Financial advisors: Hidden camera investigation (CBC Marketplace) financial advice

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Originally broadcast February 28, 2014

Marketplace is putting financial advisors — the people you trust with your cash — to the test. We talk to ordinary Canadians who’ve felt the bite of bad financial advice, and use hidden cameras to catch outrageous promises from some big institutions. We’ll show you the tactics to watch out for and give you tips on figuring out who to trust with your money.

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47 comments

Jennifer Chen 22/09/2021 - 11:22 PM

I will call them and tell them how much we are going on this the way to my family family life Enter this week you’re so much better to get your kids life Enter this

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Jan 22/09/2021 - 11:22 PM

Most "financial advisors " are nothing but glorified sales people for their employer, why would you ever trust them with your money?

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trave764 22/09/2021 - 11:22 PM

Do they not have index funds like the US? ~2% fees are huge, and usually best index funds from vanguard are .0.04. Sadly many never hear about index funds.

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newton raymond 22/09/2021 - 11:22 PM

Dave Ramsey has joined the chat

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david russell 22/09/2021 - 11:22 PM

A farmer in new brunswick sold his farm for 250k and had a financial advisor setup the account so it would make interest,she left and a new guy took over the account,every month he woukd turn the account over,this is called "churning",and every month he would
take a huge 10 or 12 %commision,until he drained the account!He then phoned the owner of the account and asked what to do with the reamaining 25k!
The owner says"what do you mean 25k,I had 250,000$in that account!but the broker basically stole his money by commisions on it every month!
And he got away with it!

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Puja Singh 22/09/2021 - 11:22 PM

How can we stop these rogues

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This Guy 22/09/2021 - 11:22 PM

Just invest your self 🤪😝

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Neko With A Hat 22/09/2021 - 11:22 PM

the family friendly hidden camera

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Diadlo 22/09/2021 - 11:22 PM

Don't go to a financial adviser if you want to invest, just use Wealthsimple and put your money in VOO, even Warren Buffett puts his money into Vanguard, save the fee and save the commission.

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luveskaya xx 22/09/2021 - 11:22 PM

the best financial advisor is "you "

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DEVANSH SINGH 22/09/2021 - 11:22 PM

👍🏻

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Kathy Wu 22/09/2021 - 11:22 PM

ahem Northwestern Mutual

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Moin 22/09/2021 - 11:22 PM

I feel like I'm better than these financial advisors lol… I get 11.2% on $50000 USD low-risk which's $5K USD+ after deducting fees and exchange rate.

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Barthel Dresch 22/09/2021 - 11:22 PM

The thin pound affectively support because description selectively disagree afore a deserted command. tenuous, clean editorial

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kristen beach 22/09/2021 - 11:22 PM

The gray greasy great knowledge traditionally press because weather finallly taste unlike a tacit south africa. orange, screeching smoke

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Jose Garcia 22/09/2021 - 11:22 PM

Heheheh your money DOES look like Monopoly money 😂

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YG - 09HV 739885 David Suzuki SS 22/09/2021 - 11:22 PM

Be your own financial Advisor. You Have Google, Quora, Reddit, and Youtube!

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Cameron 22/09/2021 - 11:22 PM

Most advisors don’t even understand the fee structure themselves.

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Cameron 22/09/2021 - 11:22 PM

Take some responsibility for your own actions. If you have 100k in debt and it’s. Or your home you deserve what you get.

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A C 22/09/2021 - 11:22 PM

Canada: Invest in a low cost S&P 500 index fund and walk away. Don't use these fools.

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Thunfisch Proteinshake 22/09/2021 - 11:22 PM

10:50 5k in a couple months is easily possible if you invest in stocks

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Miguel NEET 22/09/2021 - 11:22 PM

Why Trust your hard earned Money to someone else??🤔🤔🤔

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Sheila Gardner 22/09/2021 - 11:22 PM

The strange norwegian marginally remember because record lovely ignore atop a smelly tank. wandering, infamous cell

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Jame k 22/09/2021 - 11:22 PM

This is from Financial Advisors highered by banks. Of course they are going to be shady. They get paid to sell you bank products irrelevant of your own personal financial needs. The industry is different now. Stay away from large banks and get an independent advisor who is a fiduciary. Because then they have a legal responsibility to do what is in YOUR best interest, not theirs, like the ones we see here abusing. The problem is the entire industry and how they want the employees trained to the clients at a large bank. An independent RIA firm (advisor) is not bounded to large bank rules, can actually give you unbiased advice and not have to worry about getting fired. There is few of these to come by because it is hard to leave a salary at a large bank and start off alone from 0, but they are out there and now theres more than ever.

