Am I surprised? Not really. We as Canadians throw way too much trust into these vaunted institutions that we believe to be so safe, secure and truly have our best interests at heart (mostly because that is what their advertising convinces us that they do).
It is however just selling.
The shareholders are the folks at the top of the priority list, revenues and earnings (from fees, etc.) take precedence, while client service (a cost of doing business) remains vulnerable to economies of scale and cost cutting.
Not at High Rock. We have no shareholders to report to, we report only to our clients. Our signed Voluntary Code of Conduct for the Stewardship of your Wealth is our guarantee that our clients get precedence.
We do not sell. As anyone who knows me will attest to, I am a lousy salesperson: no slick pitch, no "pressure to close". If it makes sense to build a good working relationship, then we shall work together, but I won't chase you down to sign you up.
I might call you up to re-connect (now that I no longer have a non-solicitation issue), but I only want you to know what it is that I have been putting my efforts towards for the last couple of years: a better way for you to get your money growing and at the same time, taking a lot less risk.
I may suggest that your current advice channel is being a bit complacent about risk, likely painting a pretty picture about the state of markets and returns over the last year. The returns over the last year will mean nothing if they are not captured before the pending equity market correction, your bond portfolio will likely not be in a position to give you the protection that you need. Correlations are changing.
That's what our clients pay us to look after: their protection.
Some RBC clients were overpaying, apparently. I wonder how well they were being looked after?
At High Rock we are trying to change the way that people think about who looks after their money and why and what you get for the fees that you pay: individual attention specific to your goals, fee transparency above the regulatory requirement, experienced portfolio management, lots of two-way communication and plenty of sleep at night. All in all, a better client experience.