Investment Counsel and Portfolio Managers:
These firms are registered with securities commissions as portfolio manager and are regulated by them. Most portfolio managers in these firms hold the coveted Chartered Financial Analyst designation and abide by a strict code of ethics. Their only business is the discretionary management of investment portfolios for individuals, estates and trusts, charitable foundations, corporations, pension funds and endowment funds. Investment counsel fees are limited, in most cases, to a percentage of the assets under management. For individuals, the tax-deductible fees generally range from 1% to 2% plus a fee for the safe custody of client assets by a separate financial institution. Investment counsel and portfolio managers also offer pooled funds to clients with smaller amounts to invest than the minimum for segregated accounts. These firms provide:

Segregated Accounts: Not to be confused with segregated funds, (see below) these are separate, custom portfolios only available from investment counsel and portfolio management firms. Care is taken by the investment counsellor to understand the investment objectives, personal circumstances and risk tolerance of each client and, with this information, a suitable portfolio of investments is constructed. Investment counsel and portfolio managers seek a minimum account size for segregated accounts that typically ranges from $100,000 upwards and is, most commonly, in the $500,000 to $1 million range.

Pooled funds: These are similar to mutual funds in structure but require a minimum investment of $150,000 and disclosure is in the form of an information circular as opposed to a prospectus. There is no sales fee involved in buying a pooled fund and the management fee is generally in the range of 1% and is 1% to 2% less than in mutual funds. Pooled funds are generally available from investment counsel firms, portfolio managers and insurance companies.