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Tim Chapman 22/09/2021 - 11:22 PM

Free advice is worth every penny.

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IgorRyltsev 22/09/2021 - 11:22 PM

Financial advisor = Commission based sales rep.

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Good One 22/09/2021 - 11:22 PM

I feel sorry for the guy who lost his house. But why would you borrow to invest in high risk investments ? Or even borrow at all to invest. Isn't it basic common sense.

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Paul Nightwolf 22/09/2021 - 11:22 PM

Fee base advisor 😏

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Paul Nightwolf 22/09/2021 - 11:22 PM

So what are the right questions 😏

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Scott Brandon 22/09/2021 - 11:22 PM

Beware if an advisor tells you a rate of return that is too good to be true. At one point the Toronto Stock Exchange averaged the previous 50 years an average rate of return of 7% per year. That is not fantastic, but it is higher than inflation. Some years you will do better on your investments. But some advisors will tell a client if you invest in company X you can expect a return of 24%. If that sounds too good to be true, it's because it is. Trust your gut instinct. Most good advisors will tell you to have a 40 year plan for a retirement, with investments that are lower risk.

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Scott Brandon 22/09/2021 - 11:22 PM

Marketplace – thanks for this story. It is much needed advice for the consumer.

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Scott Brandon 22/09/2021 - 11:22 PM

Does anyone remember the so-called investment scheme for Lloyd's of London? Many Canadians signed up and would get bills from the company for years afterwards. Many lost a lot of money.

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Scott Brandon 22/09/2021 - 11:22 PM

At 4:56. Corey's story is very sad. That was simply bad advice. To borrow against a house to use for investments is high risk. Now he has lost his marriage and his home.

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Scott Brandon 22/09/2021 - 11:22 PM

I like some of the bank advisors advice here like pay down debt, even though they don' earn anything by giving that advice. Having significant debt weighs down a person's ability to save, spend and plan for the future.

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Beelzebub 22/09/2021 - 11:22 PM

Wife leaves you if you fail financially. Surprise surprise.

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SuperCody888 22/09/2021 - 11:22 PM

Ive made more money in the last year buying and selling on my own.

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Moe K 22/09/2021 - 11:22 PM

We have YouTube for all the advice in the world so no need to go these money hungry sharks

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Alexander Lam 22/09/2021 - 11:22 PM

@12:35 How does this cost you $100,000 in MER Fees?

I know $50,000 @ a rate of 6%, compounded annually for 25 years workouts to $214,593.54.

but for the MER fee Correct me if I'm Wrong

the 2% rate is compounded annually on the entire portfolio so would it be like this? (note taking into account the 6% compounded annually on the $50,000)
$50,000 x 2% = $1000 (Frist year interest fess)
$53,000 x 2% + First year interest fess = $2060 (second year interest fees)
$56,180 x 2% + second year interest = 3$,183.60 (third year interest fees)

after working this out for 25 years I end up with $59,156.38 in fees?

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Polite Q 22/09/2021 - 11:22 PM

Get low cost index ETFs if you don't know what you are doing. You don't need to pay someone for stuff like this. The basics are not hard to learn!! Don't let people scare you into thinking it's overly complicated. You don't have to become a day trader or anything like that.

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Polite Q 22/09/2021 - 11:22 PM

CBC can hand out counterfit cash?!

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c k 22/09/2021 - 11:22 PM

Too many adds!!!!!

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roachtoasties 22/09/2021 - 11:22 PM

Never trust a financial advisor who has a blurry face. :/

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FemBot 22/09/2021 - 11:22 PM

We went with Dundee Wealth with our RRSPs and they lost us a lot of money during the 2008 crash. We expected to lose but not as much as we did. Others didn’t lose as much as we did. So we ended up switching to SunLife and started to do much better. Avg return of 7%

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Junaid Javaid JJ 22/09/2021 - 11:22 PM

I am a Real-estate Investor. My clients usually make 30-40% Cash-on-Cash return because these are active projects (Flips) which gives active appreciation. Wth was the last guy talking about 5K..10K..20K. That's Ludacris.

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Jitender Shergill 22/09/2021 - 11:22 PM

Thank you so much guys. I also want to share my experience with Scotiabank 😑, I went to apply for a credit card, advisor saw savings in my account and was literally making me invest in mutual funds and set monthly payments without telling me about any fees smh 🤦‍♂️ .

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defiler90 22/09/2021 - 11:22 PM

The financial industry takes away value from society. Leeching off of your money through management fees…. Allowing their fund managers to buy expensive cars even when you are losing money

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Ruslan Fedoran 22/09/2021 - 11:22 PM

Banks give you 1 % on your savings but there credit card charges you 19 % so backwards

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