I'm about to come into about $40K from a severance package. My wife and I currently do not have any RRSPs (of value) and she is quitting her job to stay at home. We are in our mid-30s so I want to invest the severance into something ... (we have the RRSP room)
I seem to recall an episode on CBC's MarketPlace saying that there are a lot of hidden fees when investing your money in the bank. They said something to the effect that an investment that could yield $200K would only yield about $125K because of the fee structure at the bank.
My questions:
(1) is this accurate?
(2) if I use a personal financial advisor, am I subject to these same fees?
(3) where can I get the best "bang-for-my-buck"?
Thanks!
I seem to recall an episode on CBC's MarketPlace saying that there are a lot of hidden fees when investing your money in the bank. They said something to the effect that an investment that could yield $200K would only yield about $125K because of the fee structure at the bank.
My questions:
(1) is this accurate?
(2) if I use a personal financial advisor, am I subject to these same fees?
(3) where can I get the best "bang-for-my-buck"?
Thanks!