Personal Finance

Private Banking Experience ? TD, Scotia or BMO

  • Last Updated:
  • Dec 5th, 2018 7:01 pm
[OP]
Newbie
Apr 14, 2006
92 posts
20 upvotes
St Johns

Private Banking Experience ? TD, Scotia or BMO

Anyone here a PB client with any of these banks?
Looking to hear your experience, worth the fees?
Have you used estate, tax and/or financial planning services? was it smooth?
Do you have a personalized debit/ credit card?
Any other items you may find relevant.

Thanks!
34 replies
Deal Addict
Jan 30, 2012
1402 posts
621 upvotes
TORONTO
The first rule of private banking is: you do not talk about private banking.
The second rule of private banking is: you do NOT talk about private banking.

[OP]
Newbie
Apr 14, 2006
92 posts
20 upvotes
St Johns
LOL good one, not so private these days. It's not UBS.
Deal Addict
User avatar
Dec 8, 2007
4730 posts
902 upvotes
Private Banking in Canada is geared more towards the mass affluent market ... not some kind of clandestine operations landing helicopters on boats in the middle of the Adriatic in order to serve billionaires.

OP: RBC and TD have the best private banksia Canada. However, that doesn’t matter as much as who your private banker is. This person has the opportunity to be your banker, your family’s banker, for the rest of or life. Meet with at least a few from different organizations. Go from there.
Mark77 wrote:"All aspiring students should go into the financial services - engineering is, and always has been, a poor choice for our brightest minds ... and TodayHello is my Hero ..."
Hydropwnics wrote:"TodayHello is a certified hustler and original gangster."
[OP]
Newbie
Apr 14, 2006
92 posts
20 upvotes
St Johns
TodayHello wrote:
Nov 27th, 2018 8:06 am
Private Banking in Canada is geared more towards the mass affluent market ... not some kind of clandestine operations landing helicopters on boats in the middle of the Adriatic in order to serve billionaires.

OP: RBC and TD have the best private banksia Canada. However, that doesn’t matter as much as who your private banker is. This person has the opportunity to be your banker, your family’s banker, for the rest of or life. Meet with at least a few from different organizations. Go from there.
Thanks
Deal Addict
Apr 5, 2016
2825 posts
1558 upvotes
Calgary/Vancouver
Yah it doesn't matter which bank it is, it's all in the private banker as they are your number 1 contact. I know of a BMO private banker that will go above and beyond, even taking care of pets while clients away.
Current Fido customer.
Ex Koodo customer.
Deal Fanatic
Feb 15, 2006
7514 posts
1927 upvotes
Toronto
Scotia did not have PB and is re-organizing to try to put together something, but they still fall short of what TD/RBC/BMO provide.

PB usually go together with Private Wealth services. That is, you usually don't just to banking transactions but also want them to help manage your wealth, investment, financial/estate/tax planning, succession planning, maybe insurance.

There is a fee for PB, but that can sometimes be negotiated/waived depending on what your relationship/holding is with the bank.
[OP]
Newbie
Apr 14, 2006
92 posts
20 upvotes
St Johns
bomber17 wrote:
Nov 27th, 2018 11:22 am
Yah it doesn't matter which bank it is, it's all in the private banker as they are your number 1 contact. I know of a BMO private banker that will go above and beyond, even taking care of pets while clients away.
I was offered an associate private banker... is it bad ?
Deal Expert
User avatar
Jul 30, 2007
21863 posts
6876 upvotes
Toronto
I am with Td private banking. I have not used any of their in house consulting services thus far.

I paid no fees for 2 years.
Sr. Member
Mar 12, 2004
870 posts
143 upvotes
Toronto, ON
tradinghumble wrote:
Nov 27th, 2018 6:22 pm
I was offered an associate private banker... is it bad ?
Yes - unless it is free. :P

Entry level PB with Canadian banks is of limited value these days if you are financially savvy and are conformable with self-serve banking and have limited borrowing needs. If you need proper investment management, get an Investment Counsellor. If you need proper will and estate planning, your investment manager should be able to arrange - or just get a tax lawyer, or a competent accountant.

