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What about the mortgage payment deferral offer from the banks?

on Fri, 03/27/2020 - 12:57

So I’ve got a lot of people asking me regarding the mortgage relief offer that the big six banks had offered last week. Funny enough, none of these people are my clients, anyway I always answer questions although I don’t get paid for it. So here we go:
As a financial advisor, I would highly recommend against taking this mortgage relief offer because it is, at the end, going to hurt you more.

If you can afford it, pay your mortgage.

According to the report CBC had done, A RBC empolyee stated that interest accrued from each deferred payment was being added back into the principal balance of

Banks can be harmful, too (Part 2)

on Sun, 09/01/2013 - 09:45

There was a first article on Banks can be harmful, too from this blog.

As an independent financial advisor, the good thing is I meet lots of wholesalers (both from insurance companies and investment institutions) from time to time. On top of all the news articles, economic outlook we all get from all the news sources and internet, I get different viewpoints and investment strategies from numerous fund managers or investment managing teams. 

So I was chatting with a wholesaler from a bank-branded asset management company, and the wholesaler enlightened me quite a bit. 
The points are