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Email this6:47 pm
December 23, 2011
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I have been with an adviser for many years and he worked under the flag of say ABC Securities. He advised us that they were changing flags and I was aware of the change months ahead of time. He then calls us to sign transfer papers to lets say NFH Securities. We travel to his office and sign the papers and I ask a few questions about some of our investments when we are there. His response is ... I dont know how NFH is handling this and by the way I am retiring. I immediately say to myself "oh he committed to his ABC folks to keep as many clients as possible" but I feel betrayed. Never met the new guy nor did I know what his credentials are. Hind sight is telling if he told me he was retiring that I should have looked for a new adviser/company ahead of time and/or not signed the transfer papers and found another adviser/company after he told me he was retiring OR I should have asked him to tear up the papers that we just signed and we would stay at ABC as we were reassigned to an adviser in Montreal (not convenient) until we found someone we would be comfortable with. Never the less more hind sight...the papers we signed were apparently not correct, only for my wife, so back to the office and for NO not my wife but both of us had to sign new papers with the new adviser. Both times I asked for copies of the papers to be delivered to us, once they are all signed off. Now a month later still no papers and I am beginning to think this guy is more greedy than helpful as he has not responded too well (or at all) to some of my ideas and requests (as they are take aways from him, but better $ for me). I had some GIC's that are in my name and not a security and NFH only handles GIC's as a security. I have 2 just mature and he keeps hitting me up to transfer them (so he can get his cut) and I am putting on a stall for the process. I don't feel that I am going to lose any money but question the reputation of the new adviser and the method they used to acquire my wife and I. I have asked for a meeting once all the processes are complete along with the few things we asked him to do (which at this point, I think he has not remembered) and have said the agenda will be his. I am also afraid that he my want to suggest to sell or reshuffle my investments so he can set up new front end and back end fees.
I feel betrayed, misled and into a forced relationship.
Any comments on what actions I can or should take.
10:14 pm
February 22, 2013
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kanaka said
[snip]
Any comments on what actions I can or should take.
I would ask to have a meeting with the manager of the firm you are about to be with. I would also want to know what agency regulates the firm. I would call the regulatory agency and ask to have a verbal opinion of your situation, which they may or may not do.
I would not allow them to make any changes till you fully understand what they propose to do.
I would also look for a fee only planner and pay the money to have them have a second look at your portfolio and make recommendations as to who should manage it.
I detailed somewhere here about my experience with a fee only planner. They are based out of Toronto which makes it more difficult for you but I dealt with them over email and the phone right up till the final recommendations when they wanted to meet to present the paperwork. I live 2.5 hours north of their Toronto offices and suspect I could have done the final portion over the phone.
They did up an opinion of my financial situation and built an Investment Policy Statement for me to personalize. One recommendation they made was to take the fixed income portion of the portfolio and have someone else manage it. They would recommend two or three managers and have them meet with me at the Fee Only Planners offices to interview eash of them in turn and to then help with the process of making a selection.
I feel very comfortable recommending them. I have no interest or connection to them other than as a one time very satisfied client. The fee they charged $2000+/- seemed high to me, who hates paying ANY fees for ANYTHING, but it was tax deductible and in my head I amortized it over the 21 or so years I had been managing without an advisor (and the 21 more years I plan to live.
)
Their website is here and a Financial Post article about them is here. The story is from way back when they were known as Second Opinion Financial Services. They changed their name as BNS came out with a tagline along the lines of "let us give you a second opinion" and I think they didn't want to fight a trademark war with BNS.
If you would like further details we need to determine how to exchange email addresses or phone numbers.
Greg
2:50 pm
December 23, 2011
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Hi, Greg.
Before I wrote the above I have done:
o Advised that there will be no more activity on both of our accounts until 4 points have been completed to my satisfaction. And I have one loophole point that will not be achieved.
o I have already contacted a fee only adviser and will also research the information that you provided.
o I have called for a meeting with the adviser (on my time), advising it will be his agenda although I will have some to the point bold questions to ask and also some of my points of view. I will look at moving a step up if I am not satisfied as you suggest.
o I have contacted the agency side of Coast Capital to see what options I have to transfer my GIC's to where I would like to have them. If I leave them with the adviser I will lose 1000 per year. Unfortunately I cannot direct Coast Capital where to direct them as there is a contract between the adviser and Coast Capital and I guess between me and the adviser....so the adviser has to provide Coast Capital a letter of direction that I will have to request.
I always have had alternate institutions to move my GIC's, ETF's and Mutual funds to.
I appreciate your input and if you or any one else has more.....please let me know.
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