For higher end PB service for UHNW/VHNW (say 25 mil net worth or more), RBC is the top player in Canada. BMO is trying hard to catch up, but is not there yet. TD is more focusing on entry level PB and often hand it out for free to higher income professionals. For true old Swiss-style PB, go to Switzerland:P
Deal Addict
Apr 5, 2016
2825 posts
1558 upvotes
Calgary/Vancouver
They are probably starting you out with an associate PB to see how you like your net worth managed. If it's not complex then usually it stays entry level. If it gets complex with multiple beneficiaries, different sources of income, corporation and tax management, then they move you up to an actual PB. If there's no fees, you could stick with them for now and see if they'll move you up in the future. For now you can take the perks like special debit and credit cards, concierge service etc.
Current Fido customer.
Ex Koodo customer.
Deal Fanatic
Feb 15, 2006
7514 posts
1927 upvotes
Toronto
tradinghumble wrote:
Nov 26th, 2018 11:58 pm
Anyone here a PB client with any of these banks?
Looking to hear your experience, worth the fees?
Have you used estate, tax and/or financial planning services? was it smooth?
Do you have a personalized debit/ credit card?
Just getting back to this. If you just want banking services, there isn't a lot of difference in PB between the banks. You can also get Imperial Services at CIBC having only $100,000 with them. Or keep $5k in TD, or pay $30/month for the all-inclusive banking. That's PB - for banking.

But for estate, tax, financial planning, succession planning, insurance needs, etc. that is getting into wealth management. So again it usually only makes sense to get PB together with the private wealth services. The UHNW (ultra high networth) type of people are not on RFD or know of (and don't need) RFD. But those with maybe around $1M and up, can talk to RBC/BMO/TD for private banking, and private investment services. RBC is very strong. BMO claims to be rated the best PB in N America for years. TD is discoverying they can really expand their PB/PW because they have the most convenient banking available.

Most people on RFD are more tech savvy, and probably don't need the services of PB, but can use the PW services. So your questions to the banks might be steered more toward PW rather than PB offerings.
[OP]
Newbie
Apr 14, 2006
92 posts
20 upvotes
St Johns
Arrgh wrote:
Nov 27th, 2018 9:49 pm
Just getting back to this. If you just want banking services, there isn't a lot of difference in PB between the banks. You can also get Imperial Services at CIBC having only $100,000 with them. Or keep $5k in TD, or pay $30/month for the all-inclusive banking. That's PB - for banking.

But for estate, tax, financial planning, succession planning, insurance needs, etc. that is getting into wealth management. So again it usually only makes sense to get PB together with the private wealth services. The UHNW (ultra high networth) type of people are not on RFD or know of (and don't need) RFD. But those with maybe around $1M and up, can talk to RBC/BMO/TD for private banking, and private investment services. RBC is very strong. BMO claims to be rated the best PB in N America for years. TD is discoverying they can really expand their PB/PW because they have the most convenient banking available.

Most people on RFD are more tech savvy, and probably don't need the services of PB, but can use the PW services. So your questions to the banks might be steered more toward PW rather than PB offerings.
Great information and input, thank you.
[OP]
Newbie
Apr 14, 2006
92 posts
20 upvotes
St Johns
bomber17 wrote:
Nov 27th, 2018 7:26 pm
They are probably starting you out with an associate PB to see how you like your net worth managed. If it's not complex then usually it stays entry level. If it gets complex with multiple beneficiaries, different sources of income, corporation and tax management, then they move you up to an actual PB. If there's no fees, you could stick with them for now and see if they'll move you up in the future. For now you can take the perks like special debit and credit cards, concierge service etc.
I heard you can write-off the fees, do you have info?
Deal Addict
Apr 5, 2016
2825 posts
1558 upvotes
Calgary/Vancouver
tradinghumble wrote:
Nov 27th, 2018 10:00 pm
I heard you can write-off the fees, do you have info?
IIRC, You can't write them off as a personal deduction but you can as a "business". I think you can do a holding company and hold wealth managed investments and claim the fees as an expense. Ask the private banker as they can plan out what's best for you. That's what you pay them for anyways lol.
Current Fido customer.
Ex Koodo customer.

Top