Portfolio Second opinion - Moving from one product to another.

Hello to this great community. I need a bit of help to get me moving in the right direction….the no BS direction. LoL.

I have funds tied up with BMO in a managed portfolio (RRSP), I am paying way more fees than I like and have been paying for a long time. I am 55 years old. It has delivered some decent growth, but I know there are better products out there.
Question: I want to move away from these high fees. I know Wealthsimple has a program to move an RRSP over but I wanted to know if there was an simpler way. Can I just ask BMO to put all my portfolio into one of the BMO ETF’s and then move later on or simply get all the funds out of the BMO account.

Contribution room. Currently, my TFSA’s or RRSP are not Maxed out and have plenty of room to add funds. For this portion, I do have funds available to max them out, but I wondered if you had any suggestions on where to place them.

I am self employed and mostly pay myself through dividend payments, I now have the ability to contribute in a more significant way towards my retirement. I am looking for some aggressive growth on some products and would like to see consistent steady growth on my current assets.

Looking for some great feedback on this one as I know I am not alone in this scenario.
I am already set up with multiple accounts with Wealthsimple and an EQ bank accounts set up as well.

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Asked on July 9, 2024 9:15 am

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Just an addition; Wealthsimple does not handle Mutual Funds. If there are any within the RRSP, they would have to be switched to cash or ETF's within the RRSP, if BMO will allow it, before transferring to Wealthsimple. Questrade handles Mutual Funds, but there are more trading fees associated with Questrade.

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Posted by c-ras@sympatico.ca

Answered on July 12, 2024 6:32 am

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Posted by c-ras@sympatico.ca

Answered on July 12, 2024 6:32 am

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Yeah, that's the thing. It largely depends on what ya got inside of your accounts and whether Wealthsimple can handle it.

(Dan Kent at July 12, 2024 7:48 am)

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I had success moving a Managed Account In Kind from RBC DS to TD Direct Investing .
There was no need to liquidate any of the securities!
BTW, TD picked up All fees associated with the transfer!
Hope this helps!

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Posted by Rick Reeves

Answered on July 12, 2024 3:00 am

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Hey there. I believe this will depend on how the RRSP is structured at BMO. If you're looking to self-manage the portfolio, I'd imagine what you need to do is get in contact with them and let them know you'd like to self-direct it. At that point, they'd probably transfer it into a self-directed account and you'd be able to sell the mutual fund or whatever other BMO fund you have in there.

I believe if you tried to transfer the BMO managed account to Wealthsimple, they may make you liquidate it before transferring. That is simply my guess, but there are some funds in particular that can't be handled on Wealthsimple. I've known plenty of people who've had to liquidate prior to transferring but I can't say for sure because I don't know the fund.

In fact, if you could drop me the fund, I'd be very curious to have alook at what you currently own so I can provide some commentary on it. I may be able to give you some ideas.

In terms of what to add into the RRSP/TFSA, if you can provide me with a bit of insight I can probably give you a better answer. What exactly are you looking for? Canadian exposure, US exposure, an all in one ETF, individual equities etc?

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Posted by Dan Kent

Answered on July 11, 2024 3:26 pm

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