RRSP Management

sandykencro · Post by **sandykencro** » Wed Jan 25, 2006 6:13 pm

I would love to have more control over my RRSP but live in CT. Can I buy and sell stocks or mutual funds in that RRSP or do I have to use a US broker such as the one who manages my account at RBC? Any suggestions appreciated.

nelsona · Post by **nelsona** » Thu Jan 26, 2006 8:12 am

There are several threads on this.

basically, you must contact your RRSP manager and ask if they will allow you to manage your account while in CT.

They proably won't.

You will then ahve to move it to a broker that will (the only one I know of is TDwaterhouse in canada).

You cannot move this account to US -- not even to a bank that 'sounds' Cdn.

Rickerbucks · Post by **Rickerbucks** » Thu Jan 26, 2006 11:51 am

Your turn of phrase piqued (spelling) my interest.

Are you suggesting that you have a "US Broker" at RBC (RBC Dominion Securities) in Canada? I had heard that RBC Dominion Securities in CANADA had some 'discretionary licensed manager advisors' and they were opeing NON-RSP accounts with US residents. However, it HAD to be a discretionary relationship.

Is that the type of account you have with them?

If you want to have an RSP account that YOU control, then you could consider TD Waterhouse 9Discount or full service) OR ask the RBC guy if he can / will open an RSP account for you on a NON-discretionary basis.

sandykencro · Post by **sandykencro** » Thu Jan 26, 2006 2:08 pm

I would like to NOT pay the 1% management fee that I am paying now.

Rickerbucks · Post by **Rickerbucks** » Thu Jan 26, 2006 11:30 pm

Ok well the first issue is, do you want to work with an investment advisor or "do it yourself"?

Next question is, do you want to work with your RBC guy.

If you LIKE your RBC guy and he is doing a good job but you would prefer a "traditional" commission fee structure then just ask him. If he is not willing to do it (or is unable to for whatever reason), then look for a new advisor, they are out there although maybe hard to find.

If you want to do-it-yourself, then TD Waterhouse Canada WILL open an RSP for you. If you are not able to make progress, come back here and some of us can point you in a little more direct direction.