CIBC is a Pimple on My Mom’s Butt

So now they are a pimple on mine.

Dad passed away in the fall. Certain things have recently been settled or on the way to being settled so we have moved to other items on The List.

The next item is the consolidation of her finances, maximizing her returns (given her particular circumstances and her low tolerance for risk), lowering her fees and having money in something uber safe because she would like to buy a house when the market drops. My financially savvy brother and I basically want to move her into a variation of The Couch Potato Portfolio with a larger component in GICs and short term bond ETFs.

I have accompanied my Mom on several meetings with advisors at CIBC but they are giving us the runaround and getting her to delay.

Now, push is coming to shove. My brother and I have talked (and talked) about it. They are trying to sell us on active management blah, blah, blah but nothing I have ever read has been able to prove that active management will guarantee better returns. The alternative, diversifying and getting your fees as low as possible.

They are just doing their job but instead of insisting, Mom is letting them push her around and now she is losing sleep over it. She feels like she is being bullied- that they are not giving her access to her money.

I know what Mom wants to do but she has to tell them. My brother and I have power of attorney over her financial welfare if she is ever incapacitated but she, for the first time in her life, is in control. She has the final say but she wants us to take care of it.

Just like Dad used to. She often disagreed with him but she would let him take charge. Mom never wanted the investments in the pools they are in now but she had no say.

Now that she can make the changes, she is unable to say it to the advisors. They want to know precisely how the money will be invested but she can basically tell them that is none of their business.

I miss the advisors in my hometown- they have been incredibly helpful in the past few months. I may just have to take it back to them to resolve this situation.

Her inability to say no and not wanting them to dislike her, and the banks’ inability to stop pushing is affecting my Mom’s health. She can’t sleep, she is stressed (obviously), she is also borderline diabetic with a host of other issues and if my Mom goes nuts, I go nuts.

One way or another, I am going to get my mother her money. And if there was a question before, there is no question now- 99% of her holdings are leaving CIBC.

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~ by angryegg on July 19, 2010.

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