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Email this6:25 pm
November 8, 2009
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I am posting a feedback of my experience trying to open an online TD mutual fund account. I alread have a bank account at TD. So I thought it would be simple to open an RSP mutual fund at the same institution. I downloaded the application forms... a large document. I filled out the many pages.... I sent them in the mail and waited in anticipation as our RSP deadline approaches..... Weeks went by and nothing happened. Finally I got a hard to understand voice message at my home.
Extremely hard to understand but nice lady informed me that they could not process my application due to a financial survey that I had filled out in the application package that did not allow me to invest in the fund I had picked. The nice lady left me a non toll-free number to call her at... I am not local to her number. I could barely make out her name. I was puzzled why they wouldnt email me since the system I was signing up for was supposed to be an online program designed for the web. I called the lady and got her voice mail and asked her to call me with a toll-free number and her extension so I could discuss why my account wasnt opened. She returned the call the next day and left an 800 number and how to reach her.... I tried to contact her but got another associate who said I would have to go over my application and "re-answer" some questions to make me eligible to invest in the fund I wanted.... With his coaching on the "right" answers I was able to "qualify" to invest in the fund I wanted.... Since I passed the test he said my investment would be processed soon..... surprise days have gone by but still no movement on the transaction... I am amazed how hard it has been to deal with TD funds!? They seem to have a slow and painful way to handle all the functions that are dealt with at other institutions like ING or RBC easily. I get vague emails basically saying to just call them to discuss the latest roadblock.
All I want to do is invest but the process has been slow and grinding and I still dont have the transaction complete and it has been weeks! I thought it would be a simple process since they already have ALL my info for decades!!!! sigh:???:
4:36 pm
December 12, 2009
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It sounds like you have answered one of the investor profile questionnaire (such as your level of investment knowledge, investing experience, risk tolerance and time horizon) in such a way that it made one or more of the funds you had wanted to invest in unsuitable. Although, from my own perspective, it is somewhat disturbing that a TD representative actually "coached" you in trying to answer the question "correctly" so that your desired fund would be available to you for purchase. Obviously, I am not an expert on that matter but at the very least does sound unethical and, at worst, may constitute a breach of the Mutual Fund Dealers Association regulations and/or provincial securities laws.
Cheers,
Doug
5:12 pm
November 8, 2009
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I was coached but that doesnt bother me. I am not a total newbie to mutual funds but the questionaire can trip you up! My biggest frustration was with the back and forth communications. There has to be a better way! They could have used email better or asigned a designated rep to deal with me. Also appeared they have quite a variety of ethnicity working in Toronto and not that its a bad thing but if you cant understand messages left on your answering machines it could be a problem.
The account is finally active and I did get it done in time for the tax deadline.
Be prepared for some frustrations if you go with TD!!!
1:16 pm
I remember the TD investment survey many years ago. Back then it had no online abilities so I submitted my application to the bank in person. My survey indicated that I am a "balanced" investor, so the rep told me I cannot invest in the Canadian Index Fund and Dividend Fund, the funds I initially chose, unless my answers were buttered to indicate I am a "Growth" investor. My application was full of scribbles as a result.
The rep was very polite though. To this day I still remember because it was truly an odd experience.
7:51 pm
November 8, 2009
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that is another point, the survey must be done in paper after it is downloaded and printed. They didnt have a copy at my local TD. I think they resented me dealing with the online guys? Seems like a waste of paper and ink printing the 25 pages or so and filling them out then sending them in and me flunking the process!
But no worry, they talked me through it! Ha ha!
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