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Old 09-09-2021, 12:43 PM   #1
Slava
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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/
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Old 09-11-2021, 01:19 PM   #2
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Does this lead to banks increasing MERs on their products because of the amount of work to get things out of banks hands?
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Old 09-11-2021, 02:02 PM   #3
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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.
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Old 09-11-2021, 05:10 PM   #4
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Wow. Yay now I get to move all my stuff over...
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Old 09-11-2021, 05:32 PM   #5
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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.
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Old 09-11-2021, 10:36 PM   #6
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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.
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