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Tips on withdrawing rrsp from IG for self directed

  • Last Updated:
  • Jul 17th, 2012 7:45 pm
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Deal Addict
Jul 23, 2007
3824 posts
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beerbaron105 wrote:
Jun 22nd, 2012 9:31 am
Well to update, I put in the paperwork last week for a TD Waterhouse account, and transferred my RRSP over to it, just waiting for the transfer to clear.

Also sent my Advisor a "dear john" letter, leaving on good terms, but have not received a response, hmm...*rolls eyes*
Thanks for letting us know beerbaron. When you have time, post us an update once the RRSP transfer clears at TD Waterhouse. Since I've never owned DSC funds, will be interested to hear how it all plays out.
[OP]
Deal Addict
May 3, 2006
2505 posts
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Milton
Stryker wrote:
Jun 22nd, 2012 9:43 am
Thanks for letting us know beerbaron. When you have time, post us an update once the RRSP transfer clears at TD Waterhouse. Since I've never owned DSC funds, will be interested to hear how it all plays out.
Yeah I called IG customer service ahead of time to get approximate quotes on how much it would cost to sell my funds, about $1600 in fees :| Hopefully I make that up over the years with minimal MER fees
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Member
Sep 27, 2009
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beerbaron105 wrote:
Jun 22nd, 2012 12:57 pm
Yeah I called IG customer service ahead of time to get approximate quotes on how much it would cost to sell my funds, about $1600 in fees :| Hopefully I make that up over the years with minimal MER fees
I'm guessing Wes gave you a new diversified portfolio through a pm. I'd go with that until at least the dsc is matured because there is one thing I can promise with index investing: you will always under perform the index.
[OP]
Deal Addict
May 3, 2006
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Milton
No he definitely helped, but I decided to go it alone and start with TD Waterhouse

On a related note, how long does it take to transfer an RRSP? It has been exactly a month today and still nothing has moved from IG into TD.
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Deal Addict
Oct 4, 2009
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Montreal
beerbaron105 wrote:
Jul 14th, 2012 8:34 am
On a related note, how long does it take to transfer an RRSP? It has been exactly a month today and still nothing has moved from IG into TD.
A few weeks seems typical in my experience with both my accounts and those of family members I've helped migrate to a discount broker. Unfortunately you're dealing with the most notorious MF group out there so they're going to milk it as much as they can. Think of all the extra fees they earn by delaying these requests for a month more than is necessary. Nice to see their employee above is laughable as ever, simultaneously telling you a month and a half is normal and that they are quick with transfers.
Member
Sep 27, 2009
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S5 wrote:
Jul 15th, 2012 10:25 pm
A few weeks seems typical in my experience with both my accounts and those of family members I've helped migrate to a discount broker. Unfortunately you're dealing with the most notorious MF group out there so they're going to milk it as much as they can. Think of all the extra fees they earn by delaying these requests for a month more than is necessary. Nice to see their employee above is laughable as ever, simultaneously telling you a month and a half is normal and that they are quick with transfers.
I've had transfers from banks like Scotia and RBC take 6-8 weeks. And in a couple of cases, TD "lost" my transfer instructions 1 and 3 times for 2 different accounts. What's your point here? And the OP most likely had his money in the IGFS platform which is almost entirely dependent on the adviser he is dealing with to complete the transfer out.
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Oct 4, 2009
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Y2K_MASTER wrote:
Jul 16th, 2012 1:23 am
I've had transfers from banks like Scotia and RBC take 6-8 weeks. And in a couple of cases, TD "lost" my transfer instructions 1 and 3 times for 2 different accounts. What's your point here? And the OP most likely had his money in the IGFS platform which is almost entirely dependent on the adviser he is dealing with to complete the transfer out.
My point is that it should not take more than 2-3 weeks to transfer. When it does, in the vast majority of cases it is due to the originating broker/company dragging their feet since they have no incentive to process the transfer quickly(and in fact have incentive to keep collecting fees). Your BFF above stated a month and a half was normal at IG.

