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Email this11:50 am
October 8, 2021
Online
Hey everyone — I’m not promoting or selling anything here, just genuinely looking for feedback from the GIC community.
Over the past 6 years I’ve spoken with major brokers, financial institutions, and software vendors to better understand the GIC landscape. Over the last year, I built a platform that connects clients directly with financial institutions (either advisor-led or self-directed).
The goal is simple: create a place where clients can renew or move GICs between institutions without the usual friction of transfers, paperwork, and starting new applications every time.
I’d really appreciate the community’s thoughts:
1️⃣ General reactions to this idea
2️⃣ Would any serious GIC investors be open to seeing a demo and sharing user feedback? (Its not in production yet)
3️⃣ What are the biggest pain points you’re currently facing with GIC investing or renewals?
Thanks in advance — I’m here to listen and learn
12:06 pm
December 12, 2009
Offline
It's a good idea in theory. The closest that came to this was GICdirect.com, then they stopped sourcing new clients online (which defeats the purpose).
Your biggest obstacle is trying to get past the convenience of the FundSERV platform that investment and mutual fund dealers use to serve mutual funds and Investment Savings Accounts to their clients and, to a lesser extent, the convenience of the HISA ETFs. Difficult to get both the dealer member firms and, by extension, their clients to use yet another platform.
Since it's not in production yet, my best advice would be just to abandon the idea. You'll thank me in 5 years. 
Cheers,
Doug
1:26 pm
October 8, 2021
Online
⁸You're right. Using a new platform is for sure a pain point for advisors and mfda dealers. However this is already being done. Many GIC brokers already use various systems. (Insurance, MFDA systems, CRMs, etc). Then they mostly sell GICs using other manual broker systems.
Clients can self-serve. No paperwork. No cheques (unless they want to). Everything is client-name and not in nominee.
I wont be giving up on this. It already received validation from FI'S and Dealers. Its live soon.
