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Baronjutter posted:Babby's First e-fund update: Pretty sure that is not what you want. Ask a person at TD to open a mutual fund RSP, then call TD and have it converted to an e-series account. It's a bitch for tellers to set up e-series accounts so it's kind of a thing you have to do over the phone.
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Sep 10, 2014 00:26
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You can absolutely buy e series funds in your Waterhouse webbroker account, but if you're going to set that up you should just buy ETFs. They have even lower MERs than the eseries funds.
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Sep 10, 2014 01:19
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Kalenn Istarion posted:You can absolutely buy e series funds in your Waterhouse webbroker account, but if you're going to set that up you should just buy ETFs. They have even lower MERs than the eseries funds. That Waterhouse account will rape him in annual fees if he only invests 2500, though. It's $100/year for less than 25k in assets.
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Sep 10, 2014 01:22
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To distill it down to as simple as possible - TD Waterhouse = account fees TD Bank = no account fees, but a bit of paperwork to do / hoops to jump through. You can't get e-series funds in a TD Mutual fund TFSA/RRSP until you mail in a form requesting them; so when you open either kind of account at TD Bank, you have to buy some regular-MER mutual funds. Then when you get home, print off the form, sign up for self managed investing, and then after 30 days, switch them to e-series. C... fucked around with this message at 01:35 on Sep 10, 2014 |
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Sep 10, 2014 01:32
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TD Waterhouse waives the fees if you have more than 25k though. Does that have to be in the same account, or is that your total portfolio? Like if I have 20k in a LIRA and 20k in RSP, do I have to lay the hundred bucks a year?
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Sep 10, 2014 01:35
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C... posted:To distill it down to as simple as possible - My bank lady had my LIRA funds sent directly to a Money Market fund and that didn't seem to have a 30 day wait condition, but your assessment looks right to me.
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Sep 10, 2014 01:44
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It's less painful to just open a Waterhouse account(s). You can start buying eSeries funds as soon as you've transferred in your cash. No account conversion applications necessary. If you're opening an RRSP, just make sure it's the Basic RSP, and not the Self-Directed RSP. It's a $25/year fee and you can buy only mutual funds (including eSeries) in the Basic RSP account. For the SDRSP, it becomes $100/year, though you can buy ETFs and stocks (*Hint: open a Questrade account when you're at that stage). The fee is per account, I think. I had my TFSA maxed at $31k, but still got charged for my RSP. Not sure if having a LIRA and RSP is any different, but you should ask TD. I spent a couple months in limbo trying to open an account through mail-ins and online applications until TD phone support just said gently caress it, go to a branch, which took about an hour of sitting with the advisor (and that included opening a chequing account and signing up for credit cards in addition to a Waterhouse RSP and TFSA). YMMV, as always. chang with a k fucked around with this message at 01:51 on Sep 10, 2014 |
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Sep 10, 2014 01:47
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So should I cancel this waterhouse appointment and try to... ask harder at the TD bank? I'm getting conflicting which is paralyzing me. These are the sort of mixed signals and "don't do this or fees will kill you" "no do this its better!" stuff that gets me really flustered. My end goal is to have some simple e-series like couch potato recomends (i think?) mutual funds that I can more or less forget about in a TFSA. If I'm starting with $2000, $100 fee is going to kill me. But in the end I would like to have well over 100k in there, but I need to prove it's better and just as safe as Manulife to my wife. Weird fees or surprise charges or taxes will ruin that experiment. Baronjutter fucked around with this message at 04:21 on Sep 10, 2014 |
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Sep 10, 2014 02:56
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Baronjutter posted:So should I cancel this waterhouse appointment and try to... ask harder at the TD bank? I'm getting :alarm:conflicting info:alarm: which is paralyzing me. These are the sort of mixed signals and "don't do this or fees will kill you" "no do this its better!" stuff that gets me really flustered. Either go with a mutual fund account converted into an e-series account, or go with ETFs at Questrade or something. Don't use TD-W with a small account.
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Sep 10, 2014 02:58
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TD is an absolute nightmare to set up an account with. They make you jump through all kinds of hoops with phone interviews, in person meetings, getting all kinds of web broker access ID's...ugh, they are brutal. Other brokers are able to set up you up almost instantaneously online (Questrade, IB), I don't know why TD is such a pain. I haven't set up an account at any of the other big banks though, so maybe they are all that way.
