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GIC Wealth Management Inc.?
August 31, 2021
10:02 am
Loonie
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RetirEd said
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  

There are at least 3 kinds of shareas at issue.

First is the membership fee or share. Technically, it's a membership share, but is often referred to as a membership fee, even by CU staff. Every member pays this when they join, and the cost varies from $1 to $100. I am not aware of any that charge more than that. It would be impossible to gain "thousands" of dollars in dividends from these. I belong to several CUs in 2 provinces and have never earned interest on these shares from any of them, nor do I expect to. This fee or share is returned when your membership ends.

Then there are patronage dividends, which go by various names such as Class A Bonus Shares. These are based on how much business you do with the CU and are taxable. They are not predictable and are normally awarded in the first quarter of the year based on the previous year's profitability. Borrowers and savers do not necessarily get the same reward. Some CUs hold them as this type of share and don't let you have access to them for some time. Others give it to you right away in cash rather than shares, to do with as you wish. If they are retained by the CU, you may receive interest on the dividends.

Thirdly, there are what are usually called Investment Shares. These are optional for you to buy. They normally pay a fixed rate of interest for a fixed term. They are similar to GICs but are not covered by insurance.

Not all CUs offer patronage dividends. I don't think they all offer investment shares either but not sure.

April 2, 2023
11:29 am
ajbihun@shaw.ca
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Hello I am looking into GIC Wealth management. Their office is in Toronto. I do not live in Ontario. They issue Gics for the institutions for each province. Has anyone dealt with this company recently. Apparently the investor gets to choose the institution they wish to invest with. I do not have the list
Check made out to institution
Does anyone have any have experience with this company. Their rates are about .4 higher than the Gic list. Depends on the amount

April 2, 2023
4:53 pm
hwyc
GTA
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Yes. Many here. Do a GICwealth word search on this site for past comments. I recently have a WealthONE GIC matured with them.

April 3, 2023
7:15 pm
AndreyG
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I got few GIC's with/through them. Personal and business ones. So far no complaints. One GIC recently matured, I requested post dated checks. Checks came by mail, fast.
My opinion is definitely positive.

April 3, 2023
7:42 pm
Rail Baron
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I called them in December, when considering my first GIC purchase through a broker. No one answered the phone, and I left a voice mail on Klaudia's line. Never got a call back, so I placed the funds myself with MAXA. At the time, there wasn't a big spread between broker rates and those being offered directly for a 5 year term, at least not big enough to justify my chasing the broker.

April 4, 2023
12:36 am
HermanH
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I've tried to leave messages several times for Klaudia and never received a reply. Now, I just hit 373 and get directly linked to Kevin Rothenberg. Be careful, it is his direct line and you can even wake him in the middle of the night. The rare time that I have to leave a message, he calls back fairly promptly.

April 4, 2023
4:53 am
savemoresaveoften
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Apparently the investor gets to choose the institution they wish to invest with. I do not have the list
Check made out to institution
Does anyone have any have experience with this company. Their rates are about .4 higher than the Gic list. Depends on the amount  

You have a choice of FI but that need not be the same rate as the posted rate. What is posted is the best rate from one of the FIs. The rate will also be lower if less than the min posted amount.

April 4, 2023
6:22 am
gicjunkie
Ontario
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HermanH said
I've tried to leave messages several times for Klaudia and never received a reply. Now, I just hit 373 and get directly linked to Kevin Rothenberg. Be careful, it is his direct line and you can even wake him in the middle of the night. The rare time that I have to leave a message, he calls back fairly promptly.  

I believe Klaudia may be on maternity leave, but there is supposed to be someone taking over for her. Kevin does return emails and phone messages fairly quickly, when able.

April 4, 2023
1:57 pm
Rail Baron
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gicjunkie said

I believe Klaudia may be on maternity leave, but there is supposed to be someone taking over for her. Kevin does return emails and phone messages fairly quickly, when able.  

I did not intend to reach Claudia, but simply dialed the main number for GIC Wealth Management last December. If an outside call went to her voicemail, and if she is away on maternity, and no one followed up, then that says something about this firm's business capacity.

April 4, 2023
2:04 pm
fabafter50
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I have several GIC's with them and couldn't be happier. My first contact was to email Kevin, his email is on the website. He got back to me immediately. Service has been excellent and the rates are the best I could find anywhere. I deal with Nicole in the office and she is on top of things and will respond very quickly.

April 5, 2023
5:28 am
dommm
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I emailed Nicole yesterday with an issue & received a reply within an hour.

April 5, 2023
5:42 am
savemoresaveoften
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Rail Baron said
that says something about this firm's business capacity.  

They are a small operation, but somehow I have been "ok" with them and mostly thru email communication. At the same time, I dont use brokers unless their rates are far superior as I prefer direct dealing with the FI.

April 5, 2023
6:16 am
COIN
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savemoresaveoften said

They are a small operation, but somehow I have been "ok" with them and mostly thru email communication. At the same time, I dont use brokers unless their rates are far superior as I prefer direct dealing with the FI.  

I prefer to deal directly with the institution but I found that the same institution often cannot match the rate offered by the broker. Weird, eh.

April 5, 2023
9:24 am
bigzim
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I am living in the province of Quebec. I have dealt with Kevin Rothenberg and have several GIC’s both myself and my wife. Very happy with their offers and their service.

April 6, 2023
6:32 am
gicjunkie
Ontario
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I have used GIC Wealth on numerous occasions. Service has been excellent. And yes, for some strange reason, many FIs are happy to give better rates through brokers than directly to members. I have often expressed to the FI that I, as a member, find this offputting. Sometimes the FI will then match the broker rate, but many will not.

May 8, 2024
2:07 pm
Rail Baron
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I came around and bought a GIC through Kevin's firm earlier this year, when they were offering a 2 year term for over 6%.

The transaction happened when Nicole was on holiday leave, and my address was improperly recorded until she got back in January and cleaned things up.

As a result I never received any documentation directly from the financial institution. Everything came through GIC Wealth, including a "certificate" of deposit that looks like it could have come off Adobe Pagemaker.

Does anyone have experience with verifying their brokered GIC deposits directly with the bank? In this case it would be Habib Canadian Bank.

May 8, 2024
2:35 pm
HermanH
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I deal with Kevin, but once called DUCA directly. The manager was quite surprised to hear from someone like me, as he normally corresponds through GIC Wealth.

May 8, 2024
2:55 pm
Rail Baron
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HermanH said
I deal with Kevin, but once called DUCA directly. The manager was quite surprised to hear from someone like me, as he normally corresponds through GIC Wealth.  

But did you get the info you sought from DUCA in that case?

May 8, 2024
3:02 pm
HermanH
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Yes, the manager was happy enough to answer my general questions.

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