Which Broker Do you Use?

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Which Discount Brokerages Do You Use select all that apply

Poll ended at 28 Feb 2017 21:05

BMO InvestorLine
18
17%
CIBC Investor's Edge
7
7%
Interactive Brokers
9
8%
National Bank Direct Brokerage
0
No votes
Qtrade Investor
1
1%
Questrade
5
5%
RBC Direct Investing
15
14%
Scotia Itrade
10
9%
TD Direct Investing
42
39%
Virtual Brokers
0
No votes
 
Total votes: 107

zeno
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Re: Which Broker Do you Use?

Post by zeno »

Shakespeare & Optional, did you call your existing broker to see if they would offer you anything to stay rather than lose you to BMO? Does this ever work with discount brokers?
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Shakespeare
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Re: Which Broker Do you Use?

Post by Shakespeare »

RBCDI paid several $K to get me and didn't get it back. I doubt they will pay $1K more.

Added: the BMO FAQs suggest GICs can't be transferred, so I guess I'll stay with RBCDI.
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Mordko
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Re: Which Broker Do you Use?

Post by Mordko »

johnsmith1 wrote: 05 Apr 2017 18:26 why don't you stick with hsbc? premier account holder pays only 6.95 per trade?
Mordko wrote: 05 Apr 2017 17:53 Yes, I believe so. At one point I attempted to move a decent amount from HSBC Premier to Questrade as "bill payment" and discovered that there was a $25K limit if you do it via computer banking. If you call afterwards, the limit went up to $125K making it a daily bill payment limit of $150K per person.
- HSBC brokerage has low ranking on in the Globe's chart.
- Could be wrong but don't believe you can hold USD and CAD assets in the same account which I find convinient.
- Account manager at the bank was unhelpful when I approached them with my questions about HSBC brokerage.
- Questrade does not charge for buying ETFs.
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Re: Which Broker Do you Use?

Post by longinvest »

I'm with Virtual Brokers (VB) which does not charge anything to buy ETFs under their Classic commission structure. (That's unlike other non-bank brokerages which often charge ECN fees along with "no-commission" trades). I switched there from BMO Investor Line (BMOIL); VB almost entirely paid my BMOIL exit fees. I've since then saved way more than the few remaining dollars of exit fees that were not covered.

A Canadian-based-ETF investor might want to consider National Bank Direct Brokerage (NBDB) where buying and selling at least 100 units of such ETFs is free. I guess that to buy less than 100 units, one would first sell 100 units then buy them back along with new units to avoid commissions. If I wasn't grandfathered into the old "Free ETF" and "The Penny" VB commission plans, charging $0.01 per unit (min $0.01, max $9.99) for selling ETFs, I would switch to NBDB.

As an aside, VB provides protection up to $10 million from Lloyds of London, in addition to the $1 million protection through CIFP.

Even with a very lazy 4-ETF portfolio, fees accumulate quickly. Between two spouses, the ETFs are easily spread across 6 accounts (his and her RRSP, TFSA, and non-registered accounts). Mathematically, this translates into 12 holdings (at least two ETFs are spread across two distinct accounts, per spouse). We're easily talking about 50 transactions per year for the couple, even if they're patient and only make quarterly contributions (and sometimes rebalance). That's $500 at most bank-based brokerages which charge $10 per trade. That's why I left BMOIL; I like to keep my fees low and I have no use whatsoever for all their other goodies (research screens and whatever).
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Re: Which Broker Do you Use?

Post by brucecohen »

Shakespeare wrote: 05 Apr 2017 22:34 Just filled in the transfer for my RRSP. :mrgreen:
If I move an unregistered account is the $1,000 taxable?

What about transfer-out fees? Does BMOIL cover them or is that just part of the bribe?
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Shakespeare
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Re: Which Broker Do you Use?

Post by Shakespeare »

The RBCDI bribe wasn't taxable, but the Terms and Conditions (link as popup Offer) say
There may be tax implications to the Award. For registered accounts, no tax receipt will be issued for the Award. If you require tax advice, please contact your personal tax advisor.
which probably means it's taxable.
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Re: Which Broker Do you Use?

Post by AltaRed »

Shakespeare wrote: 06 Apr 2017 00:19 Added: the BMO FAQs suggest GICs can't be transferred, so I guess I'll stay with RBCDI.
I am surprised. When I moved my RRSP from RBC DI to Scotia iTrade a year or so ago (due to a bribe they had), all my 5 year compound GICs were transferred over. I'd suggest you ask a BMO IL advisor directly.
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Re: Which Broker Do you Use?

Post by AltaRed »

Shakespeare wrote: 06 Apr 2017 09:28 The RBCDI bribe wasn't taxable, but the Terms and Conditions (link as popup Offer) say
There may be tax implications to the Award. For registered accounts, no tax receipt will be issued for the Award. If you require tax advice, please contact your personal tax advisor.
which probably means it's taxable.
May depend on how it is paid. In at least one case (as I recall a few years back), it showed up as a "negative Administration fee" in my non-reg account and I didn't claim it as taxable income.
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Re: Which Broker Do you Use?

Post by pmj »

Shakespeare wrote: 06 Apr 2017 00:19Added: the BMO FAQs suggest GICs can't be transferred, so I guess I'll stay with RBCDI.
A couple of years back, a friend transferred from a "full service" broker at CIBC to a self-directed account at BMOIL. GICs (don't recall if they were CIBC products) and CIBC HISAs were transferred.
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Shakespeare
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Re: Which Broker Do you Use?

Post by Shakespeare »

OK, I'll visit the branch. Other than that, all I have to do is (maybe) sell the RBCDI HISA.
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Re: Which Broker Do you Use?