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Sep 10, 2014 03:13
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Baronjutter posted:So should I cancel this waterhouse appointment and try to... ask harder at the TD bank? I'm getting :alarm:conflicting info:alarm: which is paralyzing me. These are the sort of mixed signals and "don't do this or fees will kill you" "no do this its better!" stuff that gets me really flustered. Yeah don't tell the branch your eseries goal, you'll only confuse them, just open up a mutual fund TFSA with 2500 bucks in a money market fund, then convert it to eseries over the phone. I think they misunderstood you when you said "self directed".
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Sep 10, 2014 03:15
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Kal Torak posted:TD is an absolute nightmare to set up an account with. This is why I went with questrade and it turned out to be the better deal IMO. Also I'm about to drop  for a domain to make mrmoneymoose dot com. My wife is going to be away next week so I can sperg out for a few days and see how much HTML I remember from the late 1990s :iamafag:
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Sep 10, 2014 03:24
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Guest2553 posted:This is why I went with questrade and it turned out to be the better deal IMO. Yeah, honestly Questrade & ETFs is superior to TD and e-series IMO. But that's just me. And you may want to just get hosting that allows wordpress. Would be way easier than trying to remember code from 20 years ago.
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Sep 10, 2014 03:37
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I have some goonhosting which does support it, and the domain is available, but damned if I didn't actually save my password and security response in my password manager. Oops! e. spoke to soon, remembered it after all. Okay I bought the domain, https://www.mrmoneymoose.com is a thing now yay. I hope hackers didn't steal my banking info over the hotel wifi! Olive Branch posted:Just wanted to repeat this again. A great basic resource for us newbies! Keep asking the questions - I'll try to incorporate as much of them as I can on my site to reduce the asspain! Guest2553 fucked around with this message at 05:50 on Sep 10, 2014 |
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Sep 10, 2014 03:41
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revtoiletduck posted:This is a great thread. I really appreciate the people who ask very basic questions and the other people who take the time to answer them thoroughly. 
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Sep 10, 2014 03:53
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Guest2553 posted:e. spoke to soon, remembered it after all. Okay I bought the domain, https://www.mrmoneymoose.com is a thing now yay. I hope hackers didn't steal my banking info over the hotel wifi! Nice. I'm looking forward to reading this. I've been following this thread on and off but haven't been able to get my head around everything to work my finances a bit harder.
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Sep 10, 2014 14:52
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If TD is being finicky, are there any reasons it shouldn't just open a Questrade account? I'm fairly knowledgeable when it comes to investing, but I can't be arsed to min/max everything and spend hours managing my poo poo, hence why my original plan was to just stick everything in an e-series. Right now TD online seems broken for new accounts sign up. Although I just moved to a new city so I should probably just get a new bank account.
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Sep 11, 2014 01:13
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FrozenVent posted:If TD is being finicky, are there any reasons it shouldn't just open a Questrade account? Well it's not really that difficult, but it may also be really finicky.
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Sep 11, 2014 01:25
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When did TD Waterhouse start charging? I set up a non-registered account there in I think 2006, never had more than $14k in there and wasn't charged fees. I know commissions used to be higher though.
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Sep 11, 2014 01:28
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tuyop posted:Well it's not really that difficult, but it may also be really finicky. Finicky refers to the bullshit about not opening the account you want in the first place, and not being able to do most of it online. There's a TD place next door to the office, I could go on my lunch break. At the same time, I've been with Desjardins since before I had a social insurance number so even though their insurance and investment products are poo poo, I don't know, I'm attached to them. Kick rear end credit cards and saving accounts (1.5%!), though.
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Sep 11, 2014 01:32
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Don't be loyal or exclusive to your banks, people. It's a costly decision.
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Sep 11, 2014 01:57
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FrozenVent posted:If TD is being finicky, are there any reasons it shouldn't just open a Questrade account? With TD, you can't open an investment account online. You have to call them to make an appointment. Then you have to go meet them in person. Then you have to wait. And wait. Then you might get a connect ID and access code. But you probably won't, so then you have to call them to get one. It's not overly difficult, just annoying and more work than is really necessary.
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Sep 11, 2014 02:03
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FrozenVent posted:Finicky refers to the bullshit about not opening the account you want in the first place, and not being able to do most of it online. You know, I have some really good friends, people I see very often and care about deeply. I wouldn't give any of them tens or hundreds of thousands of dollars for pretty much any reason, especially not just because it's my habit and some kind of nostalgia, especially not when that money isn't going to bring me any value at all. I know that's not you and you're a smart consumer who minimizes the amount of money that you pay people for doing nothing, but the whole "my bank is my people" attitude is very common.
