Final Meeting With My Finacial Advisor.

[bongo2]

What I was trying to say, which you may already understand and we simply aren't communicating well with each other, is that the only way to avoid Capital Gains will be to transfer the funds from IG to TDW in kind and then leave the money in those same funds. If you sell the mutual funds in TDW or IG you will trigger the taxes, and I presume it's the mutual funds that have the high fees, not your advisor directly.

 

[spideyrdpd]

Thanks Finance
I thought there would be more CfP's by now. I think they need to change what they call the the people that are really salespeople !
Or atleast force them to have more education and maybe some ethics



Dream
The idea that your responsible and should leave money on the table is in my opinion foolish. I see it as taking one problem and now making it two problems by not stepping up to the plate. You might also be helping others by showing this person the error of their ways.

I am still not sure why capital gains is an issue. You should be able to sell the funds wihin the plan and then transfer the money . No taxes.
If you try to transer and you havent sold the funds the new company would have to sell the fund and deposit the money straight into the retirement account no taxes.
Of course thats how it works here . I amnot sure why it would be different in Canada. Your not taking the money so it shouldnt be taxed ?

 

[My Dream]

What I was trying to say, which you may already understand and we simply aren't communicating well with each other, is that the only way to avoid Capital Gains will be to transfer the funds from IG to TDW in kind and then leave the money in those same funds. If you sell the mutual funds in TDW or IG you will trigger the taxes, and I presume it's the mutual funds that have the high fees, not your advisor directly.

There have been some valid questions so far, I'm going to write them down and make another appointment with TDW.

If I may ask a question, if I've been with IG for 10 years and haven't invested any new money with them in the last 4 years, is my FA still making a commission or let's just use the word profit for lack of a better word?

Maybe a better question would be, does the FA (IG) stop making a commission off of there clients?

It seems as though every time we've brought up fees he's always been vague.

 

[LOL!]

Yes, the FA makes money. What is the MER of your funds? That 1% to 2% goes to IG each year and some of it goes to the FA.

 

[Nords]

If I may ask a question, if I've been with IG for 10 years and haven't invested any new money with them in the last 4 years, is my FA still making a commission or let's just use the word profit for lack of a better word?

IIRC, mutual fund "B" shares trailing commissions and the cash collected as 12(b)-1 expenses are shared with financial advisors as long as you own the shares.

 

[My Dream]

Yes, the FA makes money. What is the MER of your funds? That 1% to 2% goes to IG each year and some of it goes to the FA.

Thanks LOL, what is MER?

IIRC, mutual fund "B" shares trailing commissions and the cash collected as 12(b)-1 expenses are shared with financial advisors as long as you own the shares.

Thanks Nords, I'm trying to get a handle on my statement if that's what it's called. I received approximately $3,000.00 in the last quarterly statement from IG stating it was Service Fee Rebate and I'm trying to figure out how they arrived at the figure. It's not on all the funds so I figure it's probably DSC that is being reimbursed. I'm assuming.

By the way, I just started reading 4 Pillars, good book, but and I know you were expecting the word "but" I find my self rereading it over and over to understand the terminology and facts.

I'm going to try to get through it in 2 months. Big feat for a person that doesn't read books
.

 

[LOL!]

Thanks LOL, what is MER?

http://www.lowmer.com/mer.html (sorry, something else to read)

 

[My Dream]

Thanks Again LOL.