Author Topic: Breaking up with my financial advisor... thoughts on TD waterhouse ?  (Read 4258 times)

daizy744

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Hi,

I currently have my Cdn RRSP investments with a brokerage firm, and I'm breaking up with my advisor and moving everything to a self-directed account. I'm seriously considering TD waterhouse. I plan to hold some EFTs (Vanguard Canada ones!), keep some of the preferred and energy shares that I currently have, and invest in the TD e-series mutual funds.

My advisor hasn't done much for me in the last year or so, and I'm punching myself in the face for paying the % commission on my account.

Anyone have experience with TD waterhouse? Or any other recommendation for a Canadian brokerage firm?

TD has the following to offer, which I think is pretty standard for the investment amount (around $175K) that I"m transferring:
- they will pay my transfer out fees
- $9.99 per trade
- no annual fee
- I can keep and transfer all the stocks and EFTs that I currently hold in kind

Thx! :-D


pepper

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Re: Breaking up with my financial advisor... thoughts on TD waterhouse ?
« Reply #1 on: October 02, 2012, 06:36:42 PM »
I haven't any direct experience with TD Waterhouse but I have used RBC Action Direct for many years.  All of the discount brokerages have improved a lot over the years so you probably would be happy with TD but there are lots of other options as well.

I don't think what they are offering is anything unusual.  In my experience most will pay transfer fees when transferring from another institution.  As long as you have a significant amount invested (over 25k or so) they will waive any annual fees and 9.99 per trade is pretty standard for large holdings as well.

If you are interested in comparing, globe investor does a survey of Canadian brokerages each year and ranks them.

http://www.theglobeandmail.com/globe-investor/qtrade-keeps-its-lock-on-no-1-in-globes-annual-survey/article554611/
« Last Edit: October 04, 2012, 11:15:54 AM by pepper »

danzabar

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Re: Breaking up with my financial advisor... thoughts on TD waterhouse ?
« Reply #2 on: October 02, 2012, 07:53:17 PM »
I've had excellent experiences with td e-series accounts, since you're better suited for an etf I think you'll be happy with td brokerages.

jpo

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Re: Breaking up with my financial advisor... thoughts on TD waterhouse ?
« Reply #3 on: October 03, 2012, 06:59:03 AM »
I switched over to TD Ameritrade a few years ago and am happy with them. Their customer service has been excellent. Not sure if it's the same on the Canadian side.

kdms

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Re: Breaking up with my financial advisor... thoughts on TD waterhouse ?
« Reply #4 on: October 04, 2012, 10:22:26 AM »
I've just begun researching discount brokerages, and the article mentioned above mentioned Qtrade...apparently their main advantage is due to their consistent willingness to match other brokerage offers, and they've matched everything TD is offering.  You may want to take a look at them as well....:)

« Last Edit: October 04, 2012, 10:30:43 AM by kdms »

daizy744

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Re: Breaking up with my financial advisor... thoughts on TD waterhouse ?
« Reply #5 on: October 04, 2012, 11:22:40 AM »
Thank you pepper for the link to the article.
It's between QTrade and TD Waterhouse now.

Norman Johnson

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Re: Breaking up with my financial advisor... thoughts on TD waterhouse ?
« Reply #6 on: October 04, 2012, 12:34:05 PM »
I like TD. I believe CanadianCouchPotato has some articles on choosing a self directed account. He's Canadian and pretty up to date.

jd

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Re: Breaking up with my financial advisor... thoughts on TD waterhouse ?
« Reply #7 on: October 14, 2012, 10:22:02 AM »
I have most of my investments with TD Waterhouse.  I like the fact that I can instantly transfer money to/from my TD bank account.  The thing that annoys me the most is that they do not have a USD RRSP account.  They do have a convoluted system that allows you to hold USD in your RRSP using the TD US Money Market fund.  When you buy or sell US stocks, then the money can go to/from this fund, which works OK.  However USD dividends are automatically converted to CAD at a poor rate; I may move my RRSP account to RBC for that reason.