Post by fundamental »

brucecohen wrote: 06 Apr 2017 09:08
Shakespeare wrote: 05 Apr 2017 22:34 Just filled in the transfer for my RRSP. :mrgreen:
What about transfer-out fees? Does BMOIL cover them or is that just part of the bribe?
According to BMO all transfers above $250k get transfer fees (up to $200) reimbursed
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Shakespeare
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Re: Which Broker Do you Use?

Post by Shakespeare »

Transfer filled out and sent from branch.

Question for BMOIL RRSP holders: can you, like RBCDI, buy a stock in your RRSP and go negative, immediately selling HISA to cover?
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Re: Which Broker Do you Use?

Post by Quebec »

longinvest wrote: 06 Apr 2017 07:48(That's unlike other non-bank brokerages which often charge ECN fees along with "no-commission" trades).
ECN fees: sometimes it's 3 cents at Questrade, or 10 cents... Nothing to write home about.
longinvest wrote: 06 Apr 2017 07:48We're easily talking about 50 transactions per year for the couple, even if they're patient and only make quarterly contributions (and sometimes rebalance).
Nah, you only add new funds (and any cash from distributions) to the asset classes that are below their target allocation. And you don't necessarily add funds to each account every quarter (e.g. depending on your priorities, you could fill up TFSA No. 1 in January, then fill up TFSA No. 2 whenever you have the other $5.5k, etc.)

I reckon 10-25 transactions per couple per year is totally feasible, even with 6 accounts. Of those transactions, no more than 4-5 should be sells, in accumulation mode.
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Re: Which Broker Do you Use?

Post by pmj »

Shakespeare wrote: 08 Apr 2017 14:15 Transfer filled out and sent from branch.

Question for BMOIL RRSP holders: can you, like RBCDI, buy a stock in your RRSP and go negative, immediately selling HISA to cover?
HISA counts as a cash equivalent, so yes.
Take care, after buying something, to note that the $9.95 fee is not yet deducted - so the apparent deficit that you need to cover is short ...
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Re: Which Broker Do you Use?

Post by Shakespeare »

Thank you.
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Re: Which Broker Do you Use?

Post by steves »

I use my barber Luigi's brother in law Marko. He works out of his apartment and has promised really big returns. I will keep you posted.
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Re: Which Broker Do you Use?

Post by ghariton »

steves wrote: 08 Apr 2017 17:55 I use my barber Luigi's brother in law Marko. He works out of his apartment and has promised really big returns. I will keep you posted.
I would find it more reassuring if he flew his Cessna to Colombia from time to time, with stop-overs at uncrowded air strips in California.

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Re: Which Broker Do you Use?

Post by optionable68 »

Shakespeare wrote: 08 Apr 2017 14:15 Transfer filled out and sent from branch.
Ditto. Just received my new BMO IL account number. Wanting for the funds transfer to go through.
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Re: Which Broker Do you Use?

Post by Shakespeare »

Did you get a chequing account for linkage? I did.
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Re: Which Broker Do you Use?

Post by AltaRed »

Shakespeare wrote: 10 Apr 2017 17:44 Did you get a chequing account for linkage? I did.
Note the linked chequing account has 'limited' privileges, e.g. 1-2 transactions a month for free before being charged. It is mainly meant to move money out to another BMO account or a Bill Payment to other places. If you need a more versatile BMO chequing account, you will need to sign up for that.
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Re: Which Broker Do you Use?

Post by Shakespeare »

Sorry; I meant to say I got a $4/month (refunded for seniors) account. Perhaps it wasn't necessary.


Added: from BMO InvestorLine - FAQs - Account Features and Account Inquiries
How can I access the cash in my BMO InvestorLine investment (non-registered) account?
If you have opened a Cash or Margin account with us, we have automatically included AccountLink® Service as part of your account features. AccountLink Service consolidates your financial requirements into one easy-to-manage package. AccountLink is a service that we include for all non-registered accounts. It wraps the convenience of a BMO Bank of Montreal chequing account in with your BMO InvestorLine securities account. [My red].
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Re: Which Broker Do you Use?

Post by optionable68 »

Shakespeare wrote: 10 Apr 2017 17:44 Did you get a chequing account for linkage? I did.
I didn't get the chequing account. I am transferring only 1 of my RSPs and have no plans to deposit additional funds into the BMO account at this point. If I change my mind, I guess I could always get a linkage account at that time.

Taxable investments remain with IB with linkage there.
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Re: Which Broker Do you Use?

Post by AltaRed »

The chequing account is for moving funds the other way, i.e. from the brokerage account. But with an RRSP, there is no need to do so until one RIFs (or makes withdrawals). I got the linkage account because my BMOIL account is non-reg and part of my income stream comes from there.
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Re: Which Broker Do you Use?

Post by Shakespeare »

The chequing account is for moving funds the other way, i.e. from the brokerage account. But with an RRSP, there is no need to do so until one RIFs (or makes withdrawals).
Which is exactly what I'm doing - although BMO doesn't know that. :wink:
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Re: Which Broker Do you Use?

Post by Pickles »

Shakespeare wrote: 08 Apr 2017 14:15 Transfer filled out and sent from branch.

Question for BMOIL RRSP holders: can you, like RBCDI, buy a stock in your RRSP and go negative, immediately selling HISA to cover?
When I have tried this, they've stopped the trade and phoned me to say I had to sell $$ from my HISA first, then buy the stock. I am a 5 star gold investor with BMOIL so they know I'm good for the money.... :roll: Seems picky to insist of the order of these transactions.
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