It is ‘absolute outrage’, says portfolio manager, banks are putting themselves ahead of customers

While 120 of her clients moved in with her, and she has added 10 since then, she is surprised at how well they accepted the move. His wealth has also increased by 21% from $240 million to $290 million – in seven months.

He is also concerned that the number of people with access to high-quality financial advice is declining as the dollar limit they need to do so is climbing.

“When I started at Nesbit 20 years ago, we could take a client with $100,000. He would be a young couple with $50,000 in RSP each. We could start with them in their 30s, And they could grow into bigger clients,” he said. “Now, most advisors won’t look until you have at least $500,000 or a million dollars.

“Therefore, most Canadians are pushed to the bank level with young, well inexperienced, ‘advisors’ who are selling bank products. The vast majority of Canadians are never going to get true independent advice,” he said. “I’m worried about it in the future. There aren’t enough new youth mentors to pick up the slack and start all over again with those 30 to 40 year olds. ,

the bank responds

money professional Contacted major banks about reducing their product shelves. Most did not respond.