Enquiry about financial advisors available in different banks & usefulness
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Hi ,
I read and hear a lot about options available in different banks like RBC, Scotia etc whereby one gets to sit with financial advisors of the respective bank to get financial advise on different investment options including mutual funds.
How reliable and good is that? Since i understand the financial advise provided would be limited to only that particular bank and the portfolios offered would be only limited to that bank's products.
Has anyone used such services? What are the charges by these advisors?
What about portfolio mgmt charges?
Pls advise
Posts: 5775
Location: God's own country
Posted on: 29-05-06 15:30:38
Location: God's own country
Posted on: 29-05-06 15:30:38
Get a Financial Advisor from an independant company(his company should not be floating any funds). This person's suggestions will be unbiased and only be based on the actual performance of a particular fund.
The big 5 banks investment portfolio is one of the worst in the market (again this is my view based on my enquiries. Maynot be true)
Your capital for investment should be large. Otherwise you will stand to lose by comissions and charges. If your investment capital is small go in for mutual funds of ING, Excel Fund (India and or china etc..).
Note : I am not endorsing any funds or ideas.
TK
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I am a Gents and not a Ladies.
Quote:
Originally posted by pramesh
How reliable and good is that? Since i understand the financial advise provided would be limited to only that particular bank and the portfolios offered would be only limited to that bank's products.
Hi Pramesh,
The choice of financial advisor - whether it is an FA with a bank or independent company depends on the amount of 'Risk' you are comfortable with and the type of investments you are interested in.
For example if your net investments are about $100k and you want something that is (1)Risk free/low Risk and (2) with very little service charge, then your best bet is an FA/Personal Banker with a major bank.
They will advise you on the best investments for your particular case - normally they are paid by the bank, so you do'nt pay them anything. The benefit they seek is that you invest with that bank - which is reasonable. In most cases they can offer discretionary interest rates for GICs and RRSPs (if you ask them). They have a very strict code of conduct to protect the bank's reputation and avoid legal risk - in other words they will keep you away from high risk investments.
Banks also have online brokerage or discount brokerage services, which will charge you very nominal fees for investing in high risk-high return investments, which should satisfy most investors.
In case a portfolio is $200k plus and the person already has risk free investments to fall back on, then they can look at different investment advisors and portfolio management services.
Again the Big Banks have excellent portfolio services with highly qualified personell. If you take an example an IA with Wood Gundy is paid 4 times as much as an IA with Investors Group, has 10+ years of experience.
(In my case - I would buy a TV from futureshop, thats just me!)
Quote:
Originally posted by tamilkuravan
Get a Financial Advisor from an independant company(his company should not be floating any funds). This person's suggestions will be unbiased and only be based on the actual performance of a particular fund.
Incorrect......it is very likely that this person's suggestion will be based on how much sales commission he gets from where.....so IMHO just don't bother dealing with them....go to any FA from major bank.....or even a personal banker.....you don't need large amt to invest....most of the banks have no load funds....they only chg MER....wch is very competitive in the ind..
Quote:
Originally posted by tamilkuravan
The big 5 banks investment portfolio is one of the worst in the market (again this is my view based on my enquiries. Maynot be true)
I don't know where did you get this analysis from. According to morning star.....a leading M Fund rating co........RBC Asset Mgt is the second best M Fund co in Canada with most of the funds rated very well.....the only thing you are right abt is a remark..."May not be true".....anyways by saying this I am not suggesting anyone to go to RBC....it's one's own choice....but go to a major bank....that will help you a lot
TK.....I can understand your honest thought of trying to help someone....but a humble request to you....please do not misrepresent people abt things you are not sure of....
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Let's help each other to grow & prosper in Canada
Posts: 5775
Location: God's own country
Posted on: 31-05-06 10:45:33
Location: God's own country
Posted on: 31-05-06 10:45:33
Quote:
Originally posted by reachash
TK A.....I can understand your honest thought of trying to help someone....but a humble request to you....please do not misrepresent people abt things you are not sure of....
Hi!
