Your cost basis can't be that high (or you bought at a very different time, somewhere around 2015). Stock has split 28:1 since 2008.
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Stocks
- Thread starter Boots
- Start date
Haha, sort of. I had some with CIBC in their crapass mutual funds. I wanted to pull the money and close the account. They wanted $100 to close the account. I asked what happens if I defund it and leave it open. No charge. Done. For some reason, some money showed up in it (maybe a dividend?) so it was left with $61. That has increased to $110 over the last 11 years. Crap return for an "agressive growth" fund. Oh well. I'll let it ride until I retire.
CIBC Mgd Aggressive Gwrth Port is a fund of funds designed to hide the true cost you are paying the bank. 2.48% MER on the portfolio but then each individual fund (most of which are other CIBC funds) each have their own expenses that are obscured as they just look like crap returns. Great for the bank, horrible for the investor.
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That's about double so using the 'rule of 72', that's approx. 6.54% annual return.
I've moved most of my RRSP/TFSA to Questtrade. No real issues with the move.
Only one I haven't is my old company (Consultancy) I've got about 100k in there with them, but the growth rate was pretty good so I let it be...plus I'm considering going back to that company if things work out by the end of the year in my favour.
If not, I'll move it also to QT and have full control.
My current job (gov't) funds into OMERS so I put in 14.7% and they match...I should probably stick with whatever company / municipality feeds into OMERS for continuity moving forward. We'll see.
They 100% match 14.7%? Holy crap. Bleeping government.
moarmoto
Well-known member
Also govt worker here but I don't get rrsp matching. Federal or provincial?
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I’m provincial. And yes they match the 14.7% @GreyGhost there’s some formula behind it.
Basically if your age + time served equals some number then you get 100% pension or something…I don’t understand this enough but I’d have to work until 67 or so to get it.
I moved a large portion of my RRSP and TFSA from RBC securities to Edward Jones, largely due to a friendship with the Jones guy ( who since sold out and retired) and a personality conflict with RBC guy ( he was a douche) . Well actually he gave me some really bad advice, that I willingly followed so I'll split the blame. I'm quite happy with Edward jones gal the bought the book of business. Returns are just fine and I like the old school way Edward Jones works
EJ hiring is shady. My brother was offered a job with them. They would have trained him and given him an office and assistant and let him loose on the unsuspecting public. Yikes. I'm sure they get some good advisors but their recruitment seems more focused on sales and much less on advice.
A day later than I wanted but got to 100% return. Putting in just enough to max CESG, RESP is on track for >100K before the youngest hits grade 1.
I was shocked at drinks the other night, one guy that has three kids, one in uni, one on apprenticeship , one in high school says whats the RESP you guys talk about? His wife is a public school teacher ......... oy vey
Edward Jones will hire just about anyone that can afford to buy into the brand, you have to vet advisors on your own. What i really like is all the branch office computers are online with the central office and they can't do anything without oversight, so you don't have to worry as much about rogue agents.
@GreyGhost, hope the brother that was interviewed by Jones wasnt the one you mention that will be a lifetime renter and cant manage his cash. The gal that has some small stuff of mine through RBC next to my office also works in the pub in waterdown . I wasn't totally impressed to find out my advisor waits tables to make ends meet. That was weird.
Edward Jones will hire just about anyone that can afford to buy into the brand, you have to vet advisors on your own. What i really like is all the branch office computers are online with the central office and they can't do anything without oversight, so you don't have to worry as much about rogue agents.
@GreyGhost, hope the brother that was interviewed by Jones wasnt the one you mention that will be a lifetime renter and cant manage his cash. The gal that has some small stuff of mine through RBC next to my office also works in the pub in waterdown . I wasn't totally impressed to find out my advisor waits tables to make ends meet. That was weird.
Yup, same one. Good salesman.
My impression is any financial advisor you're likely to get probably isn't going to give you the best financial advice. They are sales people meant to push their company's products. That is unless you have a multi million dollar account where it makes sense to have someone with expertise.
So happy I have always been self directed.
Agree. Advisor is a very shady job title for the vast majority of them. They should be called sales people as that is their primary role. They look out for their employer first and could care less about your financial health (other than as a vector to sell more profitable products).
I'll humbly disagree, yes in some extent everybody has a link to sales , even my dentist wants to whiten my teeth. However my largest advisor ( which isnt that large) gets excited when we meet and returns are performing at market levels , some better. Happy customers are easier to manage and she , in my mind, keeps me from doing dumb stuff.
I can make money in my chosen industry, so i can have money to give an advisor. I'm no financial guru.
I can make money in my chosen industry, so i can have money to give an advisor. I'm no financial guru.
Good ones exist, just they are a small minority ime. Almost every one in a bank is primarily there to drive bank profits. I watched one turn the screws on a poor guy who had a 5K GIC which was probably his entire investment portfolio and they leaned on him hard arguing safety and security to sign him up for another five year GIC at a fraction of a percent interest (half the rate of a Tangerine savings account). I felt really bad for the guy. He was trusting the bank for financial advice and they were only looking out for themselves while pretending to be on his side. Even that banks high interest account exceeded the rate of GIC they got him to take.
If you have an advisor that is matching or beating market returns, they are in the top 10% or so. The overall record is horrendous (normally due to funnelling to steep MER investments that steal far too much of your money every year).
Rule number 1 , banks are not your friend. They are a neccessary part of life and have been for centuries. They can have fun looking green lounge chairs , and pretend to make banking comfortable and friendly. No , its not.
On the other hand , banks are a pretty reliable stock buy.
On the other hand , banks are a pretty reliable stock buy.
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