Financial Advisor wants us to MOVE our investments | Page 2 | RRSPs and RRIFs | Discussion forum

Brokerages do not usually reimburse transfer fees without conditions.

For example, National Bank Direct Brokerage has these conditions:

1. Details about the transfer fee refund

Transfer $20,000 or more to a National Bank Direct Brokerage account, buy shares, options or exchange-traded funds (ETFs) within 6 months of your transfer and we'll refund up to $150 plus taxes of the transfer fees (refunded 1 week after the transaction).

For terms and conditions, call Customer service at 1‑800‑….

BMO InvestorLine will reimburse up to $200 of transfer fees if one qualifies for their 5 Star Program. Minimum qualificaton is $250,000 of investments or 15 commissionable trades per quarter.

It is bold for the adviser to say she "doesn't make enough $ off of us to make it worth her while". But, if the total fees and commissions calculated is correct, then the adviser is candid about the situation and one needs to find another adviser who would find that amount of fees and commissions worth their while.

I agree each FI has their minimums with terms and conditions. The OP simply has not provided sufficient information for any of us to provide informed responses.

Cdn Catlady, I totally get your sentiment, just monitor your accounts and make sure they're not charging you a bunch of new "special" fees for their trouble in keeping you & in an attempt to get rid of you, unless you don't care about that either.

Just fyi, opening accounts somewhere else (like your bank's discount broker, can be done at local branch) usually isn't that hard, just provide them with a copy of your latest statement for each account and they'll move everything over from the receiving end, you don't even have to tell or deal with your present FI. And as has been pointed out here your new FI will likely reimburse closing fees charged by your present FI if your balances are sufficient. Just something to keep in mind.

Right-o. I remember a Canaccord shill pushing their full-service assets-under-management plan to me. He said that they would also include my cash and GIC products (then at pitiful rates) in their AUM despite their fees being higher than any possible return.

He kept pointing to their "target" return rate of 8% (more than four times the best GIC at the time) and had nothing to say when I asked for historical data. I laughed him off. And that's not the only nasty they've been snagged by.

Cdn Catlady said
UPDATE: We decided to leave our accounts where they are as it is HER problem not ours. I told her to put EVERYTHING into GICs and if she wants to find us a new FA go for it. I'm old, I'm grumpy and I do not intend to disrupt my life changing everything out. She can deal with it!  

Going this route I would make sure they give you a full fee disclosure, and notice of any changes to it. If there is anything more than small fees (which is likely because that is why they are wanting you to move away) you are best off financially to take some time to set up your own GIC's.

An alternative if you want to stay all GICs is finding a GIC broker (Registered Deposit Brokers Association is a good starting point if you are in Canada) and many of them will handle transferring and maintaining GICs for you. They earn their income from issuer commissions, so the rates they quote you should be what you earn, whereas most financial advisors will want a slice of your earnings, which really hurts returns over time.