I'm a new financial advisor (actually the role will be called Banking Advisor soon since I don't have my retirement courses done) for Scotiabank right now, and I am looking to the quit soon. Definitely agree with you on the whole "shady" part. I haven't sold a mutual fund yet as I'm still new, and I refuse to sell mutual funds under the guise of "doing what's best for the customer." Mutual funds don't do as well and it's hard to beat the market even for professionals yet you still have to pay a huge fee regardless if your MF does well. So why pay higher fees for subpar results. You're better off with an index fund or an ETF that tracks the market because 1) you're likely to make a better return, and 2) you pay less fees which, again, gives you a better return lol. If i had the freedom to do so in my job, I would recommend customers to skip MFs but ofc I'm not allowed lol..
@valveman12 Жыл бұрын
I have both Canadian and US stocks in my RRSP. I use *Norbert's Gambit* to buy US stocks so I don't have to pay the fees for exchanging CDN for USD. Recently I bought TD in my Canadian Dollar RRSP and then used those shares to buy TD US stock. No fees other than the fee to buy the shares initially. I recommend everyone use Norbert's Gambet when buying US stock.
@WealthAwesome Жыл бұрын
Thanks! I have an article about that on my blog: wealthawesome.com/noberts-gambit-questrade/
@Lordbloodwolf73 жыл бұрын
Excellent video! Thanks a ton for the info!
@WealthAwesome3 жыл бұрын
Thanks, I'm glad you liked it!
@fbithug53 жыл бұрын
Keep up the content!
@WealthAwesome3 жыл бұрын
Thanks!!
@chanpreetsingh648Ай бұрын
Nice work Keep up 👍
@yourportlandlifestyle2907 Жыл бұрын
Appreciate your insider perspective. Hopefully people will watch your video... excellent! And I do want to say wall street brought their fees to some ETFs also. That shows up in actively managed, meaning the high amount of trades and higher fees.
@WealthAwesome Жыл бұрын
Well said!
@matthewguzman71073 жыл бұрын
Great Content! I'm learning a lot from your videos
@WealthAwesome3 жыл бұрын
Glad to hear it!
@anthonydietz81263 жыл бұрын
Great content thank you for sharing
@WealthAwesome3 жыл бұрын
Glad you enjoyed it!
@juiceboxerman3 жыл бұрын
If you have a TFSA through a major Canadian bank can you invest in stocks & ETF's instead of their mutual funds?
@WealthAwesome3 жыл бұрын
Hey Joe, yes you can, but only through their online trading platform, not at the bank branch, and you have to learn it yourself to buy ETFs and stocks. So for example, if you're with TD, you can use TD Direct Investing. I would recommend Questrade or Wealthsimple Trade though if you decide to go this route. Check out my review on the best trading platforms here: kzfaq.info/get/bejne/qd6qjat6vM3Xe4E.html
@marrzz112 жыл бұрын
hello very helpful video. I want to close my account with he bank for TFSA MUTUAL FUNDS how do I go about doing this please thank you
@WealthAwesome2 жыл бұрын
I would recommend transferring in kind to another brokerage such as wealthsimple trade, then you can sell it there and buy whatever you want. Get a $50 signup bonus here: wealthawesome.com/recommends/wealthsimple-trade
@livelearnlove9086 Жыл бұрын
It happened to me and I deal with TD Bank
@jimmyed15562 жыл бұрын
5 STARS VIDEO THANKS
@WealthAwesome2 жыл бұрын
Glad you liked it!
@Jay-vr9ir2 жыл бұрын
Co -Vid came and I lost $3000 in 1 month in my mutual fund . The bank told me don't worry , it will come back . Come back , with the thousands of dollars that I lost ??? NOT !!!!!
@johnwicked49822 жыл бұрын
same thing here.I am thinking of withrawing my money. And just try the wealth simple
@KyleBaran903 жыл бұрын
Even without the management fee, mine is only hitting a 2.2% YOY return (almost 3% during 2020). Disappointing.
@WealthAwesome3 жыл бұрын
Is that from a mutual fund? Yeah that's a pretty bad return given the strength of the market in the last year.
@KyleBaran903 жыл бұрын
@@WealthAwesome Yup! Self directed I hit maybe 24% YOY or so? I got lucky on a few trades. I went with Questrade because they had the lowest fees, and looking at how high the fees are for my mutual fund (TD), I'm probably going to scale back my monthly contribution significantly.
@aliman11462 жыл бұрын
@@WealthAwesome Come on. If you're as smart as you say then at least acknowledge that there are different types of funds. Maybe this guy has a bond fund or something that is naturally not going to get great returns or high returns. Stop with the irresponsible "mutual fund". I have mutual funds that have averaged 18% plus over the last 20 years. Good years, bad years different cycles different types of funds. You are so irresponsible in your comments. Also, just having a self directed RRSP isn't going to get a 24% return. That is just stupid gross misinformation. A specific investment will do that but that investment will do the same 24% inside an RRSP or TFSA or non registered account. I can't believe the level of stupid uninformed comments here and you don't correct anyone.
