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Anyone with Experience Investing with a Financial Planner @ TD Waterhouse?

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  • Oct 23rd, 2010 1:39 pm
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Deal Addict
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Mar 19, 2010
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Onterrible

Anyone with Experience Investing with a Financial Planner @ TD Waterhouse?

Hey guys,
My sisters and my GIC are coming due in November.
I want to grow my savings a different way. I've only ever done GIC's so I wanted a better ROI especially now.

I talked with a Financial Advisor with TD Waterhouse and it seemed like they had really good products and had a good plan for me.

Has anyone had any experience with TD Waterhouse? I'm not going to be doing any investments myself. Pretty much just buy whatever products the advisor advises.
32 replies
Jr. Member
Jul 5, 2006
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I just want to say if you want to get paid you have to work for it.
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Mar 19, 2010
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Onterrible
jpm88 wrote: I just want to say if you want to get paid you have to work for it.

what does that even mean?
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Aug 16, 2005
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Canuckerr wrote: what does that even mean?

It probably means nobody is going to care about your money as much as you will, implying that financial planners won't care about what happens to your portfolio as long as they get their commission.
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Nov 16, 2006
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Canuckerr wrote: Hey guys,
My sisters and my GIC are coming due in November.
I want to grow my savings a different way. I've only ever done GIC's so I wanted a better ROI especially now.

I talked with a Financial Advisor with TD Waterhouse and it seemed like they had really good products and had a good plan for me.

Has anyone had any experience with TD Waterhouse? I'm not going to be doing any investments myself. Pretty much just buy whatever products the advisor advises.

You should do a lot of research before making a decision as critical as this.

Just think about it, if these financial advisors hold all the answers like some of them make it seem, wouldn't there be a lot more wealthy people around?

I'm not saying financial advisors are useless. They certainly know the product lines and the benefits of certain strategies given your financial situation. But to blindly go on their advice thinking they have the solution for exceptional returns is wishful thinking.
Deal Fanatic
Sep 4, 2009
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These planners work off commissions, from the sale of Mutual Funds and other TD products. The whole idea for a client is to get an idea of the typical portfolio they recommend based on your risk profile you choose, then get an idea of the funds out there.

They will of course push their TD funds above anything else. Any of the E-series products cannot be purchased through a planner - you'll have to do that on your own.
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Sep 23, 2009
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Brampton
ComicBookGuy speaks the truth. Back in March 09 when the financial collapse was at its worst, FP's were trying to keep people calm and telling them that now is the time to buy. However, leading up to the disaster they had no clue what was going on. Someone pushed the Panic button and I wish someone had recorded the number of FP's that quit and joined a new Financial Institution because they knew they were going to get murdered by their current clients.

So basically, until Sh*t hits the fan, the FP's at all banks think they are so smart. Go visit them when the market tanks again and if you are losing money and don't have an appointment watch him/her dodge you like you were the black plague or something.

Best case scenario, keep it in those GIC's but if you really want a better ROI, realize that their is a chance that your x amount of dollars could be negative as well.
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Mar 27, 2003
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rageking wrote: They will of course push their TD funds above anything else. Any of the E-series products cannot be purchased through a planner - you'll have to do that on your own.
Didn't have any problems getting my financial planner to buy e-series funds last year. But in regards to financial planners (at least mine), every year I visit her during RRSP season, she recommends the same funds year over year (TD Canadian Bonds, Monthly Income, Dividend Income). So just recently, I switched everything from her and self-manage it on TD Webbroker. Loving it so far, cause now I can do things when I want as opposed to when she remembers to do something for me.

Also, I don't think they're all that informed when it comes to financial instruments. One time, she told me she went to some TD Waterhouse seminars for beginner investors and learned stuff about ex-dividend dates etc.; I almost fell off my chair. Anyways, I just view them as sales people with a nice title. Don't believe everything they say and do your homework beforehand.
Jr. Member
Jul 5, 2006
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Canuckerr wrote: what does that even mean?

Nobody cares about your money more than you so you should get yourself educated to at least a basic level. It is a big decision not to be taken lightly, but if after you studied up on how to do financial planning yourself, have a basic understanding of asset classes, etc and then you still decide that a financial planner is the way to go then that is fine. At which point you go out and try to find the best one. I am worried that you have made your decision in a rush just because a professional salesman ran a slick pitch on their fancy ipad on you and you are sold. Anyway there is a saying that the best way to make money from financial advice ... is to sell it.
Sr. Member
Feb 1, 2010
872 posts
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Canuckerr wrote: Hey guys,
My sisters and my GIC are coming due in November.
I want to grow my savings a different way. I've only ever done GIC's so I wanted a better ROI especially now.

I talked with a Financial Advisor with TD Waterhouse and it seemed like they had really good products and had a good plan for me.

Has anyone had any experience with TD Waterhouse? I'm not going to be doing any investments myself. Pretty much just buy whatever products the advisor advises.

Just like any other going concern, the manager of the branch will try and maximize the profits of their branch by getting their sales force (financial advisors) to push the products that maximize profit to the branch (not necessarily the client). You will be paying for the privilege of dealing with a commissioned sales person (who ultimately is responsible to their branch and manager-not you), as well as sharing some of your potential ROI with the branch to fund their marketing, nice lobby, bank profits, etc.

