When you ask a person "what are my options",  Would you like to talk to a person that has 6 options, 30 options or 4500 options?  Which one do you think can find you a better deal?

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Many people go to their local bank for their investment needs because it is convenient, familiar and less intimidating. However, the class of products that are offered by banks is somewhat limited and in general, despite the perception, as with other investment firms, your money is not guaranteed by the CDIC (Canadian Deposit Insurance Corporation) or similar programs (According to the CDIC’s website, the CDIC does not insure money invested in stocks, bonds, mutual funds, life insurance policies, annuities or municipal securities, even if these investments are purchased at an insured bank)

Banks are pushing their investment services more today than ever in an effort to capture a greater share of your wallet. They often cross sell in an attempt to get your mortgages, commercial business, life insurance, retirement plans, etc.  Remember, one single financial institution may not be right for all of your investment needs.

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Banks are pushing their investment services (6-8 products) more today than ever in an effort to capture a greater share of your wallet. They often cross sell in an attempt to get your mortgages, commercial business, life insurance, retirement plans, etc.  Remember, one single financial institution may not be right for all of your investment needs.

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For a more investment-centric option, there are the MGA's; a somewhat anachronistic term defined by Merriam-Webster as “a brokerage firm connected with its branch offices and correspondents by private leased telephone or telegraph wires.” Today, MGA's are seen more as mega-firms that have hundreds of offices world-wide that share financial information, research and prices (see Investopedia). 

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Regional firms (such as Edward Jones, Primerica, Sun Life, Standard Life, Equitable Life, BMO, TD Financial, CIBC  Financial, Credit Unions, Investors Group,  RBC Global Asset Management Inc., CI Investments Inc., Empire Life Investments, etc.) are similar to MGA's except that they are generally only located in certain areas of the country. Generally, their product offerings are not as broad  (20-30 products) as an MGA (4500 - 6000 products) 

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In summary most people are better off using the vast array of options by utilizing the services of an MGA...  such as Advisor & co to receive better returns, or bang for the buck..... 

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