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TLDR : BMO AdviceDirect puts you into a profile based on a 30 minutes KYC with one of their advisors and then acts like a stock screener and you pay 750$ to 3750$ per year for that service.Hello all, sorry for the long post but I had a bad experience using BMO AdviceDirect and I would like investors to get all the information possible before possibly choosing this service for their investment needs. This information is accurate as far as I know, if you find any mistakes or inaccuracies let me know so that I can correct it. This information could have changed since when I was a client over there about 6 months ago and I suggest you make your own research to corroborate or invalidate the information below.What is Advice Direct?The pitch of BMO AdviceDirect is to be a hybrid between a self-directed brokerage account and a fully managed account. The system gives you advice, but you have the option of disregarding it. When you open your account, they do your KYC and based on your answers you are put into a profile. Based on that profile, the system would make recommendations it thinks would be suitable for you. The metrics used to determine if a stock that is recommended is also considered suitable for your profile are not disclosed. I was told that for example it would not recommend small cap stocks to a conservative investor which makes sense. The way that the appropriate profile is determined is the pretty standard Time Horizon, Risk tolerance, Investment goals, etc.How does the website choose which stocks to recommend?BMO AdviceDirect uses data from a service called MarketGrader that analyzes fundamental indicators (growth, liquidity, value, etc) of companies. Depending on these indicators, it then gives it a grade from 0 to 100. The stock would be recommended as a BUY if the rating is 60 to 100, HOLD for a rating of 50 to 60 or SELL for a rating below 50. They pitch it as being completely free of bias because it is purely based on fundamental analysis.In my opinion, the problem with a system like this is that it doesn’t take into account anything that would not be reflected purely by the numbers. If a stock is moving based on the expectations of the result of a lawsuit, new management being put in place, a crazy tweet by the founder or any other subjective data, it would not be reflected in the rating. This is by far the biggest downside of this system in my opinion. It does not analyze things in the context of the real world, only based on ratios derived from the financial statements.Their phone lines :After calling their phone line to get more information, I was told that one of the big advantages of the service is that I can call in to speak with one of their professional advisors for questions or assistance. One fact that is not disclosed from the start is that their advisors are unable to go against the MarketGrader rating. Even if they personally do not agree with the website’s analysis, they will have to tell you to BUY, HOLD or SELL based on the rating so there is no real value gained from calling them, you might as well go see the rating online. The only thing I could think of is that they would tell you to rebalance your portfolio if it is out of balance.If you have under 500k of assets with them, you do not get a dedicated advisor and you have to call their main phone line. This means that there is no personal relationship and you have to start from scratch most of the time to explain your issue. Above 500k of assets, you are attributed to a dedicated advisor without being able to choose and without knowing their qualifications and other pertinent information unless you ask.Fees :There is an advisory fee of 0.75% of invested assets (money market funds and cash not included) with a minimum annual fee of 750$ and a max of 3750$ per year. There is no commission on trades up to a certain amount depending on assets. This would be the equivalent of 75 to 375 trades a year equivalent on their self-directed platform at 10$ a trade.​Overall, I do not understand why anyone would want to use that service. The advice is sub-par in my opinion as it is basically a stock screener. Why would I want to pay high fees for that? Let me know if any of you used that service, I have switched to a self-directed account since then. via /r/PersonalFinanceCanada https://ift.tt/3gkhyFj

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I should be able to pay off my mortgage within the next three years, which I mentioned offhand to my parents and was surprised when they told me that I shouldn’t do that and should instead drag out my mortgage as long as possible. I was a bit surprised by this, given that they’re both risk averse (as am I, for that matter) and previously encouraged me to pay it down as fast as possible to avoid having to pay the interest. But now they’re telling me to keep my mortgage so that I can get better interest rates for future loans (which, incidentally, I don’t plan on ever having, but you never know what’s necessary down the line), citing their experience after paying off their first house in the late 80s/early 90s and then struggling to find a good loan interest rate when buying a camper a few years later.Is this actually a thing?? I’ve tried googling this and have read through a bunch of articles about the cons of paying off a mortgage, but never once have I found ‘bad future loan interest rates’ as a reason to not pay off a mortgage. Given the timing of their original mortgage and subsequent loan, and the introduction of credit scores (in America, couldn’t find anything about when we started using them in Canada though I admittedly didn’t search too hard), I’m wondering if this is a problem that is unique to that era. Any thoughts? Has anyone ever heard of this before? via /r/PersonalFinanceCanada https://ift.tt/3vkvrI5

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It’s 1971.Be NIMBY boomer.Pay $3,800 for 4-years of tuition.Buy house for $35,000 on the salary of a grocery bagger.Vote NIMBY policies for 50 years.Vote for policies that prioritize asset inflation above-all-else for 50 years.It’s 2021.Sit at home doing nothing all year.House increased $250,000 in value last year.Pay 0% capital gains on the sale.It’s 2021.Be me.Work your ass-off to become a senior software engineer.Long hours, headaches, humiliating interviews, countless server meltdowns.Work tirelessly to put out fires.Brain exhausted from all the complexity. Complexity constantly increasing. New languages and systems to learn every year.Build products that generate net-new long-term business revenue for Toronto and Canada.Earn $120,000.After working tirelessly all year, only receive $80,000 after taxes.Only save $36,000 after high rent and living expenses.Condo within 1-hour commute appreciated $135,000 this year. Again, outpaced by asset appreciation.How is this fair?Who has the motivation to jump through all those hoops — acquire skilled education, pay for university, work tirelessly to build experience, work long hours as a highly skilled professional — only to have nothing to show for it? via /r/canadahousing https://ift.tt/3vkUo63

