Still dealing with the bank for your financial needs? Here are some reasons to think twice about that...

Dawn Luhning |

It’s quickly becoming a myth that you have to do all your financial transactions at one of the Big Six. The Big Six are the main banks of course. An article that I ran across this morning points out the fact that the banks are specifically targeting all clients that walk in the door, to buy more products, specifically products that clients do not need.

This article talks about Manulife Bank’s Advantage Account among others. Manulife Bank is quickly becoming Canada’s best kept banking secret, as the article indicates and I've written about this account before. They are currently offering free banking with their Advantage account if you maintain a balance of $1000. They are also offering new clients who sign up for this account a 2.4% interest rate until the end of August 2018. This account is paying 1.25% for all existing clients. Not bad really when I can bet that your regular bank account pays almost nothing to have your money at the bank.

My point is really this. The banks can charge high fees to do business with them. And in the cases of settling estates, in almost every case, the banks will ask for probate on assets held with them. Probate can be expensive and in Saskatchewan, probate is $7/$1000 in value. This can add up quickly!

If you invest money with me, or another independent advisor, ask about insurance-based products that allow you to appoint beneficiaries on non-registered investments. The banks are not able to do this for you, and by designating beneficiaries on non-registered assets, you will avoid probate on the settlement of your estate. In all cases, RRSPs and RRIFs, are taxable on the second death of a married couple. But if invested in insurance-based products, you can avoid probate with these as well. Ask me about strategizing around these types of financial situations and others.

Further, I can be a one-stop shop for all your financial needs. I can do travel insurance, personal insurance, life and health, investments from GICs, to market-linked GICs, to mutual funds, ETF funds and segregated funds. And I can open your bank account for you as I stated earlier. I'm here to help and I'm happy to do so!

We will be closed on Monday, May 21 for the Victoria Day weekend and also on Friday, May 25 as I am attending to a board meeting in Regina that day. If you need anything at all, please drop me an email or book online with me at the link on this page. 

Happy Thursday! ~ Dawn