Sad but not unheard of ?

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Bobby McGee
Posts: 14
Joined: Wed Jan 04, 2017 4:02 pm

Sad but not unheard of ?

Post by Bobby McGee »

http://www.cbc.ca/news/business/bank-s- ... -1.4044702


Sad, but probably way too common. Financial illiteracy ?
I think too many times, people forget that banks are business looking to make money, just like any other business. They are selling you products just like Wal-Mart will do.

Loner
Posts: 221
Joined: Wed Jan 04, 2017 2:26 pm

Re: Sad but not unheard of ?

Post by Loner »

Newspaper's PF sections are financed by banks (bank ads, that is). No wonder you don't often hear advice such as "Here are ten ways your bank rips you off."

George the original one
Posts: 5404
Joined: Wed Jul 28, 2010 3:28 am
Location: Wettest corner of Orygun

Re: Sad but not unheard of ?

Post by George the original one »

"Mike Black says he took his money out of those fee-based accounts at RBC Dominion Securities and hopes for better luck with his next investment."

And right there is another education issue...

Bobby McGee
Posts: 14
Joined: Wed Jan 04, 2017 4:02 pm

Re: Sad but not unheard of ?

Post by Bobby McGee »

I agree George, almost sounds like he is playing lotto and hoping to pick the lucky numbers.
With close to 1 million in savings, one would think not to "hopes for better luck" but to be pro active and do your homework about choosing the right investment for yourself.

That leads to the "adviser(or)" issues. Adviser(or) are there to give advices, which in turn you take the decisions based on those advices or not. Putting 1 million in fee-based accounts solely on the advice coming from Joe smith at the bank is a non-sense, same as to buy a $500 000 house because the realtor said so. Nobody would do that (I hope so !), so why do it for your retirement investments ?
Fear of taking responsibilities ? Lack of research skills ? Lack of time and energy to do research due to having two jobs to save 1 million ?

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