Unlocking the Power of AI Legalese Decoder: A Guide to Minimize Commissions on TD ETF Purchases
- October 9, 2023
- Posted by: legaleseblogger
- Category: Related News
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Should I Consider Switching from TD Direct Investing to TD Easy Trade and How can AI Legalese Decoder Assist in this Situation?
I am seeking advice and recommendations regarding a potential switch from TD Direct Investing to TD Easy Trade. Currently, my TFSA is invested in the TD Investment Savings Account (TDB8150), which offers a 4.55% interest rate. To diversify my investments, I plan to move all the money in my TFSA to ETFs. Specifically, I am considering investing the entire amount (approximately $5k) in TD’s growth ETF portfolio, TGRO. Going forward, I also plan to regularly contribute and purchase TGRO instead of TDB8150.
At present, I can make this switch through my TD Direct Investing Account, but each trade would incur a $9.99 commission fee. While this is manageable for my initial purchase, it becomes problematic when I want to contribute and buy shares on a monthly or bi-weekly basis.
Fortunately, TD offers the Easy Trade platform, where I am eligible for 50 commission-free trades per year. This option is appealing, as it provides more than enough trades for my requirements. However, it seems that I would need to open a new TFSA account with TD Easy Trade and would be unable to access the funds already in my current TD TFSA. Although I am aware that having multiple TFSAs is possible (as I have had multiple accounts in the past), I consolidated to just one at TD for simplicity.
Given this information, my main question is how to proceed if I want to buy TGRO on a bi-weekly basis without incurring the $9.99 commissions every two weeks. Is it necessary to open a new TFSA with TD Easy Trade and transfer the funds from my existing TFSA to the new one? If this is the case, I would likely close my Direct Investing account to fully utilize Easy Trade. However, I am uncertain if there are any costs associated with closing my current account.
Alternatively, I am considering purchasing TGRO once a year via Direct Investing. During the other months, I would buy TDB8150 (commission-free) and then transfer the funds to TGRO annually, making the $9.99 commission fee relatively insignificant.
Another option that I am considering is investing in TD e-series funds, following the Couch Potato portfolio strategy. This would involve purchasing the four funds recommended by Bortolotti. Since these funds are technically mutual funds, I can buy them free of charge through TD Direct Investing. While the management expense ratio (MER) is slightly higher, the overall process is simpler. If I decide to pursue this option, I can initiate the process as early as Monday, without any hassle.
I would greatly appreciate any thoughts or advice from individuals who have experience with similar investment approaches.
On a side note, I chose TD for my TFSA due to my existing relationship with them and the convenience it offers. However, I do have a high-interest savings account with another bank, which is not one of the big 5-6 institutions.
Using AI Legalese Decoder to Facilitate the Switching Process
If you are considering switching from TD Direct Investing to TD Easy Trade, AI Legalese Decoder can be a valuable tool to help simplify the process. By utilizing the power of artificial intelligence and advanced algorithms, AI Legalese Decoder can decipher complex legal and financial jargon, making it easier for you to understand the terms and conditions associated with opening a new TFSA account with TD Easy Trade.
Additionally, AI Legalese Decoder can provide detailed insights and recommendations based on your specific financial situation and investment goals. Through its analysis of market trends, investment strategies, and user experience data, AI Legalese Decoder can assist you in making an informed decision regarding the switch and guide you on the most efficient way to transfer your funds between TFSA accounts.
By leveraging AI Legalese Decoder’s capabilities, you can gain a clearer understanding of the potential costs, benefits, and processes involved in moving your investments from TD Direct Investing to TD Easy Trade. This will empower you to make well-informed decisions and optimize your investment strategy accordingly.
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AI Legalese Decoder: Enhancing Legal Communications
Introduction:
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Understanding the challenge:
Legal language, commonly referred to as “legalese,” is notorious for its complexity and ambiguity. This specialized terminology has often been perceived as a barrier to effective communication among legal professionals and clients. Even within the legal community, comprehension of jargon can be daunting and time-consuming, hindering efficient document analysis, legal research, and successful case outcomes.
