Quote:
Originally Posted by Nufy
How common is it to change FA's ?
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Nothing against Slava or the industry, but probably not common enough.
I just had to talk someone out of some kind of idiotic trustee set up scenario with their advisor at BMO. I asked if BMO was going to deal with everything. I asked them to clarify because IMO it makes no sense that the BMO group would be able to get access to other banks/investment accounts, insurance and assets to do trusteeship... plus it sounded like a weird conflict of interest to me.
"I clarified, and they only do the BMO stuff. The other stuff would be handled by others. Is this normal?"
Yeah, they're selling you a #### package of stuff they should basically be just doing for nearly free (ie: rollovers, transfers, statements as of date of death etc.). I mean, perhaps this program makes it less of a hassle of getting POA or authorization changes to a trustee via will (after death), but they shouldn't be charging a lot for this like a percentage of the assets held by BMO. That's stupid.
At least his heart was in the right place to reduce headaches for his children... but man, some of the #### that I'm hearing places are pulling is getting ridiculous.