Discussions

Looking to invest some money what company’s does everyone like, what is all out there for companies and what do you like about them?

He asked three questions. I would think three answers would do. how about you?

it really depends how much market exposure you want and time frame.  
 
for long term, things like gic's or bonds have limited exposure to market fluctuations. but they have small %'s.  
 
for companies.  
 
I think tesla and spacex may have outstanding growth.  
 
tesla is well positioned in the electric car market, and space x may lead in commercial satellite and human transport.  
 
both fields could have large financial futures

Westoba Credit Union offers free financial planning to members. Make an appointment and get their advice!

That's pretty much any financial institution you're a part of these days... Also, it does cost a few bucks to become a member and their chequings/savings accounts are a big ripoff in my opinion.  
 
I've had great experiences with TD and their chequings/savings/overall technology is much better. You can also buy/sell mutual funds online if you have an idea what you'd like to invest in without having to see someone if that interests you. Highly recommend going to see someone at TD as I've always received good advice from them .  
 
Edited by DevilsAdvocate, 2020-01-17 23:14:30

I recommend sitting down with an investment company and not a bank. Investment companies usually will have better options and rates of return than the bank. I am a financial advisor in Brandon and from personal experiences most clients I get that deal with a bank, do not see the returns that I have offered. If you’re interested I’d be happy to send you some information.

Can you message me your info I see so many wealth management places around city just trying to see who using who and what do they like about them. A person doesn’t want go to everyone just to pick one

The big thing you need to look at is how much you are being charged. There are funds now which are set up according to risk. Vanguard is one company offering these. Very low management fees. That is what I would recommend for a novice investor. Unless you are talking about a lot of money I don’t see the value in a financial advisor.

With a few financial advisers preferably at the banks and find one that you get along with and trust. Decide how much risk you are prepared to take , how much you are prepared to lose. There are plenty of people out there ready to screw you over. Personally I can’t afford to lose anything meaning I want the lowest risk which is typically the lowest yield. The safest (but by no means 100% ) investment is high interest cash accounts or property. Use up any tax free room available to you first.  
I have seen high interest savings as low as .25% and as high as 12% over the long term (30 years). I figure it averaged out ok. But that is just me.

Investment agencies or banks aren’t really the experts in my opinion.  
In 1998 I went to invest money, and I wished to invest in gold or the gold sector, I was laughed at and told that I must fill out an investor profile form, the results of this form said I was extremely conservative and gold was not a good option fo me, also gold was nothing more than an industrial metal so potential was limited. I must admit that I’m a terrible listener and a wee bit stubborn, so investment in gold was what I did. 36 months of buy units in a fund gave me an average unit cost of $5.65, which I later sold just over $80 per unit.  
Also when dealing with Richardson investment years ago, a young fellow who was working there to further his education in economics brought up the point that if you were an expert you would be investing not selling information.  
Just my opinion.

Banks are the worst place to seek investment advice from. They only push their own products. Employees are poorly paid and often inexperienced. They are pressured to sell you on the banks various products and don't have your best interests in mind.

An amount of money considered a healthy investment to one person might be a drop in the bucket to another.  
 
In our local area, what would be reasonable amounts dedicated to a bank, regular financial advisor and/or a personal CFP? Or does it matter?  
One person has 10 grand. Another has 75,000.  
 
Does it matter if you have 10-50 k, 50-100k or over 100 K as to who to consider?  
 
I guess there are so many variables as in age of the investor, risk factor, amount invested and more.  
 
It's a tough decision for many uninformed folks to navigate

that sounds like investing in gold is almost as lucrative as cows.

Maybe start by getting a referral from a friend or family member who has enjoyed a good long relationship with a particular advisor or firm. Find somebody you can trust, who genuinely has your best interests at hand. While everybody needs to get paid in some way, good advisors can be found in many different places. Ask about fees, how they are paid, their experience and education.  
 
Everybody "pushes product." You just have to make sure the advisor you are working with connects you with the right product after taking time to understand your needs. You wouldn't go to a car dealership and not expect to have product presented to you.  
 
Banks have expert planners in wealth management divisions, low-cost do-it-yourself brokerage accounts and in-branch options. An advisor at branch level can assess your situation and connect you with these services. They also tend to work well with people just starting out and there is a convenience with being able to manage checking, savings borrowing and investing all in one place. So don't write them off in your search.

But very true.

I found that the banks don't really care about your investments. I had such a low rate of return it was ridiculous. I ended up transferring my money from the bank into my work investments. I am averaging double digit returns on my investments every year. Plus the managing fees are much cheaper than the banks.

I agree with the comments about avoiding banks. In my experience the banks don’t care about you bc you are one of MANY clients. The advisors are very inexperienced and it takes a week to get an appointment. Not convenient if you want to take money out or put money in strategically. Also, banks roll your money into MANY different GICs (for example) and they all have different maturity dates. So if you ever want to leave they charge you a transfer out fee of $50-$100 PER GIC. It’s outrageous really what they get away with. I family member had so many different maturity dates on one statement it was mind boggling. She wanted to leave the bank and move her investments to an independent firm and it wad going to cost $2700 to move it all! Something to be aware of. The return on investment is also very minimal compared to other companies. A private firm will take care of you and provide you MUCH better service.

I had an investment with RBC. I was making half of what I should have been making. I was only making money on the purchase of more options, while the options kept going down in price.  
 
I had an RRSP with Investors Group. After 6 years, I cashed it in for a slight loss.  
 
My mom has an account with Edward Jones. The account is doing well.  
 
I am now with National Best and quite happy.

I was either losing money or getting about 2-4% through the bank. My work investments on the lowest were about 7-8% but last few years have been the 10-13%. Makes a huge difference. It left me no choice but to move from the bank. The bank kept giving me the run around of the market ups and downs. What I also like about my current provider is I am in an aggressive fund with high risk. As I get closer to retirement it will gradually move the money to less risky funds to ensure I have money to retire. Last thing I need is a market crash the year before I want to retire.