GIC broker experiences | GIC discussions | Discussion forum

Rail Baron said
It took two months from the time of deposit for them to set up my account on the Monarch Wealth online system. ....

It also took three months to get the actual certificate of deposit from MCAN. ....

... see how long it takes from that date to actually see the funds return to my bank account.  

I wonder if the particular broker you had the misfortune to deal with has internal management issues. Interesting that you refer to the Monarch Wealth System. Were you dealing with an affiliate of GIC Direct / Monarch Wealth?

Coincidentally, I was considering a local affiliate of that group, so your comment caught my attention.

Typically, with the brokers I dealt with so far, the account and subsequent transaction would be set up on day one. The actual certificate would follow in a week or two with payouts being made to my bank on the anniversary date through EFT. On maturity, the broker receives the check for the principal a couple of weeks prior to the maturity date, postdated. That way the check can be picked up for deposit or left with the broker for a suitable placement.

Different brokers sometimes have unique offerings that are at times limited, which is why I like to keep a selection of brokers available .

Thanks for sharing your experience! Perhaps consider having a conversation with another broker. I believe some Forum members deal with GIC Wealth Mgmt in Toronto, as have I, whose service and reliability have been outstanding. They do seem to work with clients at a distance, so you may want to check them out.

Other Forum members may have other recommendations based on their experience.

Stephen

I think that the deposit broker I used, who was an affiliate in the GIC Direct and took months to complete their end of the transaction, is not well managed. They blamed MCAN for most of the delay.

Vancouver is filled with slackers who work to live, and don't keep up with what they need to do in the office. Before falling in with this outfit, I spent two weeks going back and forth with another Vancouver deposit broker in the GIC Direct network who finally flaked out and said they they were moving to Nanaimo and it would be too much trouble to come back to Vancouver to receive my cheque.

I have used GIC Wealth Management in Toronto and still hold one GIC that was purchased through them. Unfortunately, their recent good rates all requite a cheque in hand to purchase the GIC. And rates are only guaranteed when the purchase is booked. So if I lived in Toronto, that would work. But sending cheques across the country takes introduces uncertainty into the transaction. So I decided to find a broker who I could deliver the cheque to in person. So far, that has produced mixed results.

If anyone knows of a good GIC broker in Vancouver, please let us all in on this info.

Norman1 said
Registered Deposit Brokers Association has a deposit broker search that could locate a nearby deposit broker.

It has been many years since I used a deposit broker for GIC's. No problem with service. One RRSP GIC did take months to receive the confirmation for. I think Canada Post lost the original confirmation. Issuer did eventually send me a copy of the confirmation which showed the GIC issued on the expected day.

Yes, it is better to deal with a deposit broker who is local. Their best GIC rates are often flash sales that are yanked at the end of the day once the GIC issuer reaches its target amount of deposits.  

I searched the Registered Deposit Brokers Association site, and that's how I found the two slackers in Vancouver!

MattS said
.... GICWealth
I’ve never had a bad interaction or something that didn’t go through exactly as it was stated or presented....they’re batting 1000 for me  

My experience with GIC Wealth was the same..as a first time client, I felt I was being treated like a long time cherished client, and there aren't enough o's in smooooth to describe how easy they conducted every step of the transaction.

My other broker I have dealt with for years is Scrivens in Ottawa, where a similar level of competence and reliability are provided.

So far, I have not been impressed with any of the GIC Direct brokers I've interviewed in the Eastern Ontario region.

If looking for a GIC broker, a screening call ahead of time asking pertinent questions about how they proceed, can usually give an indication of their competence. With the knowledge gained here on the Forum, we have a good understanding of the GIC market and GIC procedures to quickly qualify the competence of broker.

Stephen

HermanH said

MattS said
Only used one broker, GICWealth
I’ve never had a bad interaction or something that didn’t go through exactly as it was stated or presented 

I have similar experiences with Kevin, at GICWealth.

I once called at 0300H, expecting just to leave a question on his message service, and accidentally woke him out of bed! He was gracious about it. How was I to know that his work ph# was slaved to his phone. I won't be calling him after-hours, anymore.   

I normally like to deal directly with the financial institution. I did use Kevin once and yes he is definitely readily available.

HermanH said
.... For example, DUCA and Habib were able to do direct pulls from my bank accounts. .....  

Do I understand correctly that GIC Wealth Mgmt services Habib GIC's? Good news because I thought Habib only dealt exclusively with a broker in Oakville — not easy to deal with — and Habib is frequently a high interest payer.

If available from GIC Wealth would be good option.

Was your experience with Habib satisfactory?

Stephen

What is perverse is that there is at least one institution who is unable to offer the same or better rate than Kevin even though the client of that institution is in the "high value" category. Weird, eh.