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02-25-2016, 09:02 PM
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Join Date: Aug 2013
Posts: 279
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Quote:
Originally Posted by From The Hip
OP Here
I did ask several pointed questions to the guy I was talking to.I asked about yearly interest yield/TFSA/RRSP and on and so forth.The basic parrot answer I got was that the RBC had no specific financial product on OFFER that could back up the advertisement.I was told "it is a possibility" but when asked for a specific financial investement the guy had no effing clue.
FTH
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What were you expecting walking in there? That RBC has a magical investment vehicle that will give you those returns guaranteed and at no risk to you?
The intent of the advertisement in my opinion is to inform people to save and invest some of thier money and showcase the potential of compounded interest.
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02-25-2016, 09:05 PM
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Join Date: Apr 2012
Location: Calgary
Posts: 270
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Yay, another raving lunatic old fart who doesn't know anything but expects to be right about every assumption he makes.
*yawn*
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02-26-2016, 08:33 AM
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Join Date: Feb 2009
Posts: 5,131
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Okay now that's funny stuff.
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02-26-2016, 08:59 AM
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Banned
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Join Date: Jan 2009
Location: Perdue SK
Posts: 1,570
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Quote:
Originally Posted by Canehdianman
Yay, another raving lunatic old fart who doesn't know anything but expects to be right about every assumption he makes.
*yawn*
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Yay, another raving lunatic young turk who doesn't know anything...
*yawn*
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02-26-2016, 12:14 PM
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Join Date: Feb 2016
Posts: 6
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Do you seriously think their defined benefit plans are fully funded by their contributions? No, there are top ups and at the end of the day the pensions are a line item in the province's spending. I still remember "Special" Ed's $2billion top up to Alberta teachers' pensions.
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02-26-2016, 03:02 PM
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Banned
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Join Date: Jan 2009
Location: Perdue SK
Posts: 1,570
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Speaking of not knowing anything mercury;
how are you able to confuse "retired municipal workers" with provincial school teachers? How many other cases can you cite where public funds were used to top-up unfunded liabilities in any defined benefits pension plan in Alberta? How many dollars came out of your pocket to resolve the school teacher's strike and what year did that happen?
Yay! Another young turk...
Free
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02-27-2016, 12:15 PM
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Join Date: Dec 2010
Location: Edmonton
Posts: 514
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Quote:
Originally Posted by Nova316
I think there only good one was that $50 card prepaid.
Come talk to a specialist for an RRSP account and get $50.
Walked in talked to an "Adviser",
How high are your MER for these funds? You don't know?
Average %? Don't know that either?
Want to sign me up for a credit card? Annual cost?
Okay were done wheres my $50
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Advisor lol not adviser
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02-27-2016, 05:17 PM
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Join Date: Apr 2008
Location: Edmonton
Posts: 100
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This thread confirms that a good portion of Canadians don't have a clue about personal finances. If your investment experience is limited to GICs then you really shoudn't chime in when you are faced with a product that god forbid- has more than one variable. This isnt the 90s anymore you need to do some digging to keep up with inflation at these rates.
What I find funny is people who wont take time to educate themselves or let someone work with them to help them understand some basic math and or financial concepts. If you only buy GICs and are actually concerned about CDIC insurance- good luck to you, your capital is eroding.
Naturally when people don't understand or are too proud to admit it, they go on the defensive-which is what jumps out to me when reading these comments.
Everyone works so hard for their money-but wont learn about money, makes no sense to me.
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if my aunt had balls, she'd be my uncle...
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02-27-2016, 10:02 PM
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Join Date: May 2011
Location: Calgary
Posts: 1,681
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high interest rate, guaranteed returns are ancient history. Simple as that.
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02-28-2016, 07:58 AM
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Banned
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Join Date: Sep 2012
Posts: 2,052
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Quote:
Originally Posted by chanter
This thread confirms that a good portion of Canadians don't have a clue about personal finances. If your investment experience is limited to GICs then you really shoudn't chime in when you are faced with a product that god forbid- has more than one variable. This isnt the 90s anymore you need to do some digging to keep up with inflation at these rates.
What I find funny is people who wont take time to educate themselves or let someone work with them to help them understand some basic math and or financial concepts. If you only buy GICs and are actually concerned about CDIC insurance- good luck to you, your capital is eroding.
Naturally when people don't understand or are too proud to admit it, they go on the defensive-which is what jumps out to me when reading these comments.
Everyone works so hard for their money-but wont learn about money, makes no sense to me.
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I am well aware of investment types etc and no I do not invest in GIC's.The point I raised was the huge advertisement by RBC for a specific investment they dont actually sell/offer.In the tiny fine print on that gigantic poster it says $75 deposited weekly over 25 years and compounded at 6.5% will yield $225,000.RBC does not offer anything like that,it is "just an example" per the sales rep.It is a sales pitch and all of the banks do it but RBC are pretty blatant about it.
FTH
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02-28-2016, 11:47 AM
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Join Date: Sep 2009
Location: Calgary
Posts: 4,962
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Quote:
Originally Posted by From The Hip
I am well aware of investment types etc and no I do not invest in GIC's.The point I raised was the huge advertisement by RBC for a specific investment they dont actually sell/offer.In the tiny fine print on that gigantic poster it says $75 deposited weekly over 25 years and compounded at 6.5% will yield $225,000.RBC does not offer anything like that,it is "just an example" per the sales rep.It is a sales pitch and all of the banks do it but RBC are pretty blatant about it.
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*sigh*
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02-29-2016, 11:29 AM
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Join Date: Sep 2007
Location: Drayton Valley, AB
Posts: 693
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Quote:
Originally Posted by avb3
Years ago, my first job was in a bank. Then it was all about customer service, keeping deposits and lending out money, after most of the banks money was made on the interest spread between deposits and loans.
Staff at that point interacted with customers and knew who they were. Bank managers had overall authority depending on the size of the branch on making loans and other financial arrangements with customers.
In today's world, the vast majority of bank employees are actually salespeople and are paid at least partially on their sales performance. Many branches do not have an actual branch manager other than an administrative manager, and decisions are made electronically, and at regional and head offices.
Some of their sales tactics are as slick as the proverbial used car lot. A significant if not major portion of their income in today's world come from fees, not the spread in interest rates.
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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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02-29-2016, 12:36 PM
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Join Date: Dec 2008
Location: Near Edmonton
Posts: 15,305
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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.
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02-29-2016, 12:51 PM
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Join Date: May 2007
Location: Red Deer
Posts: 1,542
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Quote:
Originally Posted by From The Hip
I am well aware of investment types etc and no I do not invest in GIC's.The point I raised was the huge advertisement by RBC for a specific investment they dont actually sell/offer.In the tiny fine print on that gigantic poster it says $75 deposited weekly over 25 years and compounded at 6.5% will yield $225,000.RBC does not offer anything like that,it is "just an example" per the sales rep.It is a sales pitch and all of the banks do it but RBC are pretty blatant about it.
FTH
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You should get your blood pressure checked out. You get so bent out of shape over the smallest things.
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02-29-2016, 06:14 PM
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Join Date: Jul 2009
Location: Lacombe, AB
Posts: 1,404
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Quote:
Originally Posted by Nova316
I think there only good one was that $50 card prepaid.
Come talk to a specialist for an RRSP account and get $50.
Walked in talked to an "Adviser",
How high are your MER for these funds? You don't know?
Average %? Don't know that either?
Want to sign me up for a credit card? Annual cost?
Okay were done wheres my $50
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I have my doubts an advisor didn't know the MER or the average rates of return on their products considering it is part of their sale pitch and extremely easy to access.
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