accountingsucks
Recycles dryer sheets
- Joined
- Jan 28, 2006
- Messages
- 346
I just started another topic about where I should be investing my monthly investment. One of the options is investing through my banks Mutual Funds that have performed fairly well over the years. I have always made my RRSP contributions with them up to this point.
A few months ago I made my 2005 RRSP contribution and told them i wanted to invest in their stock index fund - this fund mirrors the return of the TSX and has a very low fee. Sure no problem was the answer and I made the transfer that day from my savings account.
A few days later I get a call from a senior associate who informs me that my investment portfolio is "too high risk" according to their "Invester risk profile" since I was 100% in equities. I proceeded to tell her that my investment profile was aggressive and that the amount I currently had invested was minimal in relation to what my future monthly contributions would be. I also mentioned that my mortgage was nearly paid off as the balance was almost covered by what I had in my savings account so surely this would offset my aggressive profile. She told me she would call me back after she got approval from her manager regarding my investment decision. Ultimately I was allowed to make the investment into that fund after signing a form.
Is this standard? I do not see how a bank can tell me what I should invest in.
A few months ago I made my 2005 RRSP contribution and told them i wanted to invest in their stock index fund - this fund mirrors the return of the TSX and has a very low fee. Sure no problem was the answer and I made the transfer that day from my savings account.
A few days later I get a call from a senior associate who informs me that my investment portfolio is "too high risk" according to their "Invester risk profile" since I was 100% in equities. I proceeded to tell her that my investment profile was aggressive and that the amount I currently had invested was minimal in relation to what my future monthly contributions would be. I also mentioned that my mortgage was nearly paid off as the balance was almost covered by what I had in my savings account so surely this would offset my aggressive profile. She told me she would call me back after she got approval from her manager regarding my investment decision. Ultimately I was allowed to make the investment into that fund after signing a form.
Is this standard? I do not see how a bank can tell me what I should invest in.