Calgarypuck Forums - The Unofficial Calgary Flames Fan Community
Old 09-09-2021, 12:43 PM   #1
Slava
Franchise Player
 
Join Date: Dec 2006
Location: Calgary, Alberta
Exp:
Default Banks halt use of third party funds

This is negative for Canadian investors. Basically, three banks in particular (RBC, TD and CIBC) are no longer going to use outside funds for their clients. They're saying that the issue is "Know Your Product" regulations, but it's hard to see this as anything more than increasing profitability.

Independent advice is so critical, and obviously it's just not happening in Canadian banks.

https://www.theglobeandmail.com/busi...pare-for-rule/
Slava is offline   Reply With Quote
Old 09-11-2021, 01:19 PM   #2
GGG
Franchise Player
 
GGG's Avatar
 
Join Date: Aug 2008
Exp:
Default

Does this lead to banks increasing MERs on their products because of the amount of work to get things out of banks hands?
GGG is offline   Reply With Quote
Old 09-11-2021, 02:02 PM   #3
MoneyGuy
Franchise Player
 
MoneyGuy's Avatar
 
Join Date: May 2006
Exp:
Default

It’s all about profit and has nothing to do with KYC. It’s bad for investors but presents an opportunity for independents like you.
MoneyGuy is offline   Reply With Quote
Old 09-11-2021, 05:10 PM   #4
Shazam
Franchise Player
 
Shazam's Avatar
 
Join Date: Aug 2005
Location: Memento Mori
Exp:
Default

Wow. Yay now I get to move all my stuff over...
__________________
If you don't pass this sig to ten of your friends, you will become an Oilers fan.
Shazam is offline   Reply With Quote
Old 09-11-2021, 05:32 PM   #5
Cecil Terwilliger
That Crazy Guy at the Bus Stop
 
Cecil Terwilliger's Avatar
 
Join Date: Jun 2010
Location: Springfield Penitentiary
Exp:
Default

RBC claims 98.5% of their assets are already RBC funds. I expect it’s the same percentage for the rest of the banks. This likely changes very little for most in branch advisors or their clients.
Cecil Terwilliger is offline   Reply With Quote
Old 09-11-2021, 10:36 PM   #6
Slava
Franchise Player
 
Join Date: Dec 2006
Location: Calgary, Alberta
Exp:
Default

Yeah, it might not change much, but it’s a known policy now. It’s out in the open and there’s no longer the guise of independence.
Slava is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT -6. The time now is 09:04 AM.

Calgary Flames
2021-22




Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2021, Jelsoft Enterprises Ltd.
Copyright Calgarypuck 2021