using RBC financial planning....

Discussion in 'The Tiki Bar' started by CliffA, Sep 6, 2017.

  1. CliffA

    CliffA Well-Known Member GOLD Sponsor

    Dec 29, 2009
    Lake Norman, NC
    2001 Sea Ray 340DA
    Name: 'Happy Place'
    4.5kW West. Generator
    Purchased Nov. 2014
    Fresh Water Use
    Twin Merc. 6.2L (MPI)
    Raw Water Cooled
    V-Drive Transmissions
    we have been using Wells Fargo for financial planning for the past 15 years and have been pleased with how they have handled our account. My planner recently left Wells Fargo due to the negative publicity they have been receiving lately and major changes to their bonus plan which had a significant impact on my planner since he has been very successful over the years.

    Now we must decide to stay with Wells Fargo and start over with a new planner or move our business to RBC and stay with our old planner.

    My question to those of you that are familiar with financial planning and investing is are there any concerns with using a financial institution that is based out of Canada instead of using an American based institution?

    I'll be the first to admit I am not well versed in such matters. That is why I am relying heavily on a planner I can trust.

    We only have a couple more years to work if that makes a difference.

    Thanks for any and all input.

    cliff
     
  2. Gofirstclass

    Gofirstclass Well-Known Member GOLD Sponsor

    Apr 20, 2010
    Tri Cities, WA
    1995 550 Sedan Bridge,
    2010 Boston Whaler 130 Super Sport,
    1981 Boston Whaler 130 Sport,
    CAT 3406C's, 580hp.
    Cliff, I retired at the end of 2010 from RBC so I can speak from some inside knowledge.

    When I got into that biz I went to work for Piper Jaffray, based out of MPLS. They were a pretty good company to work for but then they were bought by US Bancorp. Things went downhill because USB bought them only because they looked at PJ as a cash cow. The recession hit, the cash cow was dying so PJ was spun off from USB.

    Then UBS, the Swiss outfit bought PJ. Some of the people in the office left to open a branch of RBC. My partner and I decided to stay with UBS to see what it would be like working for a HUGE, worldwide organization. It took us a couple of years to find out that UBS was a bunch of crooks, much like Wells Fargo turned out to be.

    So my partner and I left UBS to join RBC and what a pleasant surprise it turned out to be. Honesty ran rampant through the company, unlike the company we had just left. Their financial planning tools were a bit behind the times but worked well.

    I worked for RBC for a few years before retiring and found that they are a very client-centered organization. They kept a close eye on the financial advisors to make sure everything was done properly and with the client's best interest first and foremost.

    I have nothing but good to say about RBC. BTW, RBC Wealth Management is the US-based division of Royal Bank of Canada. There is very little influence on the RBCWM part by RBC of Canada.
     
  3. Creekwood

    Creekwood Well-Known Member GOLD Sponsor

    Apr 26, 2009
    Oakville and Georgian Bay, Ontario
    '97 330 Sundancer, Raymarine C80 suite with radar, Mercury 310 Hypalon w/8hp Yammie 2stk
    2X 454 carbs w/ vDrives
    I use RBC in Canada and have been reasonably pleased. I will say that they tend to be more risk-averse than I would have liked when I think I missed out on some potential higher returns in US markets (I wanted more exposure when the CAD dollar was over par to USD). But they are never pushy or oversell. I will say you need to watch for hidden fees (not just RBC). They bought out new disclosure rules in Canada for investment advisers and I realized that there are a lot of hidden costs.
     
  4. jjcllc328

    jjcllc328 Member

    74
    Oct 31, 2016
    Long Island
    previous Boats
    2005 320DA
    2000 Formula 27pc
    1987 regal seabring 19f
    2001 460 DA Cummins 6CTA Diamond Series
    I deal with Dave Rogers from RBC for my companies pension needs. Dave has always been upfront and honest with all of our investments. Great company to deal with
    John
     
  5. CliffA

    CliffA Well-Known Member GOLD Sponsor

    Dec 29, 2009
    Lake Norman, NC
    2001 Sea Ray 340DA
    Name: 'Happy Place'
    4.5kW West. Generator
    Purchased Nov. 2014
    Fresh Water Use
    Twin Merc. 6.2L (MPI)
    Raw Water Cooled
    V-Drive Transmissions
    thanks all for the input.....

    cliff
     
  6. trdehmer

    trdehmer Member

    135
    Jul 29, 2009
    Lake Minnetonka, MN
    2003 280 DA
    Single 496 MAG
    Since this is regarding financial planning - what is the difference between a Financial Planner and Financial Advisor? We've been using a financial advisor at Morgan Stanley Wealth Management LLC for years. Basically monitors our transfers of 401k's from previous jobs and what funds to put that $ into (heck, I'm no expert, that's why we use them). My wife and I are in our early 40's and want to retire at a decent age (55-60) - well 55 for me!!! Anyway, looking for reliable, realistic, honest answers on how to best figure out how much money we really need to retire, seems many over-inflate what is really needed to retire these days.

    Any advice???

     
  7. Gofirstclass

    Gofirstclass Well-Known Member GOLD Sponsor

    Apr 20, 2010
    Tri Cities, WA
    1995 550 Sedan Bridge,
    2010 Boston Whaler 130 Super Sport,
    1981 Boston Whaler 130 Sport,
    CAT 3406C's, 580hp.
    A CFP (Certified Financial Planner) has licenses that are different from the Series 6 and Series 7 licenses that Financial Advisors (FA)have, and the skills to do some serious planning for the future.

    As an FA we had a lot of tools at our disposal that could do similar planning, but didn't have the additional certifications.

    IMHO, the amount of money needed to retire on depends on a few basic things:
    1. The amount of debt you have at retirement (house, vehicles, boat?)
    2. The lifestyle you want to lead (extravagant with lots of travel, or a more basic lifestyle that doesn't include dumpster diving for your meals)
    3. Your years to retirement. Obviously you don't want to outlive your retirement money.

    If you're in doubt, pay a visit to a FEE ONLY CFP to get some good advice. He's a fee only CFP because he's not going to try to sell you any products.

    Oh, and as a FA for many years, I was never a big fan of annuities of any sort. They pay HUGE money to the person who sells them, but their fees (hidden and obvious) often times are where much of your money goes. Run Forest, Run!
     
  8. trdehmer

    trdehmer Member

    135
    Jul 29, 2009
    Lake Minnetonka, MN
    2003 280 DA
    Single 496 MAG
    thank you!
     
  9. M Prod

    M Prod Active Member GOLD Sponsor

    574
    Oct 6, 2017
    North Vancouver, BC
    2005 Sundancer 340
    Aquapro Dinghy w/ Honda 8hp
    Kohler 5KW Genny
    Raymarine Electronics
    8.1 Horizons /V Drives
    I use RBC for both my business and personal finances, as well as most of our financial planning. Coming to Canada from the states 5 years ago, I can say that banking in Canada has been quite a refreshing change for the better. And I have been nothing but happy with RBC.
     
  10. Steve195

    Steve195 Member

    314
    Jan 15, 2016
    Richmond, VA
    2017 Sweetwater 2286 WB Tri-toon
    Yamaha 150 Outboard
    Since RBC is obviously a reputable group, and since you've developed a relationship over the years with "your guy", I'd be more likely to stay with the individual than try to break in a new guy! I know if my guy moved to another firm, I'd follow him because we've been together for years and he knows my needs, wants, investment strategy, etc. That's the most important thing to me. I value great relationships!!
     

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