My mutual fund problem with TD Canada Trust
I am so irritated with TD Canada Trust. In fact, I’ve had this problem with them since 2007, but I haven’t done much with my account until the past year or so, when I’ve wanted to switch up my mutual funds and buy a bit more aggressively for the long term.
Basically what is happening is, every single time I want to purchase higher risk mutual funds, I get the following decline e-mail:
Order # XXXXXX-XXXX-XXXXX
[…] We have not fulfilled your request because it may not be suited to your current investor profile. We have based this assessment on the information you provided us regarding your personal circumstances, investment knowledge, objectives, time horizon and risk tolerance. Not only do we want to help you make the best investment decisions, we are required to assess the suitability of all mutual fund account transactions.
Please contact a TD Investment Services Mutual Funds Representative to review and update the information we have regarding your Investor Profile.
TD Investment Services Inc.
The fact that I have to call in to fund my mutual funds is bad enough – especially when TD Canada Trust’s website states: “create and manage your own online portfolio or have us manage it for you. The choice is all yours.” Well apparently I don’t get a choice because I am not being allowed to buy the investments I want to buy.
When I called into customer service this morning, I got routed to a call centre in India. And fine, I get it, that’s what a lot of companies are doing. But I really could not understand what he was saying, and that’s a problem when it has to do with my money. He made me go through 10 or 11 questions to update my Investor Profile – which would be okay except that they make me go through those exact profile questions every single time I call in. It is a long process. And when I asked him to complete my transaction, he refused! He said I wasn’t allowed to do it online, and he wouldn’t do it for me. He said the mutual fund was too risky.
I asked him if there was something I need to do in order to have the freedom to buy whatever mutual funds I want to buy, and he said no. He said every single time I buy something that is high risk, I will get a decline e-mail and have to call into customer service, where they will also decline the transaction. This has happened 3 times in the past year. Do I need to switch over to a TD Waterhouse account? Why aren’t I able to spend my money on what I want?
Maybe I should make an appointment with a financial advisor.
Author: Krystal Yee
I’m a personal finance blogger and marketing professional based in Vancouver. I’m a former Toronto Star (Moneyville) columnist, author of The Beginner’s Guide to Saving and Investing, and co-founder of the Canadian Personal Finance Conference. When I’m not working, you can usually find me running, climbing, playing field hockey, or plotting my next adventure.