GIC Wealth Management Inc.? | RRSPs and RRIFs | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

No permission to create posts
sp_Feed Topic RSS sp_TopicIcon
GIC Wealth Management Inc.?
August 26, 2021
7:45 pm
dommm
Member
Members
Forum Posts: 83
Member Since:
November 15, 2018
sp_UserOfflineSmall Offline

Anyone who has used GIC Wealth Management Inc please give the pros & cons. I have a matured RSP GIC from another FI & am considering this company. Thanks

August 26, 2021
8:20 pm
gicjunkie
Ontario
Member
Members
Forum Posts: 471
Member Since:
November 7, 2014
sp_UserOfflineSmall Offline

dommm said
Anyone who has used GIC Wealth Management Inc please give the pros & cons. I have a matured RSP GIC from another FI & am considering this company. Thanks  

I have used them for many years. They provide excellent service. No complaints. Give them a call. I deal with Kevin, one of the owners, and Klaudia, his assistant.

August 27, 2021
7:27 am
Koogie
Member
Members
Forum Posts: 301
Member Since:
November 19, 2014
sp_UserOfflineSmall Offline

Ditto.

My records show I have been dealing with them since 2014. Purchased 8 term deposits from them over the years.

Never anything but good service. I have also visited their offices (years ago).

August 27, 2021
9:23 am
Loonie
Member
Members
Forum Posts: 7293
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

I deal with them too.
Actually, I've always had very good service form deposit brokers - much better, overall, than from dealing with FIs directly. With deposit brokers, GICs are their only product, which cuts out a lot of crap. You don't get sidetracked to market-linked "GICs", mutual funds, ETFs or whatever that nasty product was that they sold at PACE. You get what you came for, and they make it easy.

August 27, 2021
1:09 pm
savemoresaveoften
Member
Members
Forum Posts: 683
Member Since:
March 30, 2017
sp_UserOfflineSmall Offline

I opened a new account with them, and courier picked up the cheque on wednesday. Looks like it may be a few days before the GIC will be issued.

So in my mind:

Pro: can access the "hidden" offer, and if issued by CUs, does not need to be a member. 3y 2.5% for example.

Con: The turn around will be at least a few days given all fundings are physical and can not be done via online transfer. So ended up losing quite a few days of interest at get go and also at maturity.

For those who has been customers for years, pls confirm one way or the other whether the above is true or there is a way to get around it.

August 27, 2021
6:18 pm
dommm
Member
Members
Forum Posts: 83
Member Since:
November 15, 2018
sp_UserOfflineSmall Offline

Thanks for all reply's.

August 28, 2021
7:56 am
gicjunkie
Ontario
Member
Members
Forum Posts: 471
Member Since:
November 7, 2014
sp_UserOfflineSmall Offline

savemoresaveoften said
I opened a new account with them, and courier picked up the cheque on wednesday. Looks like it may be a few days before the GIC will be issued.

So in my mind:

Pro: can access the "hidden" offer, and if issued by CUs, does not need to be a member. 3y 2.5% for example.

Con: The turn around will be at least a few days given all fundings are physical and can not be done via online transfer. So ended up losing quite a few days of interest at get go and also at maturity.

For those who has been customers for years, pls confirm one way or the other whether the above is true or there is a way to get around it.  

It is my understanding that the delay or lack thereof is due to whether a broker can direct deposit client cheques to the relevant FI's bank account. If they have this access/permission, your GIC would begin almost immediately. If not, there will be a delay.

August 28, 2021
8:48 am
Loonie
Member
Members
Forum Posts: 7293
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

I only have one GIC with GICWealth.
I checked my file for you. I purchased it in person at their office with a cheque on a Friday in 2019, and the GIC was opened on the following Monday. I was the last customer of the day so I don't think they could have processed it any faster.
Perhaps going in person makes it faster, but that should correspond to the courier date.

August 28, 2021
9:09 am
savemoresaveoften
Member
Members
Forum Posts: 683
Member Since:
March 30, 2017
sp_UserOfflineSmall Offline

gicjunkie said

It is my understanding that the delay or lack thereof is due to whether a broker can direct deposit client cheques to the relevant FI's bank account. If they have this access/permission, your GIC would begin almost immediately. If not, there will be a delay.  

yes the ability for the broker to direct deposit will save some time. But still they will need courier to pick up the cheque from me and then deposit it. Either way there will be a few days of lost interest at inception and at maturity given everything is done via cheque. As long as the extra spread is high enough, its still worth it right now as HISA keeps lowering their rates.

August 28, 2021
9:58 am
GR
Member
Members
Forum Posts: 383
Member Since:
September 15, 2017
sp_UserOfflineSmall Offline

With GIC agent Monarch Wealth, I have found that the GIC is effective the same day their courier picks up the cheque from me, if I phone Monarch Wealth the first part of the morning. Also, Monarch Wealth usually does not require the high minimums that are required by GIC Wealth.

August 28, 2021
11:30 am
Loonie
Member
Members
Forum Posts: 7293
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

@savemoresaveoften: Have you got documentation that shows this delay that you are talking about or are you just envisioning it? I re-read your posts and I don't hear that you have verified the delay.
The verification I received came by Canada Post. It's only been two business days since the courier came for your cheque.

August 28, 2021
11:37 am
savemoresaveoften
Member
Members
Forum Posts: 683
Member Since:
March 30, 2017
sp_UserOfflineSmall Offline

Loonie said
@savemoresaveoften: Have you got documentation that shows this delay that you are talking about or are you just envisioning it? I re-read your posts and I don't hear that you have verified the delay.
The verification I received came by Canada Post. It's only been two business days since the courier came for your cheque.  