I thought that was quite obvious from my post but you seem to have trouble reading posts that are critical of the despicable company that employs you.
Deal Addict
Oct 4, 2009
2503 posts
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******* wrote:
Jul 16th, 2012 10:26 am
the advisor has no say in the transfer and its "delay" after the papers are signed, the entire process after that is head office.
Thanks for making my case!
Three, yes a month or more is typical of every institution, regardless if it is a mutual fund company, brokerage, planning firm, bank, etc.
Not the case at all. I've had some transfers show up in under a week but 2-3 weeks is more typical. Your experience is coloured by working for a crappy company. That's fine but turning around and saying they are fast after you just said 1.5 months is typical due to head office is laughable.

The fact that you will say anything to discredit anything I say speaks loudly of your character. I’m pretty sure if you talk to the OP he will have a very different opinion on how “laughable” I am. Again, you are nothing but a child.
LOL, I love the personal attacks everytime I point out another ridiculous statement you've made. No better confirmation that you are on tilt. :lol:
Member
Sep 27, 2009
369 posts
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S5 wrote:
Jul 16th, 2012 2:12 pm
My point is that it should not take more than 2-3 weeks to transfer. When it does, in the vast majority of cases it is due to the originating broker/company dragging their feet since they have no incentive to process the transfer quickly(and in fact have incentive to keep collecting fees). Your BFF above stated a month and a half was normal at IG.

I thought that was quite obvious from my post but you seem to have trouble reading posts that are critical of the despicable company that employs you.
First of all, I've never met Wes in my life. Second of all, I chose to be self employed with IG because they stood out as one of the best when I decided to start my own business. And third of all, if you reread your post you were clearly pointing fingers at IG as if every other institutiion jumped up like a dog to get things done when they received a transfer out request. What you think should happen doesn't magically make it an industry standard.

Why don't you take that chip off your shoulder and accept the fact that there are some really good financial planners out there like myself, and that not every Joe Blow can learn tax and investing rules on their own effectively.
Deal Addict
Jul 23, 2007
3824 posts
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All I'm doing is transferring a TFSA savings cash account at ING Direct to a TFSA at Peoples Trust.

I've copied and pasted what Peoples Trust told me in the e-mail after requesting information.

"Please be aware that it takes 6-8 weeks to complete a transfer"

It's been the same time factor in RRSP transfers for the last thirty years so nothing has changed. Just have to be patient.
Deal Addict
Oct 4, 2009
2503 posts
1295 upvotes
Montreal
******* wrote:
Jul 16th, 2012 3:06 pm
You follow me around this site purposely looking for an argument. It’s pretty blatant and comical actually.
I’ll carry on while you sit behind your computer acting like a big tough guy know it all. I’m fine with that.
You really are delusional. I doubt I've read even half your posts here. In this very thread I avoided directly responding to you, preferring to reply to the OP's post to avoid further confrontation that would take away from the OP's topic. You OTOH continually make it a point to make it a personal confrontation everytime I challenge anything you say. If you weren't continually making self serving comments and trying to drum up business in here, you wouldn't get confronted nearly as much, be it by me or any of the other DIY investors who post here without ulterior motives who you always end up in arguments with.

In this very thread you tried to recruit the OP, your sig is nothing but an ad that exposes your motives for particpation on RFD. Poor little persecuted *******, lol.
Sr. Member
Jan 14, 2010
640 posts
180 upvotes
Central Ontario
Did this exact same thing... and was warned that IG might be less than expeditious about the transfer. Having said that, in my experience we initiated the transfer on Aug 10, funds at IG were redeemed ~Aug 31. However, they did not arrive at the new account until Oct 23. This might have been because of reinvested income and grant money, and subsequent need to apply to transfer the extra money, I'm not sure. We transferred 4 registered accounts. So OP, it did take a LONG time.

As an aside, later transfer from branch to same institution's discount broker... 2 days. :)
[OP]
Deal Addict
May 3, 2006
2505 posts
40 upvotes
Milton
Alot of bickering... lol

******* offered me advice and even when I made arrangements to meet with him, only to cancel with him a short while later, he made no attempts to pressure me further and wished me well, unfortunately I had a less than desirable Financial advisor with IG so it turned me off to stick around further, and to research and pursue my own DIY investments, so let's steer this ship back on course
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