I reply to any posting only if i am sure of what i am saying. I did not try to mislead anyone.
Please read this link of this forum : http://www.canadiandesi.ca/read.php?TID=11136&page=10
Please read the whole thread esp. pages 2,3 and 10.
It proves that there are other funds available in the market which give better results than the big 5. the poster himself admits that a particular bank's FA will only recommend his bank's products. his comission may be less but will it be worth at the end? Will the fund ever grow as big as the other Non -Big 5 Bank's funds in the market?
See/Watch Channel 57. All the fund managers that come to the show , always show a % of return much higher than the big 5 e.g.
Lawrence asset wealth management (Headed by Ravi Sood).
Note : I am not recommending any fund and i agree with TO-Putter that low investment (less than 50K) is best left to a bank/fund with low charges. For anything higher than 50K i would personally put it in a fund (not big 5 bank's funds). this is just my opinion and i am not a FA by qualification or experience or expertise.
TK
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I am a Gents and not a Ladies.
Posts: 5775
Location: God's own country
Posted on: 31-05-06 10:57:19
Location: God's own country
Posted on: 31-05-06 10:57:19
Quote:
Originally posted by reachash
Quote:
Originally posted by tamilkuravan
Get a Financial Advisor from an independant company(his company should not be floating any funds). This person's suggestions will be unbiased and only be based on the actual performance of a particular fund.
Incorrect......it is very likely that this person's suggestion will be based on how much sales commission he gets from where.....so IMHO just don't bother dealing with them....go to any FA from major bank.....or even a personal banker.....you don't need large amt to invest....most of the banks have no load funds....they only chg MER....wch is very competitive in the ind..
So it is a Chicken and Egg situation. Both of them take your money through charges anyway.
Quote:
I don't know where did you get this analysis from. According to morning star.....a leading M Fund rating co........RBC Asset Mgt is the second best M Fund co in Canada with most of the funds rated very well
OK. Then what is the First Best M Fund company? Why not let the poster know this and possibly he may invest in it.
TK A
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I am a Gents and not a Ladies.
Quote:
Originally posted by tamilkuravan
Quote:
Originally posted by reachash
TK A.....I can understand your honest thought of trying to help someone....but a humble request to you....please do not misrepresent people abt things you are not sure of....
Hi!
I reply to any posting only if i am sure of what i am saying. I did not try to mislead anyone.
Please read this link of this forum : http://www.canadiandesi.ca/read.php?TID=11136&page=10
Please read the whole thread esp. pages 2,3 and 10.
TK
I didn't find any info on page 2,3 and 10 as you claim.
Quote:
Originally posted by tamilkuravan
It proves that there are other funds available in the market which give better results than the big 5. the poster himself admits that a particular bank's FA will only recommend his bank's products. his comission may be less but will it be worth at the end? Will the fund ever grow as big as the other Non -Big 5 Bank's funds in the market?
TK
I never mentioned in my post that we don't have better option other than 5 major banks....the discussion is abt FA....one may run into a not so good private FA....and end up investing in bad funds with higher front end or back end loads coupled with MER....but if you go to your personal banker....almost all major 5 banks have very good m funds with very low MER and most of them have no front end/back end loads...the point is you are better of with a bank.....If you have large funds to invest and if you get a chance to speak with FA of any bank....please be informed that FAs are licensed to sell third party m funds so they can and will offer you other m funds as well if better than their own bank....if an investor has enough knowledge and is able to choose m fund on his/her own....no need to go to any FA...just open a self directed investment account and do the trades on your own.
Quote:
Originally posted by tamilkuravan
See/Watch Channel 57. All the fund managers that come to the show , always show a % of return much higher than the big 5 e.g.
Lawrence asset wealth management (Headed by Ravi Sood).
TK
Are you comparing Apples to Apples or Apples to Oranges ? .....pl compare all mutual funds of the similar category....don't compare returns of Private Aggresive sector funds with balanced growth funds offered by any major bank....stop misleading the general public....
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Let's help each other to grow & prosper in Canada
