Laura Banking

Laura and I drove back to Ottawa the day after the pole competition.

While we were there, I wanted Laura to open a mutual fund account with CIBC.  I found out that she already had an RRSP mutual fund with CIBC.

While she was on the telephone with the lady from PC Financial, the lady told her she should transfer her money from her Interest First account which is being phased out to her Interest Plus account because she would get much more interest in the Interest Plus account.

Unfortunately, instead of transferring the money, the lady opened a whole new Interest Plus account for Laura.  Laura didn’t figure this out until a few days later and it was too late to fix it.

When she got through to the mutual fund guy, he had to ask her a lot of questions about her financial goals, financial health and financial knowledge.  I had Laura put the guy on speaker phone and I helped her answer the questions.  He recommended a moderately aggressive portfolio which was exactly like mine.  I thought that was great and he complimented Laura on her decision because she was young and her money would grow a lot over her life.