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Sep 11, 2014 04:14
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This kinda segues into what I was gonna post  Here are a couple quick rough drafts of content I was gonna add to moneymoose. I want to have it FAQ-style, answering general questions (eg., "What is the stock market and how does it work", "What is a registered account") while keeping responses short, easy to read, and legitimate-ish-ly sourced. If you have any critique over writing style/readability/content please let me know. I'm trying to make it as simple to understand as possible and somewhat engaging which is hard because I was tragically born without a personality. Thanks :iamafag: quote:Your money works harder than you do quote:When should I invest? Some of this is general info I'll cover canadian specific stuff when I talk about registered accounts and brokerages and the like. Guest2553 fucked around with this message at 05:13 on Sep 11, 2014 |
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Sep 11, 2014 05:07
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toe knee hand posted:When did TD Waterhouse start charging? I set up a non-registered account there in I think 2006, never had more than $14k in there and wasn't charged fees. I know commissions used to be higher though. They don't charge on mine either, just the trade fees (which don't apply to eSeries anyways). Honestly my experience with TDW is nothing remotely like what people in here are describing.
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Sep 11, 2014 06:25
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I'm not aware of any fees with my TDW account beyond the MER I pay for my eSeries funds that I've purchased. The MER is higher than buying ETFs with Questrade, which is why I'm planning to move to Questrade. TDW was indeed a pain in the rear end for me to setup, because of the in-person meetings required. And the waiting. My god the waiting.
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Sep 11, 2014 16:00
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melon cat fucked around with this message at 04:13 on Mar 16, 2019 |
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Sep 11, 2014 16:48
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I accidentally referred to index stock and ETF investing as "passive-aggressive investing" the other day. I can't but feel it's an accurate term. "Yeah, I'll just invest in everything, and give absolutely no shits about it for years on end, don't even care."
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Sep 11, 2014 21:59
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Olive Branch posted:I accidentally referred to index stock and ETF investing as "passive-aggressive investing" the other day. I can't but feel it's an accurate term. "Read these books and spend a few hours opening some accounts. Or don't. Whatever. It's your funeral (money)."
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Sep 11, 2014 22:03
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Went to my TD Bank appointment, got a lady who's been working there 30 years and knew her poo poo. Instantly knew all about their e-series stuff and filled out all the paperwork along with setting up the account. Gave me some advice, said she'd help with anything as well as help assure my wife. Went over why using a "guy" for mutual funds is pretty much throwing your money away and confirmed that although I won't be making the bank much money, I'm absolutely doing the right thing and she's salary. She also said due to the amount we'll be potentially investing she'll make an appointment with one of their "guys" who is non-commission and just generally go over everything I need to know to get my e-series funds going and optimize everything for taxes/retirement and make transferring over my TFSA smooth. She had even heard of canadian couch potato! Good signs? Am I on the right track?
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Sep 13, 2014 00:36
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Baronjutter posted:Went to my TD Bank appointment, got a lady who's been working there 30 years and knew her poo poo. Instantly knew all about their e-series stuff and filled out all the paperwork along with setting up the account. Gave me some advice, said she'd help with anything as well as help assure my wife. Went over why using a "guy" for mutual funds is pretty much throwing your money away and confirmed that although I won't be making the bank much money, I'm absolutely doing the right thing and she's salary. She also said due to the amount we'll be potentially investing she'll make an appointment with one of their "guys" who is non-commission and just generally go over everything I need to know to get my e-series funds going and optimize everything for taxes/retirement and make transferring over my TFSA smooth. This sounds like the most positive meeting with a person who works for a bank that I can imagine. Good job!
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Sep 13, 2014 00:47
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tuyop posted:This sounds like the most positive meeting with a person who works for a bank that I can imagine. Good job! This! Everything went better than I could have imagined. Well done dude
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Sep 13, 2014 01:08
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tuyop posted:This sounds like the most positive meeting with a person who works for a bank that I can imagine. Good job! I agree. That's insane. I hope she's a rich lady. Sounds like she should be unless she just learned all that information recently.
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Sep 13, 2014 01:17
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She had one of those apparently popular charm necklace collector things just LOADED with charms and those are apparently super expensive so she's clearly doing well for her self.
