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Email this6:11 am
March 15, 2019
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Are Monarch Wealth and GIC Wealth the same entity?
6:45 am
September 15, 2017
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COIN said
Are Monarch Wealth and GIC Wealth the same entity?
No.
Monarch Wealth and GIC Direct are related.
8:45 am
March 30, 2017
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COIN said
Are Monarch Wealth and GIC Wealth the same entity?
I know what u mean. Got a email from monarch wealth and was wondering if it’s a scam
8:55 am
November 15, 2018
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GR said
No.
Monarch Wealth and GIC Direct are related.
I have many GIC's with GIC Wealth Management & have always dealt with Kevin Rotenberg . I got an email this morning with the subject line being "Account Statement Ready" with a link. The email address that this email came from was Monarch Wealth Head Office. I have never used Monarch Wealth? Kevin's name is at the bottom of the email.
9:15 am
September 7, 2018
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Interesting. There is no info about this on each firm's website - but perhaps consolidation is in process.
11:38 am
November 15, 2018
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canadian.100 said
Interesting. There is no info about this on each firm's website - but perhaps consolidation is in process.
I have erased info not needed but this is what my statement looks like.
5:22 pm
June 6, 2023
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I have asked this before and will ask it again who give over sight to GIC broker IROC ?
any one ? what professional organization do they be long to . what standers are enforced
how are disputes between you and a GIC broker resolved it their an ombudsman ?
asking all these question are due diligent
8:31 pm
October 21, 2013
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I have no "inside knowledge", but it would make sense that these companies might merge. GICWealth seems understaffed to me, and a larger group would give Kevin a break. He must have a good sized book to bring to the table by now.
Too bad for me though as I prefer dealing with GICWealth.
6:02 am
March 30, 2017
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Loonie said
I have no "inside knowledge", but it would make sense that these companies might merge. GICWealth seems understaffed to me, and a larger group would give Kevin a break. He must have a good sized book to bring to the table by now.Too bad for me though as I prefer dealing with GICWealth.
If they are indeed 'bought' or 'merge' with monarch wealth, I think they should have "at least' let existing customers know, and not thru a surprise email re statements.
No mention of anything on their web site either. But it does seem monarch 'takes ove' their customer accounts based on the statement.
6:47 am
November 15, 2018
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savemoresaveoften said
If they are indeed 'bought' or 'merge' with monarch wealth, I think they should have "at least' let existing customers know, and not thru a surprise email re statements.
No mention of anything on their web site either. But it does seem monarch 'takes ove' their customer accounts based on the statement.
I sent a text to Kevin yesterday around noon asking about this issue but have not heard back from him yet but it's a weekend.
2:44 pm
November 25, 2019
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The Login link of GIC Wealth lands at https://www.monarchsystems.online/myportfolioGIC/
So either GIC Wealth uses Monarch's system with a GIC Wealth logo (similar to a while label product) or GIC Wealth has hosted it's own system on Monarch's server.
I'm not a customer of Monarch Wealth (yet) but I like their daily emails. Unlike GIC Wealth, Monarch Wealth provides 5 different rate sheets for TFSA, RRSP, RRIF, Non-registered (Individuals), and Non-registered (Corporate). Each sheet shows their client banks with 1 through 5 years rates and minimum investment, so you don't have to call them just to know the name of the bank / CU that's offering the highest rate.
2:36 pm
November 15, 2018
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As I stated above I sent a text off to Kevin on Saturday asking about this issue & so far crickets. In the past he has replied without delay.
3:20 pm
October 21, 2013
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Maybe he's on vacation?
4:43 pm
June 6, 2023
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If you had checked the place out properly before deal with them .
you would know what could be done about no communication . in terms of what professional standers are enforced . in the GIC broker industry .
I find that staring a law suit and sending the paper work usually get some one to return a call .
But is you have to do stuff like that , how much higher is the rate ? and what is the maximum insured deposit they can take at that rate . how much real money will you get for putting up with bad service . is it worth it ?
7:51 am
November 3, 2021
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Hi All,
This is Kevin Rotenberg from GIC Wealth Management. There seems to be some confusion about our client statements. I apologize for that. GIC Wealth and Monarch Wealth are, and always have been separate entities. The only association between the two companies is instead of purchasing a separate GIC recording system, we share there system. Unfortunately, on occasion when Monarch Wealth sends out messages, our clients get mixed up in the group. If you wish to discuss this or anything else GIC related, feel free to reach out to me at any time. I can be reached directly at 416-452-1393.
7:55 am
February 14, 2023
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GICWealth said
Hi All,
This is Kevin Rotenberg from GIC Wealth Management. There seems to be some confusion about our client statements. I apologize for that. GIC Wealth and Monarch Wealth are, and always have been separate entities. The only association between the two companies is instead of purchasing a separate GIC recording system, we share there system. Unfortunately, on occasion when Monarch Wealth sends out messages, our clients get mixed up in the group. If you wish to discuss this or anything else GIC related, feel free to reach out to me at any time. I can be reached directly at 416-452-1393.
Bizarre.
8:07 am
April 6, 2013
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Nothing unusual for a dealer to offer backoffice services to other dealers.
Royal Bank's RBC Dexia, for example, used to provide mutual fund recordkeeping services to non-RBC mutual funds as well as its own in-house funds.
Looks like someone updated the company logo to the GIC Wealth logo in the portfolio statement template. But, the person forgot to update the head office particulars and the default "Monarch Wealth Head Office" name and address are still there!
8:34 am
November 3, 2022
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I wonder how secure the client information between these two companies is if they are using a common GIC recording system? One of the reasons that I have avoided GIC brokers thus far is concern about providing all of my personal information to a third party which likely has a less robust level of IT than the FIs do.
If the records of these two GIC brokers get scrambled occasionally when it comes to output messages, there does not appear to be a firewall between the data of these two corporate entities. Would it matter that Monarch Wealth has access to GIC Wealth Management's client records and visa versa? It would matter to me.
10:11 am
March 15, 2019
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I think the Big 5 banks also share a common back office utility to do stuff like recordkeeping and issuing T5's etc. It's economy of scale. I could be wrong and each bank do their own stuff.
Don't credit unions have the same arrangement among themselves?
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