Thats why my original reply ask fellow members to verify if my envisioning of the con is true or not. Given the amount for the cheque is still sitting in my account and has not been cashed, it will be quite amazing if they start my GIC wednesday or thursday ?? Someone needs to eat the interest rate for like a week ? If the issuer or the GIC broker is indeed covering that, I will have a lot more money going their way for sure.

August 28, 2021
12:29 pm
gicjunkie
Ontario
Member
Members
Forum Posts: 471
Member Since:
November 7, 2014
sp_UserOfflineSmall Offline

It is also my understanding that the courier used by GIC Wealth in the GTA is their own courier who delivers the cheque direcly to their office. It's not like FEDEX or UPS, so there is no delay in receiving the cheque.

August 28, 2021
1:30 pm
Loonie
Member
Members
Forum Posts: 7293
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

I checked my statements again. My cheque was debited at TD on the Monday, the day the GIC was issued, the first business day after I wrote it.

I suppose it's possible there are some delays now due to covid or vacations, but I doubt it's the norm. You could ask them about it. The relinquishing FI may also be a slow one.

August 28, 2021
1:51 pm
savemoresaveoften
Member
Members
Forum Posts: 683
Member Since:
March 30, 2017
sp_UserOfflineSmall Offline

Loonie said
I checked my statements again. My cheque was debited at TD on the Monday, the day the GIC was issued, the first business day after I wrote it.

I suppose it's possible there are some delays now due to covid or vacations, but I doubt it's the norm. You could ask them about it. The relinquishing FI may also be a slow one.  

Yeah given this particular issuer does not have the direct deposit option with the broker, will report back once the GIC is actually issued re the timeline of the events. Thanks to all that reply and I am glad someone posted the rates offered by the GIC broker. I would not have thought the spread can be this massive over direct purchase.

August 29, 2021
5:32 am
gicjunkie
Ontario
Member
Members
Forum Posts: 471
Member Since:
November 7, 2014
sp_UserOfflineSmall Offline

savemoresaveoften said

Yeah given this particular issuer does not have the direct deposit option with the broker, will report back once the GIC is actually issued re the timeline of the events. Thanks to all that reply and I am glad someone posted the rates offered by the GIC broker. I would not have thought the spread can be this massive over direct purchase.  

In the past I have contacted credit unions that I was already a member of, chewing them out for offering better rates through brokers than direct to their own members. They will then often offer the same broker rate to me direct after I press them. Sometimes there are additional financial perks (dividends payable based on volume of investments) when dealing direct with a credit union. Other investors are happy not to join a credit union and like to leave the details to a broker, who can offer excellent service. It's all a matter of comfort level and convenience.

August 29, 2021
5:47 am
savemoresaveoften
Member
Members
Forum Posts: 683
Member Since:
March 30, 2017
sp_UserOfflineSmall Offline

gicjunkie said

In the past I have contacted credit unions that I was already a member of, chewing them out for offering better rates through brokers than direct to their own members. They will then often offer the same broker rate to me direct after I press them. Sometimes there are additional financial perks (dividends payable based on volume of investments) when dealing direct with a credit union. Other investors are happy not to join a credit union and like to leave the details to a broker, who can offer excellent service. It's all a matter of comfort level and convenience.  

Looks like CU membership fees use to be $1 to join (Meridian, Duca etc.) Now I see some CUs wanting $50-$100 ?! Given that the only purpose of me wanting to be a member is to purchase the GIC, the broker route makes more sense in my case esp with the higher rates. Not sure how it works when one dont need to be a member if the GIC is purchased thru a broker, even tho the GIC is issued under the investor's name and that the deposit guarantee still applies.

So far GIC Wealth has been very responsive so my initial impression is very good on the service side.

August 29, 2021
6:14 am
gicjunkie
Ontario
Member
Members
Forum Posts: 471
Member Since:
November 7, 2014
sp_UserOfflineSmall Offline

First of all, most credit union member fees are refundable when closing the membership. Secondly, the broker arranges a kind of non participating membership for you with the CU and, yes, the deposit insurance still applies. The GIC is issued by the CU to you.

August 29, 2021
2:43 pm
Loonie
Member
Members
Forum Posts: 7293
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

As far as I know, the membership fee is always refunded when you close your membership. It's a kind of no-interest loan. It's true they can range from $1 to $100. I don't look on it as a burden. I wouldn't be joining if it weren't worth my while.

All else being equal, I would choose to join rather than use broker simply because I like to know what is going on with the FIs that hold my money. As a member, I can participate in AGMs, and with the smaller ones I can speak to the CEO if I want. And, yes, with some, such as DUCA, there are patronage dividends as well. I made about $120 in patronage dividends this year and spouse got some too. It's not a huge amount but it arrived in my account automatically, with no effort on my part.

August 31, 2021
2:30 am
RetirEd
Member
Members
Forum Posts: 143
Member Since:
November 18, 2017
sp_UserOfflineSmall Offline

A credit-union share purchase (it's not a membership fee) is fully refundable, and it DOES earn dividends (treated as interest for tax purposes) at some credit unions. Vancouver City Savings Credit Union has paid me thousands in dividends over 25 years, though their performance has collapsed since the mistakes management made in 2008.
RetirEd

No permission to create posts

Please write your comments in the forum.