments being managed. The Custodian safekeeping your managed account will charge commissions that are similar to that charged by a discount brokerage for executing the trading initiated by the Portfolio Managers at DeLuca Veale. While these costs are nominal in our view, we seek to keep these commissions as minimal as possible only conducting trades that we feel strongly will preserve or add value to portfolios.
What is RealStream? How is DeLuca Veale related?
RealStream Income Properties LP is a portfolio of income producing real estate offered to Canadian Citizens who are looking to invest in a diversified hands off real estate portfolio managed by a team of local experienced professionals. DeLuca Veale is related to RealStream in that both Richard DeLuca and Jonathan Veale are Co-Founders of RealStream along with their business partner Jim Stewart. DeLuca Veale Investment Counsel Inc. also serves as the Exempt Market Dealer for the RealStream Income Properties LP. Clients of DeLuca Veale and it’s portfolio management services for publicly traded securities may choose to open an exempt market dealer account with DeLuca Veale in order to subscribe for and hold units of the RealStream LP. DeLuca Veale is required to determine suitability of RealStream for each prospective investor and investors would receive the current offering memorandum for RealStream before deciding to subscribe to become an investor in RealStream.
What is a Portfolio Manager?
This is a professional investment manager who has been permitted by a securities regulator, like the British Columbia Securities Commission, to manage clients’ investments on a discretionary basis. This means the portfolio manager must do what is right for the client first. This discretionary trading privilege allows the manager to be very efficient if they have the type of trading tools we possess. That is to say, our trading systems allow us to affect larger trades to fulfill the needs of multiple clients at once. In a stock broker relationship, the broker must speak to each client individually to get approval for each trade. This can lead to time delays, and clients who are not reachable for some reason risk missing out on important trading decisions. This is not the case at DeLuca Veale. Every investor who is to be included in the buy or sell of a security is taken care of by the DeLuca Veale Portfolio Manager simultaneously.
Will I be able to see my account online?
Yes, online account viewing is available via a secure portal from this website.
Does DeLuca Veale offer life, critical illness, disability insurance & annuities?
DeLuca Veale Insurance Services Inc. offers a full range of life insurance products through many of Canada’s premier insurance companies. Richard DeLuca, PJ Kozuh and Alyssa Neumann are licensed to offer Life and Accident & Sickness Insurance through the Insurance Council of British Columbia. DeLuca Veale Insurance Services Inc. is registered with and regulated by the Insurance Council of BC. DeLuca Veale Investment Counsel Inc. by comparison, is registered and regulated by the BC Securities Commission. While both companies serve the same clientele from the same physical offices, these are two separate companies reporting to two separate regulatory bodies.