@RenoValay2 жыл бұрын
@@aliman1146 yeah you’re totally right. These seem to be more opinions more that actual facts. If you’re going to a bank expecting to out perform the market then idk what to tell you. This video is kind of misleading.
@tramiamarie Жыл бұрын
Do you have a video on how to get out of a mutual fund if you already invested with a bank? Will i lose money if i withdrawl everything now? It’s been 1-2 years
@SJ-jv9kc2 жыл бұрын
What do you think about seg funds (vs. mutual funds)? Do the guarantees make the fees worth it?
@WealthAwesome2 жыл бұрын
I dislike seg funds even more than mutual funds, because of how often they are abused by people who sell them. The "guarantees" aren't guarantees of returns, and the even higher fees are outrageous (3% plus per year sometimes!) . It's good mainly for two things: bypassing probate when doing estate taxes, and protecting against creditors. I would recommend ETFs over mutual funds, and mutual funds over seg funds in most situations.
@evanchan522 жыл бұрын
Really cool video. Thank you! Can you recommend some great platforms to buy U.S Stocks with flexibility?
@WealthAwesome2 жыл бұрын
Thanks! Questrade has a US Dollar account and flexible rates. You can also look at National Bank Financial but FX rates are a bit high.
@Beardyvlogger3 жыл бұрын
Great video Chris! I just recently started trading with wealth simple after years of just investing in mutual funds and RRSP's. This is what I needed to hear :) Also didn't we go to high school together? 👀
@WealthAwesome3 жыл бұрын
Hey great to hear about that! Wealthsimple Trade is a good choice. I'm glad you like learning about investments. I'm not sure, did we? What high school did you go to?
@Beardyvlogger3 жыл бұрын
@@WealthAwesome Ross. Sheppard. You look familiar.
@sithakhounborinh51813 жыл бұрын
Are you still with the mutual fund and wealth simple? I just open wealth simple too but scared to invest in them as I have one with scotia bank right now
@Beardyvlogger3 жыл бұрын
@@sithakhounborinh5181 yep still with wealthsimple. Love it!
@redKheld2 жыл бұрын
I am looking to transfer my BMO mutual funds from my RRSP and TFSA to Questrade. I don't think these portfolios are allowed to be transferred "in-kind", so is it safe to transfer these liquidated "in-cash" without inferring a lot of fees or penalties? I am not performing any withdrawals, these will be transfers. I just want to make sure I'm not losing thousands of dollars just moving it over. Even though I really really want to move them out of these mutual funds.
@WealthAwesome2 жыл бұрын
That should be ok, double check with Questrade though before you do it!
@cobblerq1 Жыл бұрын
Since this comment was made. Did you transfer your funds all over to Questrade? Were there any fees from BMO?
@JoeSmith-pu9hi3 жыл бұрын
What do you think of RBC div fund series D?
@WealthAwesome3 жыл бұрын
Looking at it's info, it doesn't impress me. It has average performance, and still a pretty high MER at 1.05% per year. See here: www.rbcgam.com/en/ca/products/mutual-funds/RBF1014/detail
@rachel08nava3 жыл бұрын
Can i invest in ETF through rrsp? I have RRSP and not sure where to invest it. Thanks
@WealthAwesome3 жыл бұрын
Yes, you can invest in ETFs in your RRSP, and TFSA!
@davidbanh19052 жыл бұрын
What do you think of the BMO U.S Equity fund?
@WealthAwesome2 жыл бұрын
The M.E.R is insanely high at 2.49% a year, so I don't like it
@jayde2649 Жыл бұрын
I have mutual funds in my RRSP account that my financial advisor has invested for me but I'm looking to transfer my funds out into a DIY brokerage. What should I do with my existing mutual funds?
@WealthAwesome Жыл бұрын
The best option is to transfer in kind if possible. Speak to the brokerage for exact steps and options - many have excellent support
@PatrykEspinosa3 жыл бұрын
I think index funds which allow you to broadly invest in the entire market are a great idea particularly TD E series which have MERs of 0.28%. What are your thoughts on these?
@WealthAwesome3 жыл бұрын
Yeah I am a big fan of these for their simplicity, but 0.28% is a bit high. Check my picks for the best all-in-one ETF portfolios, you can see my video here about it: kzfaq.info/get/bejne/j7CVa8ujm6_bcnU.html
@rosheenodonnell6769 Жыл бұрын
I hate mutual funds! I want to get my money out of the mutual funds I do have & the best way to do this? Can I role them into something else? Are breaking them out before they mature really that bad?
@WealthAwesome Жыл бұрын
Yes you can put them into something else. They don't mature, but if you sell you might have to pay taxes on them so that's something to consider.
