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Email this5:45 am
September 22, 2022
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Looking for feedback from people who've been clients of this broker for GICs.
What has been your experience? Positive or negative? Have they proven themselves trustworthy?
Basically, I've never dealt with a broker before. It's a calculated risk sending a broker your IDs and a cheque for $ for the GIC. In theory, there's nothing really stopping a broker from using that info open to steal the money from the cheque (even if the payee of the cheque is in your name) by cashing it. (It would be highly immoral and not a good idea but that's besides the point.)
I'm assuming Monarch is probably trustworthy given it's featured in the list of GIC brokers on this website. I'd just really appreciate knowing other people's experience with them is as I consider whether I wish to become their client. There's not really a lot of reviews about them on the internet so hard to really gauge their reputation.
6:49 am
December 26, 2020
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Mavrick, this is not an answer to your question but a suggestion to look elsewhere.
There are lots of GIC brokers out there. Maybe one where you live that you would not have to ask questions about. I live in Stratford, Ontario and I tried a local business, Franklin E. Hinz, that is a GIC Broker, among other things. Nothing but friendly service from a long-time business in the community. Their rates match the rates for the GIC brokers on this sites GIC chart. I call and place my order and arrange to deliver the cheque later in the day. A short walk for me and the paperwork completed in 5 minutes. The 3 GICs I have purchased so far have been completed with no problems. I would note the funds will be withdrawn from your bank account the same day.
7:01 am
March 30, 2017
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Mavrick said
Looking for feedback from people who've been clients of this broker for GICs.What has been your experience? Positive or negative? Have they proven themselves trustworthy?
Basically, I've never dealt with a broker before. It's a calculated risk sending a broker your IDs and a cheque for $ for the GIC. In theory, there's nothing really stopping a broker from using that info open to steal the money from the cheque (even if the payee of the cheque is in your name) by cashing it. (It would be highly immoral and not a good idea but that's besides the point.)
I'm assuming Monarch is probably trustworthy given it's featured in the list of GIC brokers on this website. I'd just really appreciate knowing other people's experience with them is as I consider whether I wish to become their client. There's not really a lot of reviews about them on the internet so hard to really gauge their reputation.
I was iffy like you from the get go 1 year ago (with diff GIC broker). After a year or so, I am slowly giving them more biz when the rate they offer are superior to what I can get myself. I may be different cuz I dont chase after the last 10-20bps, as I value convenience and direct dealing to be worth more than that. Just dont like middle man in general in the digital age.
7:39 am
April 6, 2013
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The list of three brokers in the GIC rates page here is not an endorsement of those brokers. It is just informational to show what kind of rates is available through the deposit broker channel.
I agree with RAV4guy. If one doesn't live near a Monarch, GIC Wealth, or GIC Direct location, then one should find another deposit broker who is local.
One does have to provide ID and SIN to the deposit broker to record onto the forms to the GIC issuer. In person, the broker can also confirm that the photo ID and the person applying matches for the GIC issuer.
Years ago, I went through a local deposit broker for a significant portion of the GIC's in my RRSP. I only stopped because I decided that stocks were a better choice for money, like that in my RRSP, that had a long time horizon.
9:40 am
January 11, 2023
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I have used both GIC Wealth Management and Monarch Wealth Management. In my experience (and those of people I've heard from), they are highly credible. Both of them have been around for decades. I recommend either of them. I have been to both locations. One is in Toronto, the other is in Mississauga (but basically on the border of Mississauga and Toronto).
As for risks: when you open a GIC, you can either make the cheque out to yourself, or to the FI that is receiving the funds. If have done it both ways and never had an issue.
Both GIC Wealth Management and Monarch Wealth Management will give you access to a client portal, which will show your investments. They will also send you certificates of the investment (they don't look like certificates in the conventional sense, but they "certify" the investment so technically that's what they are). These usually come 2-4 weeks after you open the investment. Some FIs are slower than others.
You can also contact the FI directly and in some cases get access to online banking, so that you can see your investment there as well. Note that not all FIs will offer online banking to members who purchase through deposit brokers, but some will.
Lastly, there has been some speculation that people who buy deposits from credit unions through brokers are not "real members" for the purposes of FSRA insurance. This is not the case. You are indeed a member, and you can confirm this by contacting the credit union directly. Your documentation will also confirm that you are a member. The deposit broker is simply your agent who earns a commission for enabling the relationship -- they are not your representative and they do not have your power of attorney. The deposit is in your name and owned by you.
The difference is (as mentioned above) you may not have online banking access. If this is a deal-breaker for you, then you should ask about this prior to making an investment. Hope this helps.
11:00 am
April 18, 2018
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Initially it does feel wrong to go to a Gic broker who can give you a rate higher than you can get over the counter at the FI., and by going into an office that does not resemble a FI in any way.
I have used several GIC brokers for over 40 years. I find that they save time, I do not have to shop around. They have access to more companies, types of GIC's than I would be able to find. I do not have to waste time waiting on the phone for an agent etc. Cheques are made out to myself for GIC purchase.. I get notification from the broker when it is time to redeem and the FI GIC cheque may come either from the broker or from the financial institution directly. The cheques come on time and have been not held up for whatever reason from the FI.
They also inform if you surpass the insured limits of the FI , and fill out any extra paperwork you would need such as credit union membership etc. Credit union membership rates vary from $1 to over $100. I know of a couple of credit unions membership fee is $100+ and when cancelling they retain $25 processing fee. But I digress.
GIC brokers can also be helpful in giving you some insight or suggestions to market conditions and your purchase. All this for no fee to you, since FI pay the brokers.
I can attest to Monarch Wealth Hamilton/StoneyCreek for their customer service and efficiency if that helps in your query. I also agree to find a local GIC broker if Monarch is not local to you.
Hope this helps
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