Stock Market: This New Rule for Advisors Should Turn You Off Investing With Your Bank

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Gordon Pape | September 25th, 2021The new "know your product" rule for financial advisors will see banks completely eliminate third party funds in favour of their own. Photo: Elijah-Lovkoff/GettyImagesYour bank is not your buddy You’ve had a savings account with Royal Bank (or TD, CIBC, or wherever) for years. You’re tired of the infinitesimal interest rate you’re receiving so you decide to do something about it. You ask the teller (yes, some branches still have them) what the options are. An RRSP? A TFSA? “Wait just a moment,” you’re told. “I’ll see if Ms. Smith is available.” A few minutes later, you’re escorted to Ms. Smith’s office. There’s a name plate on the desk, identifying her as a financial advisor. She greets you warmly, makes a little small talk, and then gets down to the serious business of how much you want to invest and what your goals are. She dutifully enters all this information on her computer, asks a few more questions, and then push
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