Investing

Trying to leave Investors group

  • Last Updated:
  • Feb 10th, 2019 11:00 pm
Deal Expert
User avatar
Dec 11, 2005
18930 posts
1365 upvotes
hormesis wrote:
Aug 30th, 2018 10:17 am
I told them I was handling my own investments going forward, and my rep called me an idiot and said he had been in the business longer than I was alive, and dragged his feet for months on the withdrawal.
The comeback to "I've been in the business longer than you've been alive" to an investment professional is "well then, if you were any good then you would be rich and have quit this job; wouldn't you?"
To be nobody but yourself - in a world which is doing its best, night and day, to make you everybody else - means to fight the hardest battle which any human being can fight; and never stop fighting. -- E. E. Cummings
Sr. Member
Jan 14, 2010
620 posts
173 upvotes
You must have a pretty healthy portfolio to have $17000 in DSCs. With 3-4 years left to go, you should be down to ~3-4% in DSCs (on average, I realize if you've DCA'd, your newest invested money will still be at 5.5%). If you have a $1/2M portfolio, you should be able to find an institution that is motivated to earn your business through rebates.

If you are going DIY, just bite the bullet. Contrary to what a few have said in this thread, the funds offered at IG are lower quality/higher cost. Just extricate yourself and don't look back. Don't withdraw; rather transfer within your registered accounts (if you've got all in non-registered, yes, you'll have capital gains). They will be jerks and take months to figure everything out. In 3y you'll thank your 2018 self.

Signed: someone who did this 7y ago (albeit with a much smaller portfolio) took the hit and reaped the rewards...
[OP]
Deal Addict
Feb 10, 2006
1962 posts
129 upvotes
Kitchener
The current IG rep is telling me I can NOT transfer in kind. Is he not telling the truth or are some funds not able to be transferred?
Sum_guy wrote:
Mar 13th, 2013 10:26 pm
but my nipples hurt for the rest of the weekend when we go.
Newbie
Aug 29, 2018
15 posts
13 upvotes
Toronto
Double_J wrote:
Sep 9th, 2018 5:28 pm
The current IG rep is telling me I can NOT transfer in kind. Is he not telling the truth or are some funds not able to be transferred?
This is simply false as a blanket statement. True there are some platforms which do not allow for such proprietary funds to be moved/transferred "in-kind", I.e. some discount brokerages, but I can tell you without a doubt that most firms will transfer IG funds in kind. In the past few months I have successfully transferred millions in-kind from IG. Several folks have told me their advisors have made the exact same erroneous claim.

OP are you looking to become a DIY investor or are you looking to transfer to another advisory firm? The above would apply to this as I believe some self directed discount brokerages wont transfer at this time, but most advisory firms definitely will. Have the new firm/brokerage confirm they will/can hold IG funds.

On a related note - many IG advisors are telling their clients that iProfile - or their proprietary wrap program, cannot be transferred in-kind (as is typical with most any wrap programs), but because IG's iProfile is not actually a true "wrap" program, but rather a type of hybrid "mutual fund" - most definitely they can be, just as all of their other funds can.

OP, what IG funds do you currently hold?
Deal Fanatic
Jul 1, 2007
8068 posts
902 upvotes
My own experience, as an advisor transferring IG accounts, is that most can't be transferred in kind. Older ones opened before a certain date can be. I forget what that date was. I could be wrong. I've just always assumed nowadays that they need to be liquidated in order to transfer and didn't bother trying transfers in kind again after my first few rejections.

A rule of thumb when getting into any new investment product is to understand whether or not it is liquid as well as whether or not it is portable. You shouldn't be tied to a crappy advisor or firm because of product restrictions.
Money Smarts Blog wrote:
Nov 29th, 2010 11:18 am
I agree with the previous posters, especially Thalo. {And} Thalo's advice is spot on.
Newbie
Aug 29, 2018
15 posts
13 upvotes
Toronto
Thalo wrote:
Sep 10th, 2018 12:47 pm
My own experience, as an advisor transferring IG accounts, is that most can't be transferred in kind. Older ones opened before a certain date can be. I forget what that date was. I could be wrong. I've just always assumed nowadays that they need to be liquidated in order to transfer and didn't bother trying transfers in kind again after my first few rejections.

A rule of thumb when getting into any new investment product is to understand whether or not it is liquid as well as whether or not it is portable. You shouldn't be tied to a crappy advisor or firm because of product restrictions.
Thalo - IG's done a good job of keeping it a secret I would guess. You are correct about the older accounts, but that rule was changed a couple years back (maybe more recent then that?) to include all accounts, regardless of maturity or product.
Member
Feb 8, 2017
404 posts
186 upvotes
cocodc wrote:
Aug 30th, 2018 9:21 pm
You must have a pretty healthy portfolio to have $17000 in DSCs. With 3-4 years left to go, you should be down to ~3-4% in DSCs (on average, I realize if you've DCA'd, your newest invested money will still be at 5.5%). If you have a $1/2M portfolio, you should be able to find an institution that is motivated to earn your business through rebates.
i was going to recommend this. if you are moving money over to a new advisor, depending on the size, they may pay some of the fees for transferring out of IG. if they want your business badly enough you will be able to work something out with them.
Newbie
Sep 7, 2018
23 posts
9 upvotes
I've had poor experiences with investors group when I was younger. Unfortunately I didn't know better at the time, but educated myself as time went on.

I had to eat up the hidden charges and fees, but I was finally free and able to invest my money in the funds I wanted to put them in.

The kicker was, my very quick to reply advisor did not even reply to me when I sent them the departure email, I went to TD Waterhouse and had them prepare all the transfer documents.

Now the bulk of my funds are in the couch potato e-series funds.
Newbie
Dec 29, 2016
72 posts
1 upvote
Double_J wrote:
Aug 17th, 2018 5:32 pm
Hello,

I have had a poor experience with investors group for a couple of years now. I recently thought about switching providers and they told me id have to pay DSC fees. I was not aware of these (shame on me) and now I'm facing $17,000 in DSC fees plus capital gains. Is there anything I can do to get out of the DSC or am I screwed?

I still have another 3-4yrs and I can't stand the idea of them getting another cent from me.
Hey, curious if you ever found a way out of the DSC? Stuck in same boat so would like to know if there’s any hope.
Deal Addict
May 5, 2008
4584 posts
1262 upvotes
Winnipeg
Fardashian wrote:
Feb 10th, 2019 8:37 pm
Hey, curious if you ever found a way out of the DSC? Stuck in same boat so would like to know if there’s any hope.
Transfer in kind

Top