Olympia Trust - what is your experience with this company?

[VicChung]

Hi,

I am just doing some due diligence on this company. I have heard good things, but would like to receive additional feedback.

Has anyone used Olympia trust for arms length mortgage? If yes, what is your experience with them?

Also, does anyone know how long they have been in business? How well do you trust them with your money?

Thanks,

Vic

 

[kennicoll]

hi vic
we had placed our rrsp funds with olympia. the funds were to be invested in a project in the crowsnest pass. it appears the project is in financial difficulty with mine and lots of other investors about to lose al there funds. ken

 

[Bill]

QUOTE (kennicoll @ Mar 10 2010, 04:44 AM) hi vic
we had placed our rrsp funds with olympia. the funds were to be invested in a project in the crowsnest pass. it appears the project is in financial difficulty with mine and lots of other investors about to lose al there funds. ken

I have dealt with Olympia numerous times and it has always been an excellent experience. Note they are responsible for managing the money process of the RRSP or the specific investment, they are not responsible for the investment itself.

In Ken`s case, it has absolutely nothing to do with Olympia, it was the group or individual he is investing with who is in trouble. This would be equivalent to buying stocks in a company through e-Trade and then pointing at e-Trade as the reason the stocks didn`t perform.

 

[MonteDobson]

QUOTE (VicChung @ Mar 9 2010, 11:27 PM) Hi,

I am just doing some due diligence on this company. I have heard good things, but would like to receive additional feedback.

Has anyone used Olympia trust for arms length mortgage? If yes, what is your experience with them?

Also, does anyone know how long they have been in business? How well do you trust them with your money?

Thanks,

Vic
Olympia Trust is excellent and are known for great customer service. It is also very simple to open an account and transfer funds, all via the forms on their website (http://www.olympiatrust.com/plans/forms.php.

As Bill mentions, Olympia is simply a "trustee", they have nothing to do with what you invest in. The RRSP account that you sign up for is called "self-directed" for a reason. They simply administrate your money, from there it is up to you to do your own due diligence in the investment of your choice whether that be arms length mortgages, MIC`s, LP`s etc. It is not them that you need trust with your money, it is the investment vehicle that you choose to participate in.

 

[MonteDobson]

QUOTE (kennicoll @ Mar 10 2010, 05:44 AM) we had placed our rrsp funds with olympia. the funds were to be invested in a project in the crowsnest pass. it appears the project is in financial difficulty with mine and lots of other investors about to lose al there funds. ken
Ken, this is not the fault of Olympia...they have nothing to do with what you invest your money in. The account is called "self-directed" for a reason.

 

[KevinMatwichuk]

I have only good things to say about Olympia. I hold several mortgages within my RRSP with them and they make things work on autopilot.

 

[VicChung]

QUOTE (KevinMatwichuk @ Mar 10 2010, 07:56 AM) I have only good things to say about Olympia. I hold several mortgages within my RRSP with them and they make things work on autopilot.

Thanks everyone. The general comment is that it is easy to put money in. How about taking money out?

 

[MonteDobson]

QUOTE (VicChung @ Mar 10 2010, 09:02 AM) Thanks everyone. The general comment is that it is easy to put money in. How about taking money out?
That depends on the liquidity of the investment you choose, but is as easy as moving money from one bank account to another.

Note: there are fees involved with the account (for opening, moving money around etc) but are minimal compared to the MER fees that you would pay with most mutual funds.

 

[GarthChapman]

Vic, they are a trustee, not a financial advisor. You use them to act as your Trustee for your registered funds (RRSP`s). They are one of the best. Legislation protects you regarding how they behave, but you must make your own investment decisions. If an investment goes sideways, Olympia will not solve or act for you, other than to act as you direct (as your Trustee).

 

[MikeMcCrae]

They have been good for me and my clients. As said before they run self directed plans and the risks are all yours. But there is not problem with Olympia and getting your money out will not be a problem.

 

[LillianHo]

Has anyone used TD Waterhouse for RRSP mortgage? Since I have Self-directed RRSP account with TD already, I just want to know if it`s worth to open an account with Olympia trust for RRSP mortgage. Thanks.

 

[MonteDobson]

QUOTE (LillianHo @ Mar 10 2010, 11:28 AM) Has anyone used TD Waterhouse for RRSP mortgage? Since I have Self-directed RRSP account with TD already, I just want to know if it`s worth to open an account with Olympia trust for RRSP mortgage. Thanks.
Hi Lillian,

I have used TD Waterhouse for one RRSP mortgage we did about 2 years ago. They have a very efficient online system for opening accounts, transferring funds etc. The one thing I was disappointed with TD was their customer service and knowledge surrounding RRSP mortgages etc. I had a hard time getting answers to questions that I had at the time. Remember, they are a BIG BANK and DO NOT specialize or make much money in this area, so communication and service are not a priority. Also, local branches do not like to deal with, and do not specialize in self directed accounts and RRSP mortgages. If you ask a teller or banking office at a TD branch about RRSP mortgages you will likely get the "deer in the headlights" look. Whereas Olympia customer service is excellent as they specialize in being a trustee and handling self directed accounts, RRSP mortgages and other investments. That is why we have chosen to go with Olympia for the most part.

