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.
I started saving for retirement again. Luckily I only lost 6 weeks, but even then … with all the savings goals I have this year, I don’t think I can make that time up. But anyway, starting this Friday I’ll be putting away $300 bi-weekly.
$50 Money Market
$50 CDN Bond Index
$50 European Index
$50 International Index
$25 CDN Index
$25 US Index
$25 ING Direct (3%)
$25 PC Financial (2%)
According to the pay stub I received yesterday, I’ll be bringing in approximately $1,380 bi-weekly after taxes. So my Retirement Porfolio savings represents almost 22% of my net income. And based on the TD Canada Trust RRSP calculator at an average rate of return of 7%, if I keep saving at the rate I am, I can retire at age 55 (my goal retirement age) and will have $1.1 million in my Retirement Portfolio. That doesn’t even take into consideration the fact that I would increase my savings amount with any increase in salary over the years. So I’m feeling really good about the future, and I’m so glad that I took saving for my RRSPs seriously during my 20’s.
Well today is pay day, so I updated the sidebars and my NetworthIQ. For the month of November, my net worth increased by 2.96%. I’m pleased about that, especially because I decided to buy out my entire private car insurance for the year (so now I only have approx. $78 payments per month for ICBC basic insurance). And that was pretty expensive.
I was also able to throw more money towards my Retirement Portfolio this month. I’m really trying to debate whether I should lower my RRSP contributions and concentrate on my TFSA. Right now about 90% of my Retirement Portfolio is in RRSPs. I’d like to build up my TFSA, but I’m having a hard time getting my head wrapped around it. Ideally I’d like to max out my TFSA each year, but it’s clearly not going to happen this year.