Quote:
Originally Posted by abhunter8
Bang on! I was a banker for 17 yrs until I couldn't ethically put up with the fact that they really don't give a crap about customers. I took pride in the fact that I could HELP people with every aspect of the bank, provide great service and I told them the facts when something was not in their best interest. Banks and the financial sector today have fewer knowledgeable employees, make mistake after mistake, mislead people to make a sale and provide the worst service I have ever seen!
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You clearly worked for the wrong bank. I have worked for four of them over 35 years, including the Royal, and all of them except one was completely interested in doing the best job it could for their customers. You can't get to be number one in the banking industry or be successful long term if you don't care about the customer. (The one that I left because they didn't care about their customers, or staff for that matter, eventually went out of business a few years later).
As to the OP's comment, why didn't you just read the fine print in the first place. A good advisor, if you will work with them, can show you how to get a pretty consistent 7% rate of return over a long period of time. It will fluctuate and it won't be in GICs. If you are unsophisticated enough to believe there is a "guaranteed" product that will do that in the current interest rate environment then there is no one that can really help you.
In the example on the poster, you invest $78,000 over 20 years and it turns into more than $200,000 due to compounding. That is what the poster is trying to get people to understand. No matter what the yield, there is no substitute for the effect of compounding over many years. It is amazing how few people understand the rule of 72s.