Other than that, there are very few differences once the accounts are opened and your RRSP mortgages are rolling along.

 

[VicChung]

QUOTE (MonteDobson @ Mar 10 2010, 12:59 PM) Hi Lillian,

I have used TD Waterhouse for one RRSP mortgage we did about 2 years ago. They have a very efficient online system for opening accounts, transferring funds etc. The one thing I was disappointed with TD was their customer service and knowledge surrounding RRSP mortgages etc. I had a hard time getting answers to questions that I had at the time. Remember, they are a BIG BANK and DO NOT specialize or make much money in this area, so communication and service are not a priority. Also, local branches do not like to deal with, and do not specialize in self directed accounts and RRSP mortgages. If you ask a teller or banking office at a TD branch about RRSP mortgages you will likely get the "deer in the headlights" look. Whereas Olympia customer service is excellent as they specialize in being a trustee and handling self directed accounts, RRSP mortgages and other investments. That is why we have chosen to go with Olympia for the most part.

Other than that, there are very few differences once the accounts are opened and your RRSP mortgages are rolling along.


Thanks everyone. Monte, I have a bank account with TD and thought it would be easier to use them as well. Do you have a TD waterhouse contact? What are the steps you took in minimizing the impact of bad customer service?

 

[MonteDobson]

QUOTE (VicChung @ Mar 10 2010, 02:38 PM) Thanks everyone. Monte, I have a bank account with TD and thought it would be easier to use them as well. Do you have a TD waterhouse contact? What are the steps you took in minimizing the impact of bad customer service?Remember, TD Bank and TD Waterhouse are 2 separate entities under the same umbrella, so it does not matter that you have a bank account with TD. TD Bank is for "banking" and TD Waterhouse is for "investing and insurance". No I do not have a contact at TD Waterhouse - you primary contact is a call center, this is the source of the lack of customer service (in my opinion). Check out http://www.tdwaterhouse.ca/services/assd.jsp for more info on opening a TD self directed account. The steps I took for minimizing the impact of bad customer service was to simply not use them again!

There are currently 4 trustees available that provide self-directed RRSP accounts and allow Arms Length RRSP mortgages: 1) Olympia Trust 2) TD Waterhouse 3) CWT (Canada Western Trust 4) B2B (division of Laurentian Bank).

Don`t get hung up on the trustee - give them all a call or research online and choose for yourself. It`s like comparing 4 different bank accounts. Bottom line is choose one you are comfortable with, open your self-directed RRSP account, deposit or transfer funds into that account, and start putting your RRSP to work!

 

[LillianHo]

QUOTE (MonteDobson @ Mar 10 2010, 11:59 AM) Hi Lillian,

I have used TD Waterhouse for one RRSP mortgage we did about 2 years ago. They have a very efficient online system for opening accounts, transferring funds etc. The one thing I was disappointed with TD was their customer service and knowledge surrounding RRSP mortgages etc. I had a hard time getting answers to questions that I had at the time. Remember, they are a BIG BANK and DO NOT specialize or make much money in this area, so communication and service are not a priority. Also, local branches do not like to deal with, and do not specialize in self directed accounts and RRSP mortgages. If you ask a teller or banking office at a TD branch about RRSP mortgages you will likely get the "deer in the headlights" look. Whereas Olympia customer service is excellent as they specialize in being a trustee and handling self directed accounts, RRSP mortgages and other investments. That is why we have chosen to go with Olympia for the most part.

Other than that, there are very few differences once the accounts are opened and your RRSP mortgages are rolling along.

Monte, thank you for your feedback. I understand your concern. But I want to know that the problem was more like when you setting up the account or after that? When do you need their service the most?

Thanks,
Lillian

 

[MonteDobson]

QUOTE (LillianHo @ Mar 11 2010, 03:38 PM) Monte, thank you for your feedback. I understand your concern. But I want to know that the problem was more like when you setting up the account or after that? When do you need their service the most?

Thanks,
Lillian
No setting up the account and transferring the funds is very easy, and can be done online. It was setting up a mortgage that was a bit painful. Again, I am not bashing TD in any way, I have just had better success and am now comfortable with Olympia. Check out all 4 trustees, then decide!

Since this is a "self-directed account" there is actually very little required by way of service required, but RRSP mortgages can sometimes require some level of communication back and forth. Utilizing a great real estate lawyer is key, and once you have done a couple of mortgages and have a system/process set up, it becomes very easy.

 

[Lui]

Once in Olympia Trust, what is the interest that you pay on the money you borrow from your RRSP for real estate investment?

 

[kir]

They just hold money for you. You transfer in, or transfer out , and hold whatever investment you have. The admin fees are expensive, I think. For example, it cost 75 dollar to transfer out cash + GST (ex. RRSP to another RRSP account). Then there are annual fees, of 150/year + GST.