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

Today we have a very special guest who has actually 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 runs Merit Financial Planning where he specializes in doing financial planning for business owners here in Canada. He also has his own new podcast called Confessions of an Ex-banker where he also shares some of the secrets that he learned when working in the banking industry.

Links from the Show:

Invitation to Young Money Webinar Series (I’ll be speaking on October 13th):

Index Investing Step-by-Step Video Guide:

5i Research Free 30 Day Trial (Canada’s top dividend and growth stocks, model portfolios, and over 47,000 investing questions answered):

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.)

In Closing:

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I looking forward to hearing from you.