Log In
Register
Home
Topic RSS
Facebook
Twitter
Email this6:48 am
October 28, 2020
Offline
Good morning. On Sept 4th I went into a branch to change my investments up, I cashed in my Mutual funds and put them into 2 GICs. One RRSP and one TFSA. The advisor told me that she would execute the sale of the Mutual funds that day. The money was removed from my World Source account on Sept 5th ( balance shows 0 in RRSP and TFSA). It is now Sept 13th and I don't see my GIC's in either of my registered accounts. My questions to the group is, does it take this long to complete a transaction like this? Should I be worried that my money has disappeared? thanks in advance for your thoughts.
3:58 pm
April 6, 2013
Offline
Worldsource Financial Management Inc. is not Coast Capital Savings Federal Credit Union.
What looks like in-house mutual fund staff are not actually. This is from the Terms and Conditions at the bottom of their Mutual Funds page:
1 … Coast Capital Savings Federal Credit Union provides advice and service related to deposit, loan and mortgage products, and its affiliate, Coast Capital Wealth Management Ltd., provides investment and financial planning services (collectively “Coast Capital”). Worldsource Financial Management Inc. (“Worldsource”) provides advice and service relating to the Sustainable Funds and is a Principal Distributor of the funds. Certain advisors employed by Coast Capital are also registered as dealing representatives of Worldsource and act as agent in the distribution of mutual funds securities. Worldsource pays commissions generated from the sale of the Sustainable Funds to Coast Capital, which in turn pays compensation to the applicable advisor. …
There is a good chance external registered plan transfers are involved, from your RRSP and TFSA accounts at Worldsource to RRSP and TFSA accounts at Coast Capital. Those transfers could take a few weeks to do.
Please write your comments in the forum.