Levels of financial advisor service within a bank
Hi guys
I've stored a ton of life savings in high interest savings now, but it's earning a measly <2% at TD right now.
My family has a TD "investment adviser" with designations CFP, FCSI, FMA that I am wondering if I should use in the next few months because I won't have the time yet to do my own research.
He charges about 0.5% of the final transaction, and the bank/financial institution charges the rest. He used to charge more but I think there must have been some banking policy legislation that made it harder for advisers to charge higher rates, because he reduced his rates?
He only sells me funds like TSX-60. I am not sure if he sells stocks since he's never offered them to me. I am beginning to wonder if he's just a higher level version of a bank rep, because he only sells me mutual funds.
He currently only contacts me at most annually to see if I want to switch my asset allocation around.
I am wondering if I can negotiate for fees, and if I should be asking for higher level service?
Thanks
[Edited, Updated]
I've stored a ton of life savings in high interest savings now, but it's earning a measly <2% at TD right now.
My family has a TD "investment adviser" with designations CFP, FCSI, FMA that I am wondering if I should use in the next few months because I won't have the time yet to do my own research.
He charges about 0.5% of the final transaction, and the bank/financial institution charges the rest. He used to charge more but I think there must have been some banking policy legislation that made it harder for advisers to charge higher rates, because he reduced his rates?
He only sells me funds like TSX-60. I am not sure if he sells stocks since he's never offered them to me. I am beginning to wonder if he's just a higher level version of a bank rep, because he only sells me mutual funds.
He currently only contacts me at most annually to see if I want to switch my asset allocation around.
I am wondering if I can negotiate for fees, and if I should be asking for higher level service?
Thanks
[Edited, Updated]