A rant was written in 2010, when I still had TD Mutual Fund RESP accounts for my daughters’ RESPs. The Investor Profile tripped me up a few times.
Sorry folks, another rant this week. I thought I had it all out of my system with the iPhone rant, but this one just arrived. I must delete it from my psyche or fear exploding later.
My Profile Hasn’t Changed!
I have run afoul of the TD Mutual Funds automatic transaction checking software (again). I put through another purchase request for my daughter’s RESP. Yet another automatically generated e-mail arrived from my TD/Mutual Funds friends. It warned me that their Investor Profile of me is not up to date. The instructions said, I should call someone to get this updated right away:
“…We value your business and have processed your trade. As a mutual fund dealer, we adhere to â€Know Your Clientâ€ (KYC) rules and learn essential facts relative to our clientâ€™s personal and financial circumstances toEmail sent to me by TD Mutual Funds December, 2010
determine if each order requested is suitable and in keeping with the clientâ€™s investment objectives. Please note that the investor profile information we have on record for you is outdated or incomplete and holdings may be out of line with your investment objectives and we ask for your assistance to update our records as soon as possible. We may not be able to process future transactions until your account information is
For those who remember, I already updated a set of Investor Profiles when I went through the saga of extricating money from my older kids’ RESPs, but this is one of my younger child’s RESPs, and I guess none of the Investor Profiles are linked to each other, so now I am in deep peril because this profile is not up to date.
The statement that they may not allow me to Deposit money into a savings vehicle due to it not fitting my investment profile astounded me. I am not attempting to buy $100 worth of Cotton Candy. I am buying one of TD’s Mutual Funds, but evidently, it may or may not fit my Investor Profile?
The crux of my frustration is not that TD is attempting to stop me from possibly making a financial mistake. I suspect it is mostly from their legal department, to make sure they do not get sued by someone who said, “They didn’t tell me I should not buy a Mutual Fund made up of defunct High Tech companies”. The fact that they might stop me from Depositing money into an account because a Static Profile of me is not up to date?
All of these profiles are out of date 5 minutes after I walk out of the bank. My opinions and ideas are a fluid set of concepts. Stating that their latest snapshot of my Investor Ideals is not up to date is a mistake on their part.
Re-read the quoted block, you will see that the statement is complete gibberish. They may or may not do something, sometimes if I don’t do something.
I know some folks will comment on this as me being overly snarky, but I do want to know, am I being unreasonable with my assessment of this? If they sent me a link to update this instead of having to call someone or, worse going into my Local Branch, I think I might be less angry (I realize it is hard to believe).