We invested with P I Financial two years ago as the markets were in decline. We understood that this would affect our principal and that if you wait the markets should return to full value and hopefully increase. What we did not understand is that the money which was invested would earnestly nothing for the time it was invested. The dividend payouts barely covered PI financials fees and there was nothing left for us. After two years we decided we wanted to liquidate our portfolio and put our funds back in the bank. We asked our financial advisor to do this slowly over time and as advantageously as possible. However, he did not honour our request but rather than work for our benefit he liquidated all our investments at once resulting in a net loss of 4% of our portfolio. This was particularly hurtful when at the same time he was broadcasting on the radio about the annual Christmas bump in the stock markets which came early this year just 2 weeks after he dumped all our investments.This 4% loss added to the opportunity cost of making no money for two years has resulted in a real loss of 12%. I am thankful we are no longer invested with PI Financial and would advise anyone to think twice before investing with them. I repeat in two years our portfolio did not grow at all. You have no control over your funds and they seem to delight in buying high and selling low. If you want to invest in the stock market I believe a better option would be to do so yourself through a bank. Also they charge $125 to transfer registered accounts when the industry standard is $50. Like the CRA they make sure they get every last penny they can out of you.
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