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GIC Wealth Management Broker Rates
March 27, 2019
11:42 am
gicjunkie
Ontario
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Just a heads up on some decent rates. I don't know which FIs are being quoted, but you have to invest $25000.00 for these opportunities. Not a huge investment.

1 year 3% *
2 year 3.25% *
3 year 3.55% *
4 year 3.40% *
5 year 3.55% *
Minimum Investment $25,000*

Phone 1-866-228-9442 if interested.

April 12, 2019
7:53 am
dealjunkie
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Gic wealth is advertising a new bank offering:

1yr 3.1
2yr 3.25
3yr 3.35
5yr 3.6

Anyone know which new bank they are promoting?

April 12, 2019
10:54 am
Koogie
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You can deal remotely with them and they are a decent size company. That information has been discussed on this forum before now.

As to their new bank I don't know. GIC Wealth have dealt with Wealth One for a long time so it isn't them. It is for sure a bank though as it is CDIC.

Motus, maybe?

April 12, 2019
1:10 pm
dealjunkie
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new bank is habib not new to canada

April 12, 2019
4:43 pm
Loonie
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Pleasant office in modern office building in Toronto.
We met in their boardroom with one of the partners, who was very well informed.

I used to have an accountant with an ultra-impressive office. All I could think of as he showed me around their new digs was, "I'm paying for this."

Microsoft started in a dorm room at Harvard.

April 12, 2019
5:27 pm
Koogie
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I have bought two GICs via email this year alone from GIC Wealth. The last one being last month.

Haven't set foot in their office in years.

April 12, 2019
8:43 pm
gicjunkie
Ontario
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GIC Wealth is a Toronto broker. No branches. I have been dealing with them for many years. Kevin and Brandon are the two principals involved, both located in Toronto.

April 13, 2019
8:00 am
hwyc
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As I also put my money through them, thought I googled a little more.

I come across something not mentioned on their website - they do house calls ($25K & up) as per Mr. Brot stated in the following article dated 2013

https://www.theglobeandmail.com/globe-investor/personal-finance/household-finances/five-things-you-should-know-about-gics/article14935982/

It's 2019 so not sure if they still do.
[ps] ... or up to what mileage

April 13, 2019
8:04 am
gicjunkie
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hwyc said
As I also put my money through them, thought I googled a little more.

I come across something not mentioned on their website - they do house calls ($25K & up) as per Mr. Brot stated in the following article dated 2013

https://www.theglobeandmail.com/globe-investor/personal-finance/household-finances/five-things-you-should-know-about-gics/article14935982/

It's 2019 so not sure if they still do.  

Yes, they still do "house calls".

April 15, 2019
6:32 am
dealjunkie
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When dealing with a deposit broker do you make the cheque out to yourself, the financial firm or either?

"When handing money over to a broker, be sure it's in the form of a cheque made out to the financial firm you're investing with. Ultimately, you're a customer of that firm, not the broker."

April 15, 2019
4:48 pm
Loonie
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The cheque is made out to the bank or CU in question.

April 15, 2019
7:11 pm
dealjunkie
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Loonie said
The cheque is made out to the bank or CU in question.  

How is it more secure than if the cheque is made out to your name and handed over to the CU? At maturity its returned in the name of the depositor. If its in your name could a deposit broker put it in his trust account first? If its made out to the CU the CU could deposit it to themselves?

April 15, 2019
8:22 pm
Loonie
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I don't know if deposit brokers have trust accounts of this type, although I know lawyers do.
It's not unreasonable for the FI to keep it "for themselves". You are giving/loaning the money to them to do as they wish on the promise that they will return it with interest at the end.

April 15, 2019
9:22 pm
dealjunkie
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deposit brokers and FIs accept cheques for gics "pay to the order of" the depositor not the name of the FI/bank/Cu

April 15, 2019
11:08 pm
Loonie
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Ultimately, it's going into the coffers of the FI, whichever way you look at it.

I'm not sure what your concern is.

I can say that I've dealt with two deposit brokers over the years and never had any concerns about either of them in terms of the safety of my money. However, I can often get better rates on my own.

April 16, 2019
7:07 am
dealjunkie
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Loonie said
I can often get better rates on my own.  

How so? do u go direct to the FI n ask for an additional quarter on top of broker offer..

April 16, 2019
1:59 pm
Loonie
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There are no tricks. Both regular and promo rates are often better. Right now, broker rate is better, depending on term and broker.

Brokers are ideal for people who don't have the time to shop around themselves. It saves them from the penury offered by the major banks. But sometimes brokers can be good for everyone.sf-smile

April 16, 2019
3:13 pm
gicjunkie
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hotmony said

How so? do u go direct to the FI n ask for an additional quarter on top of broker offer..  

There are a few ways and reasons to negotiate better GIC rates. Obviously we all want the best rate available, but sometimes we don't like the FI that is offering it or the location is not convenient. The best ammunition for negotiation is having a concrete offer of a better rate by a similar type of FI within the same general geographic area. This can be an offer through a broker or direct from a FI. Banks don't often try to compete with credit unions and vice versa. Take a great promo offer from a credit union you don't normally deal with to another, more preferable one and ask them to beat it or, if they won't beat it, at least match it. If you want them to try and beat the advertised promo, don't be outrageous in your expectations. You would be lucky to get anywhere from 5 to 25 basis points in addition to the advertised rate. Many FIs will try very hard to attract new business, especially if it is going to be a large investment.

Don't be afraid to negotiate with FIs. Even brokers have been known to take an offer to one of their FIs if the investment is large enough. The trick is to do your rates homework and have reasonable expectations. Sometimes you may surprise yourself and do very well. Sometimes not so much. It never hurts to try.

Another tip is that if you have funds which are coming available within a month and you see a currently advertised rate that appeals to you, ask the FI if they will guaranty the rate until your funds are available. In our current shrinking interest rate economy this can be very helpful.

Regarding whom the investment cheque should be made out to: the best and recently more accepted way of investing is to make the cheque out to yourself. It usually gets deposited to an account created in your name prior to the GIC being created. Sometimes the FI will still insist it be made out to them. Never make a cheque out to the broker.

Good luck.

April 16, 2019
3:32 pm
Loonie
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I agree with gicjunkie's approach. I consider it common sense to do your homework and not be unreasonable. However, I have found both CUs and banks to be inflexible, so far. They are always interested in hearing what the other guy is offering, but that's as far as it goes.
In the end, it comes down to how badly do they want the amount of money you are offering and how cheaply and easily can they get it without your help. Occasionally, they even offer LESS if you have a higher sum to invest!
It's no different than any other kind of bargaining. Know what you'r bottom line is, be polite, don't bullshit; shake hands and walk away if they can't meet your requirement, leaving the door open for a future negotiation.
But if you're looking for a magic bullet, there isn't one.

gicjunkie, I'm curious what you would consider a sufficiently large deposit to make an impact in negotiations.

April 16, 2019
4:16 pm
dealjunkie
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Have a prime credit line so you can borrow a few days in advance of a maturity if rates are about to move then deduct the interest expense?

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