Altamira or TD?

[metta2006]

Hi,
I'm interested in opening up a RRSP account. I'm thinking of index funds or managed funds - actually I have no idea. Can you tell me which I should go with, Altamira or TD? Right now I have a RESP account with Altamira but it's in cash performer at 3.75%. I need to transfer this to a more long term growth fund. Will there a fee if I want to transfer it to another bank?Thanks so much!

[notanexpert]

Regular TD index funds are significantly more expensive than Altamira index funds. On the ohter hand, TD e-funds are slightly cheaper than Altamira. So if you are comfortable doing everything online with TD e-funds, that is the way to go. If you need the services of an advisor, then I think Altamira is the better way to go, with lower fees overall if you stick with their index funds. Managed Porfolios from Altamira have higher overall fees, I think in the 1.5% range.

[Just Confused]

I've had my my RESP with Altamira since 1991 and have been more than happy with their variety of offered funds and performance over the years.

I've also had RRSP's and an RESP with TD and they were a fiasco. Eventually I transferred all my TD investments elsewhere.

It was not so much of a problem with actual fund performance but more with all the administration at the branch level (several different branches). Whenever I wanted to do simple things like open accounts, add money, or transfer funds, it just seemed everything became a misunderstanding. I never got to speak to the same person twice at any branch, they were always changing staff. And they all seemed to have a different understanding of how the various investment products worked.

If it was anything out of the ordinary, it would turn into a continuing nightmare of phone calls, adjustments, things would be done late costing me fees at other institutions, and representatives assuring it would be fixed if I filled out some new form. Of course, that would cause even more problems. And TD call centres were a complete waste... they hardly understood what product I was trying to purchase.

Having said all that, my experiences with CIBC, Royal, BMO and several credit unions have had their moments as well.

[tofinoguy]

Having said all that, my experiences with CIBC, Royal, BMO and several credit unions have had their moments as well.

Really? When I want to contribute to my RRSP investments with BMO, I just call up the direct banking call center and everything is done within a matter of minutes. Never an issue.

[smihaila]

I've had my my RESP with Altamira since 1991 and have been more than happy with their variety of offered funds and performance over the years.

I've also had RRSP's and an RESP with TD and they were a fiasco. Eventually I transferred all my TD investments elsewhere.

It was not so much of a problem with actual fund performance but more with all the administration at the branch level (several different branches). Whenever I wanted to do simple things like open accounts, add money, or transfer funds, it just seemed everything became a misunderstanding. I never got to speak to the same person twice at any branch, they were always changing staff. And they all seemed to have a different understanding of how the various investment products worked.

If it was anything out of the ordinary, it would turn into a continuing nightmare of phone calls, adjustments, things would be done late costing me fees at other institutions, and representatives assuring it would be fixed if I filled out some new form. Of course, that would cause even more problems. And TD call centres were a complete waste... they hardly understood what product I was trying to purchase.

Having said all that, my experiences with CIBC, Royal, BMO and several credit unions have had their moments as well.

Yeah, I encountered similar problems at TD/TDAM with our RESP account (the CLB grant is not eligible for mutual fund investments/e-Funds but only in GICs/savings accounts. Only the TD Canada Trust arm is properly registered as a "promoter" with HSRDC. TDAM is not). Transferred to Altamira and everything works flawlessly. Their index funds are comparable in terms of MERs to TD's e-Funds.

[notanexpert]

...
Transferred to Altamira and everything works flawlessly.
...
I have to second that. Have had a RESP with them for 6 years now, no screw ups so far. And its no problem to have the grant portion directed to any of their funds.