The AI Legalese Decoder Solution:
Introducing AI Legalese DecoderÔÇöa sophisticated tool powered by machine learning algorithms and natural language processing (NLP) techniques. This powerful technology empowers legal professionals by enhancing their understanding and decoding of legalese, making legal documents more accessible and sets a foundation for clearer communication within the legal framework. By recognizing patterns, analyzing context, and drawing from vast legal databases, the AI Legalese Decoder drastically minimizes the time invested in deciphering complex legal terms and phrases.
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AI Legalese Decoder offers a multitude of advantages for legal professionals. Firstly, it enables faster and more accurate comprehension of legal documents, ensuring crucial information isn’t overlooked amidst dense legalese. By reducing the time spent on understanding the intricacies of legal terminology, lawyers and paralegals can streamline their document analysis process, ensuring efficient case preparation and successful outcomes.
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Benefits for clients:
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Conclusion:
AI Legalese Decoder is revolutionizing the way legal professionals understand and communicate within the legal landscape. By harnessing the power of AI and NLP, this cutting-edge technology significantly reduces the complexity of legalese, making legal processes more accessible for both legal experts and clients alike. As the legal industry continues to evolve, tools like AI Legalese Decoder will play an invaluable role in ensuring effective legal communications, optimizing efficiency, and facilitating positive outcomes in legal matters.
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****** just grabbed a
Move to WealthSimple or Questtrade.
I was a very long time TD client (since late 1990’s) and have moved everything to WS to avoid this very problem. No regrets.
BMO InvestorLine ÔÇö no commission on 80+ of the biggest name ETFs.
Open the 2nd TSFA account at TD. Then, fill out some paperwork to transfer the 1st TSFA in-kind into the 2nd TSFA. Easy peazy.
DonÔÇÖt use td?
I use Questrade. Free ETF buys.
National Bank Direct Brokerage, no commissions when buying or selling shares or ETFs.
>I see that TD also has the Easy Trade platform which offers 50 commission-free trades per year. This is great, and is more than enough trades.
Since you intend to buy TD ETFs this won’t make a difference to you but I’ll just point out that TD EasyTrade says,
>You get 50 commission-free **stock trades** each year per client and unlimited commission-free TD ETFs
source = https://www.td.com/ca/en/investing/direct-investing/services/easytrade?gclid=EAIaIQobChMI2673zILTgQMVph2tBh08WQ8WEAAYASAAEgIkCvD_BwE&gclsrc=aw.ds
> I would buy the 4 funds that Bortolotti recommends, and it would be as easy as that.
What some TDDI users do is to use their regular contributions to buy the mutual funds and then once a year sell all of the mutual fund units that they have owned for more than 30 days and use the proceeds to buy an asset allocation ETF. This takes care of rebalancing task and over time reduces the management costs. (And the regular mutual fund purchases could be automated.)
I was recently in the same position that you were in. Like almost exactly. This past month I made the decision to move over to wealth simple after asking around and can not explain how happy I am with the decision. I’ve made multiple purchases in the month without having any commission fees, and feel like I can actually manage my finances without having to call TD DI every time I want to turn on drip, or something along those lines. I transfered two accounts from TD DI, self directed RSP and TFSA, the move was seemless and even got a nice bonus for doing the move, along with reimbursement for the institutional transfers.
My personal experience, but would recommend you check it out and see if it works for your needs.
None of the TD ETFs are best-in-class. They all have wider bid-ask spreads.
Avoid TD Easy Trade’s anti-competitive business practices by moving your money to a brokerage that gives you full access to all ETF providers.
I moved from TD to Questrade in the last couple months for this very reason. I opened a FHSA then a TFSA. I requested a transfer in kind from my TD TFSA to my Questrade and within 2 weeks I was set up.
If you are stuck on TD, they have many e mutual funds like TDB 900. These funds have cash out rules or fees if you break that.
Best, get completely out of TD.