Q: I was wondering if a managed portfolio account with one of the "wealth management" departments at a large Canadian bank (RBC, BMO etc.) is charged transactional fees for securities buys and sells in addition to the quarterly % fee?
In other words, if a stock is purchased in such an account is there a "hidden fee" added to the ACB (adjusted cost base) for the transaction?
I've noticed that on the monthly statements the "unit price" for purchasing a Canadian equity usually has 3 decimal points for the unit cost. That leads me to believe that they are including a fee in the unit price which distorts the unit cost. Am I wrong?
In other words, if a stock is purchased in such an account is there a "hidden fee" added to the ACB (adjusted cost base) for the transaction?
I've noticed that on the monthly statements the "unit price" for purchasing a Canadian equity usually has 3 decimal points for the unit cost. That leads me to believe that they are including a fee in the unit price which distorts the unit cost. Am I wrong?