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TD Financial Planner

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  • Feb 23rd, 2017 4:00 pm
[OP]
Deal Addict
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Aug 30, 2005
2037 posts
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Ottawa

TD Financial Planner

I got a (cold) call from TD to offer me an appointment with a financial advisor. I have some mutual funds with them and an account with some RSPs I never bothered to invest (probably a good time to do so).

I was just wondering if anyone had experience with that? The guy from the branch who called me told me they could lower my fees etc (he suggested that could be done even if I keep the same investments, not sure how that would work).
6 replies
Sr. Member
Jan 5, 2015
615 posts
165 upvotes
Edmonton, AB
Rudy wrote: I got a (cold) call from TD to offer me an appointment with a financial advisor. I have some mutual funds with them and an account with some RSPs I never bothered to invest (probably a good time to do so).

I was just wondering if anyone had experience with that? The guy from the branch who called me told me they could lower my fees etc (he suggested that could be done even if I keep the same investments, not sure how that would work).
Could, if you meet their criteria (ie. fees waived if you hold $50k or more)
I haven't received a call from TD, but got one from mbna last month - wanted to sell me loans.
Deal Fanatic
Nov 22, 2015
5781 posts
5284 upvotes
Rudy wrote: I got a (cold) call from TD to offer me an appointment with a financial advisor. I have some mutual funds with them and an account with some RSPs I never bothered to invest (probably a good time to do so).

I was just wondering if anyone had experience with that? The guy from the branch who called me told me they could lower my fees etc (he suggested that could be done even if I keep the same investments, not sure how that would work).
By definition, it's not a cold call if you have an existing business relationship with them.

What is your question exactly? If you were planning to continue doing nothing with your investments, then it's not a bad idea to meet with him and see if he can actually reduce your fees. Likely, it just involves switching you from managed funds to index funds. If you're thinking about doing your own investing as most people on this forum will recommend, then no, forget about making an appointment and research Canadian Couch Potato investing instead.
Deal Addict
Feb 7, 2008
1527 posts
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Toronto
Rudy wrote: I got a (cold) call from TD to offer me an appointment with a financial advisor. I have some mutual funds with them and an account with some RSPs I never bothered to invest (probably a good time to do so).

I was just wondering if anyone had experience with that? The guy from the branch who called me told me they could lower my fees etc (he suggested that could be done even if I keep the same investments, not sure how that would work).
Basically they want you walk into branch so they can pitch you for more investment(sales) in person.

IMo investing on something is better than putting cash into GIC/saving acc. However, I find that sales might have conflicts of interest with their customers.
Sometimes they might not give you the best recommendation after they do KYC because they have a sales target to meet.
Deal Addict
Oct 7, 2011
1073 posts
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Toronto
Aren't those guys salaried? If they receive commission then you'd be wary of their recommendations. But if salaried, hopefully they are better.

My experience dealing with TD has been they are pretty good. It was at CIBC, the guys openly talked badly about their jobs there, making you wonder why they work there. It re-affirms the saying that CIBC has a revolving door for staff.
[OP]
Deal Addict
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Aug 30, 2005
2037 posts
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Ottawa
Taikonaut wrote: Could, if you meet their criteria (ie. fees waived if you hold $50k or more)
I haven't received a call from TD, but got one from mbna last month - wanted to sell me loans.
I do have more than that so maybe they'll be able to waive some fees. Thanks
Deal Addict
Oct 21, 2006
2418 posts
764 upvotes
superfresh89 wrote: By definition, it's not a cold call if you have an existing business relationship with them.
Gonna have to disagree with this point. Just because I have an existing business relationship doesn't mean a call to sell me services I didn't ask for isn't a cold call. A cold call means an unsolicited attempt to sell me something - so even if I already own investments from them, calling me to try to sell me something I didn't ask for is a cold call.

It's not illegal (in the sense of the do-not-call registry), but its a cold call.

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