Have you ever been dumped by email? This is what happened, in a way, to an IG Wealth Management client. Nearly 17 years after an initial investment of $57,000, Edmond Grignon discovered that he could no longer speak to his financial advisor. Instead, the 83-year-old must learn to get by with a “new collaboration model.”
“Your IG Connected Management account is now configured,” the octogenarian learned when he opened his computer at the beginning of January.
Without understanding what it meant, due to lack of explanation, he dialed the telephone number listed in the message to make an important change to his account that he had wanted to make for several weeks. He was told he would be called back eight days later, which is not particularly fast, let’s face it.
At least the promise was kept. A woman called him. She had to take matters into her own hands. But after a month, the desired change had still not been made. She did not leave a phone number, only an email address.
Edmond Grignon started to worry. ” I panicked. Is it possible that this is all a set-up? Is this a scam? You know, I lost sleep. I am an old person. I stressed way too much. It’s the only money I have left, and not being able to speak, just communicate with someone…”
He got on the phone again, this time to directly call his financial advisor from 2007. That’s how he learned he could no longer speak to him. “His secretary told me: ‘Your file is no longer here, because you no longer meet the necessary criteria in terms of amount to have a representative. You are now with Winnipeg.” That’s how I understood that it was a matter of money. »
Edmond Grignon did not know how much this minimum amounted to, but his $81,000 was obviously not enough to keep his advisor, he understood.
It’s hard to believe, but the generic email sent to Edmond Grignon at the beginning of January announcing that his account had been “officially transferred to IG Gestion Connectée” does not explain what it is. The IG website does not contain further information on the subject. And Google was of no help to me in understanding. It’s as if it didn’t exist. Admit that this is not very reassuring.
I spoke with Carl Thibeault, Senior Vice-President Quebec and Atlantic of IG Wealth Management, to have him explain to me what this new “collaboration model” consists of.
Basically, IG Connected Management is a group of financial professionals serving clients with less complex needs that do not require the intervention of a financial planner. It works like a group of family doctors (GMF): when you call, any employee handles the request based on the required expertise. Two years after its creation, the system is still “running in”. But the “goal” is to respond “quickly” to customers. No, eight days is not a quick deadline to call back, judge Carl Thibeault.
PHOTO HUGO-SÉBASTIEN AUBERT, THE PRESS
Carl Thibeault, Senior Vice-President Quebec and Atlantic, IG Wealth Management
Informed of the story of Edmond Grignon, the manager assured me that “people are not forced to go there”, that the decision is made with the financial advisor after discussion and that the value of the investments n is not decisive, contrary to what was communicated to Edmond Grignon. But mistakes can happen, and the communication in this case was clearly not “adequate.”
It is certainly very insecure. You are describing the situation that should not happen. It can be totally insecure, especially when you are told that you no longer have the information. I totally understand that this is distressing for the person. That’s not the goal at all.
Carl Thibeault, Senior Vice-President Quebec and Atlantic of IG Wealth Management
I have already deplored in this column the difficult access, for ordinary mortals, to impartial and quality financial advice, as well as the erosion of customer service. Even though Edmond Grignon was the victim of a “mistake,” his story highlights the importance of stability and human contact when it comes to money.
A month after his request, Edmond Grignon ended up receiving a document from Winnipeg, where IG’s head office is located, to complete to make changes to his file. Irritated and stressed by the operation of IG Connected Management, he filed a complaint with the Financial Markets Authority and decided to close his account with IG. But the procedures, by email, fax and letters, took more time and energy than expected.
“I was already an actor on Radio-Canada and now I have the impression of being the star of an incredible scenario! Don’t you think someone my age needs someone to talk to? », asks, exasperated, the one who played in Rue des Gables. To this question, I answer: not only is it insane for a financial advisor to cut ties with such a long-standing client, but it is also inappropriate to announce it to him in a terse email that raises as many questions as concerns. .
At least Carl Thibeault agrees with empathy. And IG closed the account last week. Let’s now hope that Edmond Grignon’s setbacks will prevent other clients from experiencing a surprise breakup with their long-time advisor… in writing.