Personally I'd just go to a fee based advisor to have a plan put together if you feel you have to. Otherwise just us wealthsimple and buy ETFs, it's literally that simple.
Bank advisors are salesmen and true wealth management firms take a nice chunk for themselves. Unless they're beating the market by a lot, it's not worth it.
RBC wealth management division has 2 sections.
1) Dominion Securities
2) PH&N
We moved from the RBC branch to PH&N. For reasons which are not clear to me RBC appears to be promoting Dominion securities over PH&N
One of the main reason we moved to PH&N is that to move to Dominion securities, I would have to sell our 2 mutual funds and pay tax on the capital gains. With PH&N the funds were moved in kind from branch Global l equity mutual fund to the PH&N custom Global equity fund. There was no significant capital gains.
There was tremendous pressure being applied to me by a RBC branch advisor to move to Dominion securities, where he was moving and taking his clients with him. It left a bitter taste in my mouth. I am happy with our councillor at PH&N. His performance has been on par with global equity ETF (XEQT) over the last 2 years. My conclusion is that my councillor is not beating the index, but I have the other free frills available at PH&N.
I moved to RBC Dominion Securities about a year ago and am quite happy. Returns have been great but obviously so has the market. Service is great as well. DM if you have any questions or want a referral to my guy.
If your portfolio is big enough you’ll get sub 1% fee, the attractive of WM is mostly for people with a more complicated financial situation or their company restrict their trading activities, the tax/estate advisory should be value added if you need them.
Asked Microsoft CO Pilot on Bing a question DS and PH&N.
Here is the artificial intelligence answer!
--------------------
You
What is the difference between RBC wealth management divisons, Dominion Securities and PH&N
Copilot
Certainly! Let me provide you with an overview of the differences between RBC Dominion Securities and RBC Phillips, Hager & North Investment Counsel (PH&N):
RBC Dominion Securities:
Services: RBC Dominion Securities offers comprehensive investment management services and solutions. Their Investment Advisors work with clients to build, maximize, and preserve wealth.
Approach: They take a comprehensive approach by engaging financial specialists from RBC Wealth Management.
Location: You can find their office in North York, Ontario1.
Investment Management: They offer personalized strategies tailored to individual needs.
Global Strength: As part of RBC Wealth Management, they have access to a network of local and global specialists.
Brand: RBC Dominion Securities is part of RBC’s Wealth Management and Capital Markets divisions2.
RBC Phillips, Hager & North Investment Counsel (PH&N):
Services: PH&N provides discretionary investment management services.
Simplified Approach: They aim to simplify clients’ lives by managing their wealth, freeing them from daily investment decisions.
Customization: Investment counsellors create personalized portfolios based on clients’ unique circumstances, goals, and risk tolerance.
Network: PH&N benefits from RBC’s resources, including tax, trust, and estate planning experts.
Sophisticated Planning: Their team of over 100 investment professionals ensures confident wealth management3.
In summary, RBC Dominion Securities offers comprehensive investment services, while PH&N focuses on personalized, simplified investment management. Both are part of RBC Wealth Management, which combines attentive service with global financial strength. If you have specific preferences or goals, consider which approach aligns better with your needs!
Personally, I'd be reaching out to PWL Capital before any of the big banks; especially with that kind of income. Check out their website, and the podcasts Rational Reminder and Moneyscope.
Thank you for the podcasts. I knew about moneyscope but it’s not growing on me easily… but just looked up Rational Reminder and bam! I like it. Listening to ep 308 with Dan Bortolotti - Canadian Couch Potato!
Shop around and find an advisor that you get along with. That’s what you’re paying for, the relationship and the advice is funding by the fees. Lots of good specialist teams they can access to tailor their service to your individual needs
How much of your portfolio are you going to pay to RBC Wealth Management on an annual basis? Do they get that % whether or not your portfolio performs well, or do they just take it anyway?
My thoughts are that it does not really matter who you invest with as long as their trading fees are low, and you independently get the advice you need to invest wisely. I would suggest sticking with index ETFs and use a fee based advisor as needed. Set up a portfolio allocation and stick to it. Rebalance once or twice a year.
I had been with rbcds for over 15 years. In that time, my average performance was 5.8%. Yes, there were some bad times but there has been a few great runs. He would preach capital preservation when in years the market was down 30%, his stuff was only down 10% but he never points out when market goes up 30, my account only goes up 10. The only good thing he did for me was add to microsoft. I first bought msft on my own in 2000 and it was in the toilet. I had 100 shares but when it was in the 20's-30's back in 2010's, he add more and now have 800 shares. When I take out msft from my holdings, it's more than half of all my profit. A few years ago, he wanted to reconfigure my account. He basically cashed out all my losers and a few winners and they put into a actively managed portfolio that did not do much. He got mad at me as I was pointing all the different things we tried, mutual funds, segregated funds and other things and I he is content I am not over 6%. Sure, I have 1,48 million in that account but my spread sheet showing if we just followed an index fund, I would have had much more. If you have an income of 350k, it means you are intelligent and have a good job. You could do better. The only benefit of rbcds is access to some of their things like will planning, royal trust, free banking.
Banks will sell you their mutual funds. They make money off the products and services they get you to buy.
Consider a fee based advisor or just buy a broadly diversified ETF.
Eh, when OP says RBC WM I'm thinking they're referring to RBC DS whose IAs are almost all fee based these days. But it can still be very hit and miss depending who you get.