@lawrence01013 жыл бұрын
Thank you for the video and sharing your opinion about Mutual Funds. I myself have invested in a few Mutual Funds through a direct investing platform and my selection of these funds is based on their 10 to 15 year performance which have all shown to beat their benchmark indices consistently. I am not a big fan of mutual funds, but I also do not believe ETF is a great alternative. All ETFs are market index funds, which means they give you the market perfomance. Also, there are considerable fees (MER) associated with ETFs too in Canada compared to the ones in the US. Also, when you talk about fees, what do you mean by "paying these fees"? If you are talking about MER, then isn't the NAV already a net value after deducting the MER? That's the price you would pay indirectly to get the selection of equities to outperform the market. So nobody actually "pays" any fees. The performance of a fund is after the fee has been taken out everyday. Isn't that correct? I am also keeping asset allocation portfolio ETFs such as VEQT and XEQT in my radar and may switch to them if I feel my mutual funds were not the right ones, in another 2 years.
@WealthAwesome3 жыл бұрын
ETFs are undeniably less expensive than mutual funds. You do "pay the fee," basically it's deducted before the returns are given to you. There is a mountain of evidence that shows on average mutual funds do NOT beat the market, mostly because of these high fees. See this unbiased research paper by S&P for more info: www.spglobal.com/spdji/en/documents/spiva/spiva-canada-scorecard-year-end-2020.pdf
@lawrence01013 жыл бұрын
@@WealthAwesome I do not understand the basis of saying "expensive". The performance of both ETFs and Mutual Funds are after the "fee" is removed, therefore, the only basis for comparison should be the performance. If an ETF has 0.25% MER and a Mutual Fund has 2.5% MER, it really does not matter if you choose a mutual fund that has outperformed the ETF, after deduction of fees. That is how I have chosen my mutual funds. Yes, the MER for a mutual fund is higher because people actually work to select equities, whereas an Index ETF is a computer algorithm that is once set and forgotten. The MER is not "paid" by the customer. The MER is removed from the returns of the equities that form the fund, isn't it? The only fees that would be paid by the customer are front/back loads, sales charges and commissions, which should be completely avoided. Now, I agree that there is a risk factor in mutual funds, the risk that the fund manager may not perform the same in the future. A fund that has outperformed a similar ETF in the past may underperform the same ETF in the future. That is the only reason I have a few asset allocation ETFs in my radar, to transfer from my mutual funds into these ETFs or just 1 asset allocation ETF.
@Unshackled-drive2 жыл бұрын
@@lawrence0101 Could you please share some mutual funds code that you recommend? I am also looking to invest in mutual funds due to their convenience of automatic purchase which is not available in ETFs. Also do you know any good S&P 500 mutual funds. Thank you
@aliman11462 жыл бұрын
@@Unshackled-drive I have a mutual fund with an MER a tad over 3%. Oh my God. Even so, since 1997 it has given me an average return almost 21% while the index would have given me 8%. I'll pay my 3% MER to get 20 plus % and you can keep your low fee index fund and earn 8%. Also, mutual funds were not created to beat an index or to compete with an index. Apples and oranges.
@gtw888tq Жыл бұрын
@@aliman1146 what is the name of this mutual fund where you are averaging 20%+ gains every year since 1997? I would like to study this mutual fund and look at the data to see if this is true. Without evidence, you could claim anything you want. That is, I could claim I am invested in a mutual fund since 1988, where I am averaging 45%+ gains every year while paying 5% MER. Do you believe me? I don’t believe you either. If what you say is true, show me the proof! State the name of your mutual fund, and I will go look at your funds past performance, and see if what you claim is even remotely true. I strongly doubt it !
@stephiivlogs3 жыл бұрын
I realized I made a mistake investing my money on mutual funds. Can I still withdraw my money?
@WealthAwesome3 жыл бұрын
Hey Stephanie, yes you can sell the mutual fund and invest in something else. It takes a couple days usually to sell the fund.
@stephiivlogs3 жыл бұрын
@@WealthAwesome Thank you. I am learning so much from your videos. Will I be charged by the bank if I withdrew it? Thank you
@Teslawalter3 жыл бұрын
I switched out a lot my MFs for ETFs.
@WealthAwesome3 жыл бұрын
That's great, I hope this helped!
@paramvirkhurana033 жыл бұрын
I am sorry my friend there is a lot of misinformation in this video. I assure you of you speak with me in person I can clarify a few more of your doubts. Thanks.
@WealthAwesome3 жыл бұрын
Thanks for sharing
@NatePolmateer3 жыл бұрын
index funds are the way to go as far as mutual funds go. completely agree otherwise! Great job Chris!
@WealthAwesome3 жыл бұрын
Thanks Nate!
@levedia3 жыл бұрын
Dave Ramsey says its good and you can get 10% in return lol