Hello,
I went to cash out an old group RRSP that’s been accumulating for a few years, substantially underperforming the overall market. They needed my physical signature. Weird.
As I was signing the forms, the wealth advisor asked me what the money is for, I simply told him the truth. The money is dead sitting with them and it’s much better off with me managing it. He immediately smirked and began questioning me.
I was confused, this guy is working a 9-5 at a bank and was questioning my financial knowledge. One thing led to another and I showed him my portfolio, more so just to irritate him. It’s 60% in two ETFs and the remaining 40% in large cap stocks.
I can tell Matthew’s heart started racing, he immediately began being defensive and actually started to panic.. not sure why.
My question is, why do people without a proper financial background and experience decide to go into that field straight out of college ? Are they expecting to learn how to generate wealth on the job? Was I being a bully ?