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Lane
Lane, JD, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 10162
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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I'm considering shifting my portfolio from to RBC Wealth

Customer Question

I'm considering shifting my portfolio from ***** ***** to RBC Wealth management. I've just been given an enormous amount of documents from RBC to sign......loaded with leagalize I don't understand. Don't know if it's safe?
Submitted: 5 months ago.
Category: Finance
Expert:  Lane replied 5 months ago.

Hi,

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I'd be glad to take a look at the documents.

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Both RBC AND ***** ***** has had problems in the past with overcharging clients and have settled verious lawsuits (requiring the payees not to take any legal action and not admitting any wrongdoing ... even though millions of dollars had to be paid out.

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Much of the legalese you see there probably requires you to waive your right to sue and required that you do mediation instead, if you have a problem.

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But what these documents WON'T affect is exactly HOW the dollars are invested (which, of course carries it's own kind of risk).

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I would recommend that you consider sitting down with a Fee-Only adviser (works for the client, doesn't take commissions from financial products). Neither Jones NOR RBC are fee only.

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They are the classic old school commission based "advisors," that have an inherent conflict of interest becasue how they are compensated is tied to the product that put you in (the reason FOR the problems they've had and the disclaimers in their paperwork)

Expert:  Lane replied 5 months ago.

If you'd like for me to take a look at the paperwork for you, I can.

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Also let me know if you have any other questions.

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Lane

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I have a law degree, with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance & tax, as well as CFP and CRPS designations. - I’ve been providing financial, Social Security/Medicare, estate, corporate, both for-profit and non-profit, and tax advice on three continents, since 1986.

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