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Email this3:41 pm
January 10, 2017
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bhuc said
"The murky beginnings of a new Canadian bank "
from Globe and Mail .....PUBLISHED NOVEMBER 24, 2016
After reading the 2016 article and this latest event, I would recommend staying away from this bank. Why play with fire? Maybe the next thing we see in the near future is this headline "Canadian bank declares bankruptcy after x years in business"
6:17 pm
April 14, 2021
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I had my principal under CDIC with WealthOne, but the interest was not. As my first annual payment was not yet due, I asked them to pay me out annually instead of compounding the interest. Looks like I made a prudent decision.
6:23 pm
February 25, 2023
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Lodown said
After reading the 2016 article and this latest event, I would recommend staying away from this bank. Why play with fire? Maybe the next thing we see in the near future is this headline "Canadian bank declares bankruptcy after x years in business"
As stated earlier WO is a CDIC insured bank. It is no more or less risky than any other bank if you are under $100K
6:36 pm
October 27, 2013
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It is less about risk (with CDIC insurance coverage) than about supporting a potentially rogue institution that may believe it is above the law and/or the inconvenience about funds being potentially tied up should the bank cease operations.
6:37 pm
January 10, 2017
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Iconoclast said
As stated earlier WO is a CDIC insured bank. It is no more or less risky than any other bank if you are under $100K
You do realize, CDIC reimbusement is not immediate. If all goes well, it is a least 3 weeks. Again, why invite headaches? Secondly, not supporting bad actors will make the overall FI market in Canada stronger.
6:51 pm
October 27, 2013
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Given the spirited defense of this institution, and posts to date limited to this bank, it causes me to wonder whether Iconoclast may have a conflict of interest and/or have shareholder ownership, and/or be an employee in this private company?
7:02 am
February 25, 2023
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AltaRed said
Given the spirited defense of this institution, and posts to date limited to this bank, it causes me to wonder whether Iconoclast may have a conflict of interest and/or have shareholder ownership, and/or be an employee in this private company?
The moment you start releasing private information about yourself, I will consider doing the same.
7:18 am
October 27, 2013
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Long time members here generally know a fair bit about other long time members other than, in most cases, actual name. It is the camaraderie that gets established over time.
It is considered courteous, if not mandatory on some financial forums, to disclose conflicts of interest when posting about certain subjects. You are welcome to scan through all 2200 posts of mine to paint a pretty good picture of who I am and the institutions I deal with. You are being called out/challenged given the unequivocal bias that is apparent in your posts so far.
7:27 am
November 15, 2018
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AltaRed said
Long time members here generally know a fair bit about other long time members other than, in most cases, actual name. It is the camaraderie that gets established over time.It is considered courteous, if not mandatory on some financial forums, to disclose conflicts of interest when posting about certain subjects. You are welcome to scan through all 2200 posts of mine to paint a pretty good picture of who I am and the institutions I deal with. You are being called out/challenged given the unequivocal bias that is apparent in your posts so far.
Am I the only one that think you are offside on this issue?
7:29 am
February 25, 2023
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From where I stand, there is no bias in any of my posts. I would argue that people who disagree with my positions are exhibiting their bias.
8:23 am
April 27, 2017
Online
Everyone has biases. My bias is a sneaky suspicion that the regulator is understaffed and too lenient and that a whole bunch of financial institutions are getting away with it. In that respect Wealth One might feel like it's been “picked on” while with a better regulator the punishment would have been broader.
That aside, the headline is factually correct, demonstrably so and it's a bit puzzling that one would challenge it on the basis of accuracy.
Investors and clients should be grateful; better to fix a problem early.
9:21 am
October 21, 2013
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It's impossible to argue with someone who insists that black is white. Rationality doesn't enter into it.
9:37 am
October 27, 2013
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dommm said
Am I the only one that think you are offside on this issue?
Most likely not, but how do you think that is offside? Every one of that individual's posts have been in the 2 Wealth One threads. I don't see objectivity in that person's posts, so is that not reasonable grounds to challenge whether there is a conflict of interest?
In other financial forums I participate in, that would have been picked up by participants, if not the moderators, and questions raised. Not that it ultimately matters because it appears Wealth One is clearly not an institution many are that comfortable with anyway and have said so. By all means, carry on though.
11:57 am
March 22, 2019
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The backstage founder of this newly founded bank is a Chinese, a previous Insurance seller/Financial Advisor. Lots of Chinese people know this guy - in a not so good way. There has been lots of stories about how this guy cheated and got his client lost their life long savings etc. (don't know how accurate those stories are) But because this guy is the top sales of the company, the company just chose to protect him by helping him get out of those lawsuits. As individual, I really have no judgement on whether those stories are truth or gossip, but, I just choose to stay away from a bank and a person having so many negative stories around.
4:04 pm
February 25, 2023
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https://www.cbc.ca/news/politics/ethics-commissioner-dawson-trudeau-questions-1.3897684
"Those reports raised questions about various interactions between Trudeau and attendees, including Toronto businessman Thomas Liu, who has financial interest in canola exports to China, Shengling Xian,founder of Wealth One Bank of Canada, and Miaofei Pan, who told the Globe he spoke with Trudeau about foreign investment issues that could affect the Anbang Insurance Group"
Hmmmm, the plot thickens.
9:37 pm
November 18, 2017
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ABOUT DISCLOSURE: Nobody is obligated to disclose personal financial information about themselves. But people will be a little leery of defense of a financial institution from someone who hasn't at least affirmed they do not have conflict of interest.
ABOUT THE FINE: In finance, documenting compliance and record-keeping are the heart of the business' trust. We don't ever want to "let things slide," as the consequences can be... Enron. FTX. Eron mortgage. Wells Fargo. To quote the not-my-fave-source-but-it's-a-great-quote from The Gypper: Trust, but verify.
This is the same principle that makes us keep our own credit card receipts, etc.
RetirEd
RetirEd
12:36 am
October 21, 2013
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Nobody has to disclose their personal stuff , but anyone who represents a financial institution is obliged to disclose that on this forum. When someone goes to such illogical extremes to defend an FI, one wonders about that question.
But I think the underlying issue is likely support for conspiracy theories. Just my opinion.
11:56 am
September 7, 2018
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Loonie said
Nobody has to disclose their personal stuff , but anyone who represents a financial institution is obliged to disclose that on this forum. When someone goes to such illogical extremes to defend an FI, one wonders about that question.
But I think the underlying issue is likely support for conspiracy theories. Just my opinion.
This is an anonymous public forum, be realistic and do not expect full honesty and/or disclosure from all posters. One gets to know what information and opinions posted are (somewhat) reasonable and what is just noise and/or nonsense. I appreciate the good stuff and I try to ignore the nonsense.
12:59 pm
October 27, 2013
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It depends on the rules and T's and C's of the individual forum what must be met. FWF and Bogleheads are the only forums I know of which are fully non-commercial and where the rules, T's and C's are quite specific. Disclosures of direct conflicts of interest are required and for the most part that can most often be deciphered by Forum Administrators from account information during registration.
What the rules, T's and C's are here, I do not recall offhand but it should not be surprising the theme and nature of the individual's posts would have triggered a challenge by someone. No matter though in the long run because Loonie probably has the specific member pegged about right.
1:02 pm
September 11, 2013
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Rules and Etiquette thread here says "5. Do not promote your product, service, or business on this forum. The moderators reserve the right to determine what is considered promotional. Representatives from financial institutions are welcome, but you must 1) disclose your affiliation; and 2) stick to explaining the facts and helping others."
Please write your comments in the forum.