Not to jump on the R.E.S.P. thread , have made nothing on 3 funds at T.D. , I go in there and complain and get the same b.s. from them , they bring out the chart and say well over last 20 years ,these funds perform at these levels, and of course mine dont , never have and suspect never will . so instead of staying with the T.D. none performance funds . looking elsewhere to invest but not sure where , This year have had a very low income which to me might be a good time to cash in ,will be in a lower tax bracket . Not looking to make big money only to make something above .02 since 2002 . Any help appreciated .
R.R.S.P. Advice needed ,
- Thread starter RickC
- Start date
Not to jump on the R.E.S.P. thread , have made nothing on 3 funds at T.D. , I go in there and complain and get the same b.s. from them , they bring out the chart and say well over last 20 years ,these funds perform at these levels, and of course mine dont , never have and suspect never will . so instead of staying with the T.D. none performance funds . looking elsewhere to invest but not sure where , This year have had a very low income which to me might be a good time to cash in ,will be in a lower tax bracket . Not looking to make big money only to make something above .02 since 2002 . Any help appreciated .In this market don't expect to make anything.Expect a loss of at least 10%-15% this year.I don't care what company you go to.All world markets are in the toilet.
Only funds you won't or shouldn't lose money on are bond funds or money market funds.Remember,past performance doesn't indicate future performance.
Only funds you won't or shouldn't lose money on are bond funds or money market funds.Remember,past performance doesn't indicate future performance.
First of all banks are the worst place to go to invest . The people there get a base salary and don't care if you make or loose money . I have been with Investors Group for over 7 years now and I have made good money . I'm retired now and live very well on my personal pension . As a matter of fact I make more money now than I did when I was working . My investment guy sees me every 2 or 3 months and he calls me not me calling him . As a matter of fact he came over to see me today . No need to go to his office because he makes house calls which is nice .
Yes markets are down right now but there is great potential in making good money soon . If I lose money than so does my financial adviser so it's to his benifit to make as much money as he can for his clients . That doesn't happen in banks . The only time a bank finanial adviser calls is at RSP time when he wants more money from you'
All so if money is moved around to different funds there is no charge to the client with Investors . They've been good to me.
How does this work? Is he paid a percentage of your gain, so if no gain for you, no payment to him? Does your portfolio contain mutual funds? If so, he'll still get his fees from the mutual fund company even if the funds go down? Do you buy and sell equities? Is you sell a stock at a loss, does he waive his commission? Just wondering.
I think he's implying that his adviser is invested in many of the same funds that he is.
I'm not a fan of banks, but they do have wealth advisor divisions (or own non-bank funds with their own managers and investment style) that take more interest in their clients or HNW ones.
There are also greedy brokers not affiliated with banks who will get paid a good commission or trailer by the fund companies too, and that could impair their objectivity to do what's best for you.
But I'm glad that you're happy with Investors. That's more than a lot of people can say about their advisors or brokers.
+1
re investing:
blah blah blah risk tolerance
blah blah blah greek default = major maket shit
blah blah blah tsx down 20% in current slide
If you want gains, try buying boring Cdn bank preferred shares. All pay nice divvy's with minimal risk. Here's a random pick:
http://www.theglobeandmail.com/globe-investor/markets/stocks/summary/?q=RY.PR.G-T
pays 4.5% keep looking for more!
These days, the best advantage to the RSP is the tax write-off... The gov is giving back a big of the tax you paid on money you are saving for yourself.
I also don't agree that "everything" is going to loose 10-15% this year. I am about 7% overall YTD. What doesn't work any more is "buy, hold, prosper". You need a guy who is actively working your stuff. If yours isn't, find a new guy.
And I agree, banks are the worst place to invest. (Although buying their shares might be ok). The only advantage I can see is that if you don't have the money to make a contribution, they will generally lend you the money to top up your RSP for almost nothing. If you use the tax refund that results to pay back a big chunk of the loan you can't go wrong. Then get your money the f*ck out of there as soon as you can.
If you use a self directed RRSP you can invest in almost any kind of stock, bond, or interest earning investment. You get a good chunk back the year you first invest...if you would otherwise pay income tax that is...and so starting with a return of 30-40 % has to be a pretty good thing...not exactly a rip off.
If you let the banks talk you into using their, or any other, mutual fund then you will be paying lots to them, true. But you don't have to do that.
Not sure I can agree with everyone shitting on the banks.I have made a ton of money with TD Waterhouse.Now,It is self directed,so it goes where I want it to.If you keep the fund for more than 90 days their is no redemption fee(I think,better double check)if its a TD fund.I have no problem with buying their funds.
As far as Investors or any other non-bank fund company goes.they are only as good as the sales rep.I am sure the more money you have the more attention they will give you.Only makes sense.But I have a non bank company I deal with aswell and they good for the house calls as most do this.
As far as Investors or any other non-bank fund company goes.they are only as good as the sales rep.I am sure the more money you have the more attention they will give you.Only makes sense.But I have a non bank company I deal with aswell and they good for the house calls as most do this.
Funds offered by Investors Group have significantly higher MER than
most of its peers. This is not meant to be recommendations against using
the service of IG. Just to point out the fact more of your money will be channelled
from your assets to your advisor's pocket for his extra attention.
