Banking On A High Pressure Sales Culture
Canada’s big five banks continue to post record profits and the pressure to achieve ever-increasing sales targets has filtered its way down to the front line. Three TD Bank tellers went to CBC Go Public and explained how the bank’s high-pressure sales culture has them relentlessly pushing new products on unsuspecting customers. Suggestive selling, cross…
Read MoreGood Riddance To Deferred Sales Charges
As of January 1, 2017, Investors Group has eliminated deferred sales charges (DSC) on all new lump sum investments to their funds. The good news is that dropping the DSC is part of a new trend by investment brokers to replace this archaic charge for withdrawing your own money with a more up front fee-for-advice…
Read MoreChecking In On Fraud Prevention Month
March is Fraud Prevention Month in Canada and the Alberta Securities Commission (ASC) wants investors to be on alert for any potentially fraudulent schemes disguised as too-good-to-be-true investment opportunities. To show Albertans how easy it is to become a victim of investment fraud, the ASC orchestrated a scheme of its own to raise awareness about…
Read MoreWhy My Four-Minute Portfolio Is Tough To Beat
I spent a total of four minutes working on my RRSP portfolio last year. It wasn’t benign neglect – my two-ETF all-equity portfolio really is that simple! I made four trades, which took about a minute each after determining how much money to invest, in which of the two ETFs to allocate the investment, and…
Read MoreWeekend Reading: Wall Street Edition
Wall Street is synonymous with investment firms and stock traders, but the name of the street originates from an actual wall that was constructed in the 17th century by the Dutch. The 12-foot wall was built to protect against attacks from pirates and Native American tribes, and to keep other potential dangers out of the…
Read MoreMillionaire Teacher (Second Edition): Book Review and Giveaway
The financial landscape can change a lot in a short period of time, which can make even the best personal finance book obsolete in just a few years. Ask David Chilton, who after 22 years brought The Wealthy Barber out of retirement and gave it a significant makeover in The Wealthy Barber Returns. That’s why I…
Read MoreAsking The Wrong Questions About Your Investing Strategy
If you’re anything like me you started investing because you wanted to make money and the stock market just happens to be the best place to achieve inflation-beating returns over the long term. Investors must accept, however, that greater returns come with greater risk, along with the possibility that your portfolio might suffer losses of…
Read MoreWeekend Reading: Buffett’s Annual Shareholder Letter Edition
Warren Buffett is a living legend in the world of investing and each year he issues, on behalf of his company Berkshire Hathaway, a widely anticipated letter to shareholders. Berkshire stock was up 23 percent in 2016, more than double that of the S&P 500 index. The Oracle of Omaha has still got it! Buffett’s annual…
Read MoreFrom The Boomer & Echo Mailbag: I Don’t Make Enough To Save
Q. I know I should be saving 10% of my income, but I just don’t make enough money. My bills take up just about all my paycheque. I can’t afford to save. You can’t afford NOT to save. I find that the very people who believe they can’t save somehow manage to give the bank…
Read MoreBoost Your Retirement Income With Regular Income Streams
Most financial planning is based on the same basic premise – work for several decades while saving a pot of money, which you will spend once you reach retirement. Indeed, this is the path that the financial industry leads you to – all the while earning fees and commissions by managing your growing portfolio. I’m asked…
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