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Sep 13, 2014 01:25
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I wonder if she's like a good personal finance inside guy who just steers people away from fear and ignorance and poverty toward sound financial advice all day long. "No, ma'am, you do not want our 'high interest' TFSA savings account offering a three-month introductory rate of 1.5% because inflation is historically around 3% so that account is only slightly better than putting your paltry savings under a mattress. What you want is to set up an e-series TFSA and RRSP that automatically transfer 10% of your income into an allocation of securities and bonds based on your age and expected retirement date. I've completed those forms for you, please sign here and come back when you get a raise and we'll raise the transfer so that your lifestyle doesn't inflate. You won't even notice the withdrawals after the first three months, don't worry!" "Yes sir I know that you want that car loan so that you can buy a 2014 Civic, but instead I've drawn up the difference in rent based on the address you gave us for your employer and home and found that you won't need a car if you move ten minutes East of your current place and the rent is also $200 less a month and you get an extra 150 square feet and a balcony. Heating and water are included. I've set up a meeting with the new landlord for you so you can see the place. This decision will save you about fifty thousand dollars over the lifetime of the loan that you may have gotten." "Alright you two, I know you just got married and money is tight but you can't have a credit card to buy more useless plastic noisemakers so that you don't have to look at each other. Make do. Goodbye!"
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Sep 13, 2014 01:41
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"I'd like to open a HELOC." "Hahahahahahaha" "So... do you have a form I can fill out?" "No, please leave now." "Fine, but I'm going to RBC!"
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Sep 13, 2014 01:48
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Baronjutter posted:Went to my TD Bank appointment, got a lady who's been working there 30 years and knew her poo poo. Instantly knew all about their e-series stuff and filled out all the paperwork along with setting up the account. Gave me some advice, said she'd help with anything as well as help assure my wife. Went over why using a "guy" for mutual funds is pretty much throwing your money away and confirmed that although I won't be making the bank much money, I'm absolutely doing the right thing and she's salary. She also said due to the amount we'll be potentially investing she'll make an appointment with one of their "guys" who is non-commission and just generally go over everything I need to know to get my e-series funds going and optimize everything for taxes/retirement and make transferring over my TFSA smooth. I'm astonished this worked so well. Congrats.
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Sep 13, 2014 03:12
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I've been following the thread and it has inspired me to as well sign up for TD e-series and have an appointment booked at my branch next week. A few questions for you guys though that are borne out of my relative ignorance about the subject. TD e-series are usually mentioned here with TFSA, but can I also use my RRSP contribution and invest it like this as well? I am currently putting the 18% into my company RRSP, but 8% of that are funds that I am free to redistribute (the other 10% has to stay with GWL, 5% company match). If so I will get the value of my voluntary contributions put towards purchasing these funds rather than continuing to pay into GWL. Secondly, I am trying to do an MER comparison of future value, but from RRSP usage. I've found a few calculators online, but my father is planning to retire soon, and I feel like he would be squandering a large portion of his savings by continuing to pay these fees for what amounts to very little gain. I guess I want to encourage him to invest in something with a low MER (and of course very low risk) to make his RRSP value last as long as possible. From my thinking on a 15 year retirement time scale 1.5% extra MER could cost you a hundred thousand or so with the amount he has saved (probably close to 600,000 as an initial investment amount if you would call it that). That accounts for 3 or 4 years of retirement at the numbers you are going to be withdrawing from the RRSP (to avoid the higher tax brackets). Can't seem to find anything that will let me compare it accurately however. Also, am I correct in assuming that for these calculators where it asks your average rate of return as a percentage if I were as a thought experiment want to compare two potential investments with the same return but different MER I would subtract the MER from the potential gain? Say if I wanted to go with 4% annual ROI and compare a 2% with a .5% I would use 2% RoR for one and 3.5% RoR for the other? Like in this calculator http://saviifinancial.com/seg-funds/m-e-r-fee-calculator/ flashman fucked around with this message at 00:22 on Sep 14, 2014 |
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Sep 14, 2014 00:18
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I don't know about your dad question, except that lower MER is better pretty much universally. But you can open any registered or non registered account with TD and buy eseries funds. So RRSP, TFSA, or like a regular mutual fund investment account that will be subject to taxes.
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Sep 14, 2014 00:52
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flashman posted:. Yes.
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Sep 14, 2014 02:32
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