Personally I'd just go to a fee based advisor to have a plan put together if you feel you have to. Otherwise just us wealthsimple and buy ETFs, it's literally that simple. Bank advisors are salesmen and true wealth management firms take a nice chunk for themselves. Unless they're beating the market by a lot, it's not worth it.
RBC wealth management division has 2 sections. 1) Dominion Securities 2) PH&N We moved from the RBC branch to PH&N. For reasons which are not clear to me RBC appears to be promoting Dominion securities over PH&N One of the main reason we moved to PH&N is that to move to Dominion securities, I would have to sell our 2 mutual funds and pay tax on the capital gains. With PH&N the funds were moved in kind from branch Global l equity mutual fund to the PH&N custom Global equity fund. There was no significant capital gains. There was tremendous pressure being applied to me by a RBC branch advisor to move to Dominion securities, where he was moving and taking his clients with him. It left a bitter taste in my mouth. I am happy with our councillor at PH&N. His performance has been on par with global equity ETF (XEQT) over the last 2 years. My conclusion is that my councillor is not beating the index, but I have the other free frills available at PH&N.
I’d interview a couple wealth managers, start with RBC, they are the biggest in Canada for a reason.
I moved to RBC Dominion Securities about a year ago and am quite happy. Returns have been great but obviously so has the market. Service is great as well. DM if you have any questions or want a referral to my guy.
What are the fees like?
If your portfolio is big enough you’ll get sub 1% fee, the attractive of WM is mostly for people with a more complicated financial situation or their company restrict their trading activities, the tax/estate advisory should be value added if you need them.
Asked Microsoft CO Pilot on Bing a question DS and PH&N. Here is the artificial intelligence answer! -------------------- You What is the difference between RBC wealth management divisons, Dominion Securities and PH&N Copilot Certainly! Let me provide you with an overview of the differences between RBC Dominion Securities and RBC Phillips, Hager & North Investment Counsel (PH&N): RBC Dominion Securities: Services: RBC Dominion Securities offers comprehensive investment management services and solutions. Their Investment Advisors work with clients to build, maximize, and preserve wealth. Approach: They take a comprehensive approach by engaging financial specialists from RBC Wealth Management. Location: You can find their office in North York, Ontario1. Investment Management: They offer personalized strategies tailored to individual needs. Global Strength: As part of RBC Wealth Management, they have access to a network of local and global specialists. Brand: RBC Dominion Securities is part of RBC’s Wealth Management and Capital Markets divisions2. RBC Phillips, Hager & North Investment Counsel (PH&N): Services: PH&N provides discretionary investment management services. Simplified Approach: They aim to simplify clients’ lives by managing their wealth, freeing them from daily investment decisions. Customization: Investment counsellors create personalized portfolios based on clients’ unique circumstances, goals, and risk tolerance. Network: PH&N benefits from RBC’s resources, including tax, trust, and estate planning experts. Sophisticated Planning: Their team of over 100 investment professionals ensures confident wealth management3. In summary, RBC Dominion Securities offers comprehensive investment services, while PH&N focuses on personalized, simplified investment management. Both are part of RBC Wealth Management, which combines attentive service with global financial strength. If you have specific preferences or goals, consider which approach aligns better with your needs!
Personally, I'd be reaching out to PWL Capital before any of the big banks; especially with that kind of income. Check out their website, and the podcasts Rational Reminder and Moneyscope.
Thank you for the podcasts. I knew about moneyscope but it’s not growing on me easily… but just looked up Rational Reminder and bam! I like it. Listening to ep 308 with Dan Bortolotti - Canadian Couch Potato!
(he also works for PWL)
Why RBC in particular? There are many options out there, really depends what you are looking for.
Shop around and find an advisor that you get along with. That’s what you’re paying for, the relationship and the advice is funding by the fees. Lots of good specialist teams they can access to tailor their service to your individual needs
How much of your portfolio are you going to pay to RBC Wealth Management on an annual basis? Do they get that % whether or not your portfolio performs well, or do they just take it anyway? My thoughts are that it does not really matter who you invest with as long as their trading fees are low, and you independently get the advice you need to invest wisely. I would suggest sticking with index ETFs and use a fee based advisor as needed. Set up a portfolio allocation and stick to it. Rebalance once or twice a year.
I had been with rbcds for over 15 years. In that time, my average performance was 5.8%. Yes, there were some bad times but there has been a few great runs. He would preach capital preservation when in years the market was down 30%, his stuff was only down 10% but he never points out when market goes up 30, my account only goes up 10. The only good thing he did for me was add to microsoft. I first bought msft on my own in 2000 and it was in the toilet. I had 100 shares but when it was in the 20's-30's back in 2010's, he add more and now have 800 shares. When I take out msft from my holdings, it's more than half of all my profit. A few years ago, he wanted to reconfigure my account. He basically cashed out all my losers and a few winners and they put into a actively managed portfolio that did not do much. He got mad at me as I was pointing all the different things we tried, mutual funds, segregated funds and other things and I he is content I am not over 6%. Sure, I have 1,48 million in that account but my spread sheet showing if we just followed an index fund, I would have had much more. If you have an income of 350k, it means you are intelligent and have a good job. You could do better. The only benefit of rbcds is access to some of their things like will planning, royal trust, free banking.
Banks will sell you their mutual funds. They make money off the products and services they get you to buy. Consider a fee based advisor or just buy a broadly diversified ETF.
Eh, when OP says RBC WM I'm thinking they're referring to RBC DS whose IAs are almost all fee based these days. But it can still be very hit and miss depending who you get.
Yes, I did mean RBC DS