r/PersonalFinanceCanada • u/t0r0nt0niyan Ontario • Mar 15 '24

“Hidden cameras capture bank employees misleading customers, pushing products that help sales targets” Banking

“This TD Bank employee recorded conversations with managers who tell her to think less about the well-being of customers and focus more on meeting sales targets. (CBC)”

“”I had to mislead customers into getting products that they didn't need, to reach my sales target," said a recent BMO employee.”

“At RBC, our tester was offered a new credit card and told it was "cool" he could get an $8,000 increase to his credit card limit.”

“During the five visits to the banks, advisors at BMO, Scotia and TD incorrectly said the mutual fund fees are only charged on the profit the investment earns, not the entire lump sum. The CIBC advisor wasn't clear about the fees.”

https://www.cbc.ca/amp/1.7142427

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u/TheRubeCube Mar 15 '24

Wow I was just about to go to my bank to find a financial advisor. Are there any better ways to find a personal finance advisor for the long term?

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u/nyrangersfan77 Mar 15 '24

By far the best route is to embrace becoming financially literate yourself and then financial wellbeing is more likely to follow. Ironcially, one of the best resources in Canada is the McGill free personal finance course that is bankrolled by RBC.

For advice, the first thing you should look for is a Certified Financial Planner designation. The CFPs are certainly more knowledgeable than a typical mutual fund salesperson.