Opinion on Investors Group?

[dirtdog]

I had been with Investors Group and our agent was actually quite good. He retired and we got a new one, who was personable but not very helpful when it came to choosing the right investments. We invested some funds for my mother-in-law with them. They were invested on a deferred commission basis. Unfortunately she died shortly before the vesting period came up and they charged her estate a $5000 divestiture fee. We tried to get at least some of it waived but they wouldn't budge.

I took all my money out as soon as I could and am now with a financial advisor at one of the big banks. He's terrific and fair!

Enough said.

[DCDN]

I had been with Investors Group (Downtown Brampton, Ontario office) for several years. I realize that it is unfair to broad brush IG, but think it's fair to say the following about this particular office. It took me a long time to realize the Director in this office who represented me was measured by the volume of sales he brought in and did not seem interested in looking after my financial interests. When he came to our home, he spoke about the global market trends, etc., which you could easily glean from the news. I used his services because I am not a financial investment expert, and had expected him to protect me as best as he could. However, my investments took a 50% drop in value during a global downturn and never fully rebounded over several years. I would have thought that some of my risky assets could have been moved into safer places to weather the storm. He was always happy to come to my house in February to take a big cheque each year. I often asked him "how much do I need to have to retire?" While I realize the answer depends on a number of factors, he never offered scenarios to help me understand and make decisions. I transferred all my IG investments to BMO Nesbitt Burns, and in spite of the huge fees I had to pay IG to divest, I more than made up that difference in just a few months with BMO Nesbitt Burns.

Bottom line: Investors Group may put your money in great places for long term return, but it is up to YOU to be the financial expert.

[Nickolas2015]

Interesting read.
I am currently between jobs (packaged) and thinking of a career switch. What's the average commission annually (first two years) for a rookie? I made high 90's salary before other incentives and bonuses. Know it will not be near that for the first couple of years...
Also aware of the advantages of own business (plus disadvantages )
Any current/previous advisor wish to jump in?