Discount brokers have abandoned their duty | Page 3 | Investing | Discussion forum

Bill said
This thread's topic about "duty", and some folks' ideas that discount brokers are somehow beholden to offer certain services, were funny to me to begin with. If I want to open a business and sell only yellow lollipops and be open only on Wednesdays for 2 hours and not answer the phone, well that's up to me, people can choose to patronize me or not. Just need to follow the laws and regulations governing me, otherwise zero requirement to do anything. Maybe some Canadians have so much public sector, non-profit in their lives they don't "get" the private sector anymore, I don't know.

I don't mind people discussing PM's merits, etc, so anyone who wants to cut-off or shape the conversation in that way is wrong to say I don't want to hear it. There is not one defined "point" that we need to stay on, lots of points get brought up in a thread. A political name was first mentioned in post #23, no-one else jumped in and said stop it. Peter alone will decide when we're offside, and he does a fantastic job here of allowing adults free discourse within limits IMO!  

I think what's sad here is people don't really have a choice as brokers are behaving in the exact same way, except possibly qtrade. I suppose people could go to a full service broker. Overall i think this thread just speaks to tiredness with phone waits in general. As i said if companie s would implement a call back service like shaw i'd be a lot happier but they are too cheap to do it.

christinad said

I think what's sad here is people don't really have a choice as brokers are behaving in the exact same way, except possibly qtrade. I suppose people could go to a full service broker. Overall i think this thread just speaks to tiredness with phone waits in general. As i said if companie s would implement a call back service like shaw i'd be a lot happier but they are too cheap to do it.  

There are differences between the likes of the big bank discount brokerages and Questrade and Qtrade and Interactive Brokers and Virtual Brokers and WS Trade. Many of them do not offer all things meaning bonds, GICs, mutual funds and not all offer various registered accounts.

You generally get what you pay for with the exception of the deterioration of phone/email responses and the reasons why have already been discussed. Give it another 6 months for either the brokerages to put more people on the front line, or for newbies/neophytes to leave, or both. Something will give.

Most DIY types are not going to go (back) to full service brokers. Seasoned DIYers don't have time critical needs to talk to their brokerages anyway and most of them left that money pit to go DIY. I opened my first DIY in 1998, built up my knowledge and confidence, and fully left full service in 2006.

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When it comes to Discount Brokers, it goes without saying . . .

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And then there's this . . .

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Dean

picassocat said

During last March correction, I was able to liquidate my portfolio in about 5 minutes, I saved a lot of money and I was able to back in at lower prices. At that time, the system worked for me.  

Not sure why you needed to liquidate your portfolio in 5 minutes during that short-lived correction - which occurred when the Covid spread was starting - everything recovered fairly quickly last year. You incurred needless commission charges for the holdings you sold and then you rebought. This type of panic selling is why so many lose money. If you had just held, you would have come out fine.