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I have been living in Germany for 6 years with my wife, and today I went to the city hall and submitted my documents to apply for the citizenship. However this will require me to renounce Canadian citizenship once I get the German one. What led me to this decision is that Canada is no longer the place it was, there are very few jobs which are low paying, and combined with the low pay you also have out of touch housing prices. Also, I love living in Europe and I have no desire to return to Canada, (I want to add that my line of work is very in demand in Europe). I wish everyone in Canada best of luck with the housing crisis, and also that leaving Canada is an option. via /r/canadahousing https://ift.tt/3fXBYnE

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You know the housing market is fucked when 6/30 people from your high-school classes became real-estate agents after dropping out of college and takin “weeks worth of courses”.You know the housing market is fucked when a bunch of your brothers’ friends quit their labour jobs and are making crazy money by building fences and porches.You know the housing market is fucked when its this hot and no government official would call it a bubble because they’re scared how hard it’ll pop.You know the housing market is fucked when you meet people online and say you’re from Canada, and the first thing they talk about is stupid expensive homes and rent prices.You know the housing market is fucked when everyone starts talking about it and they either think it’ll keep going up for ever (idiots) or it’ll crash…You know the housing market is fucked when the mortgage broker tells you “don’t worry if you lose your job, I know someone who can get you approved”.You know the housing market is fucked when < Insert comment here > via /r/canadahousing https://ift.tt/3pwyUCa

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After denying children the opportunity of attending school for the month of June on safety concerns, he has the bloody cheek to criticize the school boards for not being able to snap their fingers and organize a socially distanced outdoor graduation ceremony because he has graciously given permission: “In a year like no other, school boards can’t think outside the box and do all they can to safely give Ontario students the send-off they rightfully deserve.” His absolute hypocrisy in all things disgusts me.Edits: Grammar mistakes. via /r/ontario https://ift.tt/2Rqgeaq

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I (31M) and my wife (30F) just requested to payout the remainder of our mortgage in 2 days. I’m very excited and want to celebrate with some close friends and have a mortgage burning when restrictions start loosening up in a couple weeks (Ontario).I feel like it is a major milestone that would common to celebrate if we were say 50-60 years old but at 31 I’m not so sure.What did or will you do when your mortgage is paid?EDIT: I think the top comment wins based on the fact that this is getting mixed votes. Not sure why the down votes.”Don’t tell anyone”. Definitely the way to goEDIT2: I’m going to get some lasagna 🙂 via /r/PersonalFinanceCanada https://ift.tt/2RmEU3K

Was on the bus today back from my vaccine appointment on the 52 Lawrence East when a mentally unstable man boarded the bus without his mask, people made a fuss and he put it on but had a hard time with his motor skills. He was hitting the ground, losing balance bumping walls. Not drunk l, but he clearly had something off. He wasn’t violent at all but people kept going yelling at him saying he’s a fool, and for the bus driver to kick him off.He wasn’t directly harming or bothering anyone at all. He was just not in control of his motor skills but was completely aware. People were calling him stupid and that made me so mad. He was defending himself saying I can’t help it and fighting back verbally.It was bothering the fuck out of me this one guy was fighting the bus driver to kick him off but the driver said he wasn’t harming anyone.I didn’t know how to help him. People were being unreasonable and so rude saying ‘get off you idiot we have places to go.’ That’s fucking unacceptable.Literally the second I was about to get up to do something (I didn’t even know what I was going to do but I was so damn bothered by these people) a woman stood up and diffused it so well.She approached him and said ‘hey where, are you going? Maybe we can get off at the next stop together and I can help you?’ he was kinda still defensive and said ‘none of your business..’ she replied saying ‘i want to help you’. He immediately felt releif feeling frustrated that people are scared of him. He said I couldn’t even hurt a fly, let alone a person. He sounded so sad and said ‘people look at me and don’t get it. I can’t control it. I’m not on drugs. I just can’t help being this way. Every day I deal with people like this and I hate it’ that hurt my soul after witnessing everything. I didn’t know how to help him but she did it so perfectly. She said she was a social worker which I don’t doubt with how skilled she diffused it. They got off the bus peacefully and I even saw she offered him some food from her bag which he looked so happy about.But thank you for doing that and sorry for the guy that has to deal with that kind of ignorance from people every day of his life. We need to be better than these people who don’t try to understand.I’m typing this literally right after it happened on the bus still. I don’t want to forget later or think ahh it’s not a big deal and never end up writing this. via /r/toronto https://ift.tt/3uF60AJ

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