Author Topic: Small Bank "investments" everywhere. How to clean up this mess?  (Read 1539 times)

K-ice

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Does (or did) anyone else have a bunch of small investments everywhere?

What I am talking about is $1000-$5000 in RRSPs (kinda like a 401k or IRA) at the bank(s) that are in whatever I purchased based on the "advisor" that year. 

In my 20's all I knew, as a perpetual student, is that I should not amass debt and I should save something. So I did and made very cautious GIC (like a CD usually 5y) investment decisions.

The last ~5 years has been aggressive mtg pay-off!  Double-down, annual top-up & Bouya! Now mtg free, I think that was the best decision since I suck(ed) at “investing”.  There were of course a few more dinky RRSP/TFSA (401k/RothIRA) contributions as I got that Feb 20th guilt every year. After finding MMM and couchpotato I am ready to really invest.

saving  ≠ investing

I am now learning the ways of Vanguard etf and know what a MER is. I have a Direct investing account and plan to do my own work.

I basically have 12 little things at 3 banks. RRSP, TFSA, Un-reg, containing GIC, mutual funds, stocks, cash totaling ~50K

It is frustrating waiting for these things to mature and then the costs are $100 to move an RRSP to another bank. Although I would like to simplify, paying $100 to move $1000, or even $5000, seams face punch worthy.

I hope I am not the only person with this "problem" and I would love to see how others have dealt with this.

I say "problem" because I have always known these funds are here but inflation has probably been eating at most of them. On the positive side, adding them all up is better than finding $20 in your winter jacket in October :)

« Last Edit: July 23, 2015, 04:40:29 PM by K-ice »

Heckler

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Re: Small Bank "investments" everywhere. How to clean up this mess?
« Reply #1 on: July 23, 2015, 08:35:40 AM »
Ouch.  Cut your losses and consolidate into your best account for your plan.  Think long term, not today.

Moving from say, BMO mutual funds to a BMO Investorline self directed should not cost you anything.

PharmaStache

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Re: Small Bank "investments" everywhere. How to clean up this mess?
« Reply #2 on: July 23, 2015, 03:12:07 PM »
Ask the place you are moving them all to if they will pay some/all of your transfer fees.  They should for larger amounts, and it never hurts to ask!

K-ice

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Re: Small Bank "investments" everywhere. How to clean up this mess?
« Reply #3 on: July 23, 2015, 03:26:58 PM »
Thanks for the tips.

I was hoping I would find someone else with this issue.

But I guess they are:

a) organized and long ago figured out how to invest.
b) in too much debt, or spent every penny so no little contributions every year.
c) not willing to admit it, or don't see the problem.

It's not quite like my hair is on fire but I plan to kind of snowball this issue and roll the two matured cash ones into Vangard soon.

MDM

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Re: Small Bank "investments" everywhere. How to clean up this mess?
« Reply #4 on: July 23, 2015, 04:19:49 PM »
I was hoping I would find someone else with this issue.
You may want to change the thread title to include "Canada" or "Canadian" and thus attract people more knowledgeable in deciphering "RRSP, TFSA, Un-reg, containing GIC" and the implications thereof.  Good luck!

K-ice

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Re: Small Bank "investments" everywhere. How to clean up this mess?
« Reply #5 on: July 23, 2015, 04:27:54 PM »
I was hoping for a wide net since some Americans must have similar issues. But I'll make it a bit clearer.