Skip navigation


On Monday, January 26, 2015 9:19 PM, Peter Lantos <> wrote:

To Reply to a message or to Post a New Message please go to and post from the site. . I was at my bank today today to deposit some cheques. The teller asked me if I contributed to my TFSA because the deadline is approaching soon. I asked her what deadline is that? She told me the deadline to contribute to my TFSA was the end of February. I asked her if she meant the RRSP deadline? She said no, it was the TFSA deadline. I do not blame this teller for knowing nothing about TFSAs or RRSPs. But should she (or any bank employee) not be licensed to even talk to the public about TFSAs, RRSPs, and other financial matters? And this is the kind of advice that our regulators are allowing the banks to get away on the uninformed public with while experienced and qualified advisors are being overburdened with ever growing compliance and paperwork?

Reply to above message 01/27/15

We have moved out of Transactional Sales to Professional Fiduciary Advice

We have moved out of Transactional Sales to Professional Fiduciary Advice – the Banks are in the Transactions/Commodities Business – That is how they get paid.

They get paid when they sell their proprietary products and services.

They do not get paid to sell other Banks’ proprietary products.

Consumers require unbiased Fiduciary based financial advice.

The Banks have a systemic conflict of interest in providing unbiased Fiduciary financial advice.

Their efforts in dealing with this issue through their HNW (High Net Worth) departments is an attempt at dealing with this consumer need.

It is not available at the teller level.

Financial advice should be subject to the same stringent regulatory rules and licensing standards as are found in the traditional disciplines of Law and Medicine.

Next to our personal health there is no aspect of our life that is more critical to us than our lifetime financial well being. The professional advice we receive on this subject should be stringently regulated.


Daniel H. Zwicker, Principal B.Sc. (Hons.) P.Eng. CFP CLU CH.F.C. CFSB

Professional Engineers Ontario Certified Financial Planner Chartered Life Underwriter Chartered Financial Consultant Chartered Financial Services Broker

Bus: 416-726-2427 Email:


First Financial Consulting Group 4261 Highway Seven Suite 238 Markham , Ontario L3R 9W6

Daniel H. Zwicker, CFP Blog: FFCG Blog: Beyond Risk Blog:

What We Do’

Capital Risk Management Lifetime Sustainable Income Strategic Wealth Management

Specialists in Advanced Life Insurance Applications and Lifetime Sustainable Retirement Planning Solutions

New clients are accepted by referral only

‘Raising The Bar’ – Slightly Out of Reach

%d bloggers like this: