Discussions

Does anyone know if any local investment firms have low to no fees for investments ? Seems like a lot of chatter on TV ads for a bit, then nothing. RRSP season and im getting tired of the fees, I think there making more than I am.

I had investments with two, well known companies, one of which is a big name bank. I didn't make much money off of the bank one, and lost money on the other one. It wasn't because of markets, it was because the companies were looking after themselves and not their customer. Had they done a good job of managing my money, they would have still had me as a customer.

A thats what im trying to rectify, they will be retireing befor me with my investment income, a statement just came in with a lot of red on it since markets have been crapy , and on top was a fee for 298.00, red as well, so i lost money but they took a fee anyway, definitley why the banks can post big income numbers while charging their clients to the bone.Mabey if you have a bit of money to invest its better off in a coffee can. at least when you take the lid off the same amount is still in there,unlike the red on my statement.

You won’t find anyone to manage your money for free. It is their job after all. The fee that really gets people that a lot don’t look at is the management percentage on the fund. You want that to be as low as possible. Some index funds are less than 1 percent for example. There are two ways to go. Either do some reading and educate yourself and manage your own money or pay the fee. Almost everyone lost money last year. So might not be as bad as you think. Personally I recommend a direct investing account. Available from many banks and investment firms. The site couch potato investor has a bunch of reviews on current funds and some sample portfolios based on risk. It is not that hard but takes some time. Of course then the risk and blame is all on you if you lose money. Not everyone is up for that.

If you're looking for a low-fee RRSP option, and you're willing to lock in the money until you're at least 55, take a look at the Saskatchewan Pension Plan. It was founded through provincial legislation and was the 25th largest defined contribution pension plan in Canada as of 2016.  
 
You don't need to be a resident of Saskatchewan, and they target fees of 1% or less. Like any investment it can go up or down, but their long-term results are all available on their website. I have been very happy with them.  
 
Edited by JosephC, 2019-02-20 18:50:53