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Emma I think if you prefer using BMO for everything you would be wise to approach BMO Private Wealth that will tailor your retirement taking care of taxes, income,budgeting,insurance,inheritances etc. Perfect if you are hesitant about DIY .
 

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I am assuming I would need to open both a TFSA and a RRIF account with EQ?
Like some others, I have a plain old non-registered HISA account at EQ Bank currently paying 1.25%. That is where my cash reserve is. You can set up 'linked accounts' at EQ Bank where you can pull, or push, funds to your BMO chequing account. I have both Scotia chequing and BMO chequing linked with EQ Bank. You can do the same with LBC Digital if you wish (as I do) but I prefer EQ Bank.
 

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Discussion Starter · #23 ·
I did meet with a BMO Adviser who referred me to Private Wealth in 2015. I was reluctant as we had a not so great experience with mutual funds in 2008. Maybe I have been too obstinate. I will look at EQ for cash sitting in my non registered account.
 

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I would absolutely ask about reimbursements to take any assets under management, if you really decide to move any assets at all. Like Ian, the worse folks can say is "no".

EQ Bank and a few others are likely best for the cash/interest savings accounts these days.

As for RRSP/RRIF investments, I think there are a gazillion things you can invest in and if it ain't broken maybe you don't need to fix it?
 

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I did meet with a BMO Adviser who referred me to Private Wealth in 2015. I was reluctant as we had a not so great experience with mutual funds in 2008. Maybe I have been too obstinate. I will look at EQ for cash sitting in my non registered account.
BMO Private wealth will not put you into mutual funds . They are very good at servicing high net worth clients needs. Just a thought.
 

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Another option would be preferred shares. Rather than choose them, perhaps an ETF like ZPR. It too will likely lose value if interest rates go up. But it will be re-investing in new preferreds so may eventually catch up.
I would not recommend preferreds at all. They are very much a specialist item and not a set-it-and-forget-it proposition. ZPR even less so.

A bond fund might be something similar, although yield might be lower than preferreds.
Yes. Particularly registered, allocating a portion to a bond fund makes sense -- ZAG or XQB maybe.
 

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I would not recommend preferreds at all. They are very much a specialist item and not a set-it-and-forget-it proposition. ZPR even less so.
Yes. Particularly registered, allocating a portion to a bond fund makes sense -- ZAG or XQB maybe.
I personally totally avoid bond funds. Even moreso at a time like this.

Regarding preferreds, I did not understand your comment about ZPR (which I had suggested rather than individual pfds). . You said "ZPR even less so" What does that mean?

To quote:" ZPR is a laddered fund based on the Solactive Laddered Canadian Preferred Share Index that includes Canadian preferred shares that meet size, liquidity, listing and quality criteria." Like all ETFs, unit values may fluctuate, but it has a much higher yield than most alternatives presently available. I have a very small amount - I personally would rather buy individual pfds.

You may not like preferreds. They do take some effort to understand. However, I like them! My preferred portfolio has had double digit returns since I bought most of them last Spring. Going forward, my mix of perpetuals and rate resets will not likely see further capital gains. Prices may even retract, but holdings will continue to yield in the region of 6% based on my cost. If they keep doing that (no reason not to), market price can fluctuate as much as it wishes! If called, as some will be, I make a nice gain.

Nevertheless, performance like this can't be expected going forward, given current pricing. But if a total return of say 3X what you can get in fixed income is OK, ZPR could still be a viable option for at least part of fixed income allocation.
 
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