Most clubs meet monthly. The Ottawa share club probably has the largest group, with about 50 people attending monthly meetings. Prior to covid they also had a secondary smaller group that met weekly. Each club is slightly different with a different personality based on members interests. As one of our members said at the end of her first meeting. “I’ve learnt more here tonight than I ever have in any other discussion” In the past she felt intimidated by advisors that failed to answer her questions fully or those that talked down to her. The focus of the clubs is shared education. Thus it is a safe environment to ask questions. You won’t receive professional advice – so you need to be careful, and do your own due diligence. Nor will are financial products solicited to you. Discussions are not about how large one’s portfolio is in terms of dollars, or other specifics of your personal portfolio. Everyone is there to learn from each other.
If you want to listen and learn, that is allowed. Some people are more candid than others but I have not seen anyone ask prying questions. Some have the majority of their finances with an advisor, others fully manage their own portfolio themselves, some people are a blend of the two. a Whether you have 5-10 stocks for a beginners portfolio size of $5-10,000 or something larger with or without more zero’s and an extra comma – those details are not discussed.
The most important aspect is to find a club that suits you. If you are lucky enough to be in a region where there are clubs to choose from, interview a few. In fairness to the clubs, don’t decide it isn’t’ for you after one meeting. They may have selected a specialty topic for that particular evening, particularly if there is a guest speaker. The world of finance is broad, and to allow for that breadth of diversity, some of the speakers may not fit with the beginner investor. It is okay to be overwhelmed a little when you attend, particularly if you are new to investing. Try it out two or three times before you write the group off. I know there are some exotic groups that specialize in special topics. Events such as PDAC, (prospectors and developers association) although open to the general public, is designed for those in the industry, so yes, I appreciate that there are certain clubs dedicated to specialization.
Don’t be shy to admit your naiveté. Someone in the group will take you under the wing if they know that you are in over your head yet committed to learning. Ask questions and ask for what you need, the goal is to support each other. One new member unashamedly admitted that with their arts background and family dismissal of discussion on the topic, she knew very little. She came back a second time, determined to become money-confidant. When the meeting broke up, I overheard one of our savvier members offer to have a private chat with her to help catch her up to speed.
One of the benefits of the investment clubs is sharing ideas and resources.
Another perk to being part of such a discussion group is that you have a group of other people who are prepared to take the time to educate themselves on financial matters. You will have an unbiased venue to discuss things without questioning if the ‘professional’ is telling you what is best for you or what is best for them. You will be meeting with these people monthly, possibly month in and month out for many years yet to come, thus they will become a trusted sounding board.