How to Save Thousands at Your Bank – Secrets of an Ex-Banker

Today we have a very special guest who has worked as an advisor for some of Canada’s largest banks, giving him some great insider information on how we can all save money when dealing with the Banks.

His name is John Kalos and he is an unbiased, non-commission, fee-for-service financial planner. John is the financial planner that I used before executing our early retirement, and he offers all Build Wealth Canada listeners a free 30-minute consultation so that you can get some of your financial questions answered too. You can sign up to speak with him for free over at www.BuildWealthCanada.ca/john

Links and Resources

• You can get a free 30 minute call with John to get some of your questions answered by going to www.BuildWealthCanada.ca/john
• Top Tools and Resources for Financial Independence (for Canadians): Sign up anywhere on www.BuildWealthCanada.ca for a free guide on all the top tools and sites that I’ve personally used to help us achieve financial independence in our early 30s. They’re also what we use now to optimize and manage our finances, and ensure that we’re paying the lowest fees while getting solid returns on our investments.
• Kornel's investing course with free sample lessons at www.BuildWealthCanada.ca/invest

Questions Covered:

When it comes to safe investments, what are the options we have as Canadians, and how can we get the best rates at the bank? (ex. if we’re saving money for education, a downpayment, a car, etc.)

Do you then keep them within an RRSP or TFSA account at that bank? (ex. If you’re saving for a downpayment)

When it comes to negotiating with the bank, in what areas do the banks tend to have some flexibility? How hard can you generally push them to get the discounts, and do you have any tips that can increase the chance of them agreeing? (ex. Showing comparable mortgage rates at other lenders).

Areas to discuss:

• • Mortgages
• • Lines of credit
• • Bank fees
• Investment products

Are there any marketing/sales traps to look out for? (ex. Being offered life insurance together with your mortgage)

You mention in your podcast that there is potential conflict of interest between banker/advisor and their clients. Can you elaborate on this and give us a few actual examples?

What does a financial planner do at a bank vs someone like a fee for service or fee-based financial planner?

What are the top ways you recommend to save money on your investments?

What do you recommend to your clients? (ETFs? Individual stocks? Focus on dividends,? growth? etc.)