If your OK with that, then go for it. Just know going in that fees might be taking upwards of 30-50% of return in these low growth era.
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Jul 8, 2009
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Edmonton
comicbookguy wrote: You should do a lot of research before making a decision as critical as this.
Critical decision? Maybe, but maybe not. If the GIC is very large, sure, but the OP may have a small GIC and I'd say in that case the decision is not so critical.

Other points: Branch managers don't all try to max out profits. Many will encourage advisors to do what's best for the client. I know because that's what I do and I'm a BM. Also, can't Waterhouse advisors use non-TD products? I honestly don't know, but I thought they were independent, in which case clients should be shown non-TD options.
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Mar 19, 2010
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Onterrible
hey guys,

thanks for all the responses.

I'm just looking for someone who has dealt with an financial advisor from TD Waterhouse.
The guys said they get no commission at all. They all work on salary.
So as a team they figure out the products they use.
Sr. Member
Feb 1, 2010
872 posts
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Wing Nut wrote: Critical decision? Maybe, but maybe not. If the GIC is very large, sure, but the OP may have a small GIC and I'd say in that case the decision is not so critical.

Other points: Branch managers don't all try to max out profits. Many will encourage advisors to do what's best for the client. I know because that's what I do and I'm a BM. Also, can't Waterhouse advisors use non-TD products? I honestly don't know, but I thought they were independent, in which case clients should be shown non-TD options.

Are you saying you have no quotas? No Budgets to meet? I am really surprised if that is the case. If one of your advisors find that a buy and hold ETF is the best option for a client, you are actually instructing them to offer that?
Sr. Member
Feb 1, 2010
872 posts
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Canuckerr wrote: hey guys,

thanks for all the responses.

I'm just looking for someone who has dealt with an financial advisor from TD Waterhouse.
The guys said they get no commission at all. They all work on salary.
So as a team they figure out the products they use.

That is BS. They are 'salaried' but must meet quotas to keep their job. Being on commission is actually better as you are not as beholden to the institutions' products. Search for a fee only advisor if you have a lot of cash, otherwise choose an easy and cheap couch potato portfolio until you do have the funds that justify it (TD efunds is a good start. the application process does an asset allocation for you. Just follow it!)

BTW, I was an advisor for 15 years, now retired and managing relatives' money only for free. I resigned as the conflict of interest didn't mesh with my morals.
Deal Addict
Dec 13, 2004
3495 posts
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Toronto
are you dealing with a financial planner or a financial sales rep at TD?

Personally I don't take to anyone about financial planner unless they have the right accreditation.

The financial sales reps at TD are trained to sell TD products and do a good job at it but half the time they don't even have CSC qualification.
Jr. Member
Jul 5, 2006
153 posts
12 upvotes
Canuckerr wrote: hey guys,

thanks for all the responses.

I'm just looking for someone who has dealt with an financial advisor from TD Waterhouse.
The guys said they get no commission at all. They all work on salary.
So as a team they figure out the products they use.


Haha, that's a good one. Even if its a salary where does it come from?

Why don't you ask them if they have ever advised any of their clients to sell anything ?
Deal Addict
Jul 8, 2009
2028 posts
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Edmonton
quatchi wrote: Are you saying you have no quotas? No Budgets to meet? I am really surprised if that is the case. If one of your advisors find that a buy and hold ETF is the best option for a client, you are actually instructing them to offer that?

There are no quotas. ETFs are sold by reps. I don't know what you mean by budgets to meet. If you mean reps have to sell so much product, they need to sell enough to stay in business but nothing is imposed. Maybe you have a problem with people getting paid. Do you work for free? Maybe you don't value advice, but many people do. I know there is a bias here against paying people for advice, but some people need advice or stuff blows up on them. I don't want to argue about the value of advice. You'll believe what you want.
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Dec 10, 2008
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2 days ago I bought my second mutual fund with TD. The first one I bought for my RRSP 6 month ago netted me 5% so far, which is a pretty decent return. As a matter of fact, I am thinking about going all in with TD mutual funds. So far I have about 20% oof money invested and will put the rest probably by the end of the month. The funds I have are TD Comfort Balanced (rrsp) and TD CDN Bond (Cash).

Honestly, I used to be a kind of guy who would follow markets, read the reports, trade and at the end I would make very little. Better for someone else to take care of my money. What I like is that funds are updated daily in your TD account, so you can how they are performing. If I don't like it, I will sell it.
Member
Jan 3, 2005
348 posts
7 upvotes
Toronto
If you are doing small time investing and you have a clear goal and know the nature of the products they are trying to sell you, then yes maybe they will do.

However, if you are planning on doing a full review of your personal financial goal... you should really consider a one time session with a for-fee financial planner for less product oriented opinion...

Regardless who you go with nothing beats monitoring your hard earned money yourself.... TD Financial adviser suggested this terrible and poorly performing mutual fund to my wife... that there was nothing but straight losses to a point when we decided it's performing so poorly over the 3 year span we had to sell it....

For simple rule of thumb just remember who the people you are talking to alliance themselves with...

acetace
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Dec 11, 2007
1958 posts
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i wonder how many of those financial advisors / planners put their own money in the product they're selling

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