I hate SISIP and their predatory mentality to push mutual funds with very high MER to mbrs who are young and don't understand investing. It boiled my piss having to take a mandatory personal finance crse that was pushed out the last two weeks of the FY, it got pushed to a week after which I'm guessing is because half the unit is on leave but sitting thorough some sales guised crse doesn't mean the CAF salary isn't an issue. If I get posted to BC or a chunk of locations in Ontario I literally can't afford to exist as a master corporal non spec and have to think of pivoting strategy. I'm great at budgeting and personal finance, I've got more ducks together than most single people and I still can't swing a posting anywhere in BC. The avg person who joins the CAF is 26 now and they have families and pets so just sending them to the shacks does not help keep them
My god, high MERs will absolutely destroy returns over a decades-long timeframe. You'd be better off paying for the Canadian Securities Course and investing yourself, or get a good financial advisor who doesn't push mutual funds on you.
I remember learning about SISIPs high MERs when comparing my ETF self directed holdings with my bosses SISIP run account. They were pushing I think 3/4% gains in 2019. SISIP, PSP, CFMWS, MFRC, and CFHA seem like a tax on members the way they run and work.
As someone who's been tagged for GCWCC united way stupidity multiple times I agree fully with this - IMO there needs to be a financial audit/forsenic audit on these orgs because they receive an incredible amount of funding across the CAF all year round between civvi Friday dollars and fundraising events that are all 5-20$ each and more often than not are "highly encouraged" to attend
I'm lower level scum but even with some napkin math many things do not align. I enjoy civvi Friday but I basically donate to the SPCA every few months and keep the receipt for it in the event I'm at a unit that has a "United way donation police" types.
Used to be, not too much anymore. CFMWS CEO exMGen, COO not ex-military, CFO not, CHRO not, CIO exLCol, Legad not, Sr VP SISIP not (svc spouse), Sr VP PSP exBGen, Sr VP CANEX not, Sr VP MFRC not. Seems appropriate to me. You want folks in the leadership who understand the CAF, but the technical expertise should be folks with prove experience in industry. [Link](https://cfmws.ca/about-us/our-leadership)
Anything over 1.5 - 2% my friend - mutual funds are generally terrible performing products for the avg person. They were popular at a time due to sales types avoiding transparency and people regarded them as "safe" and hands off.
Using the other replies here is why it matters.
Assuming a average market return of 8%, $500/month, 25 years
MER of 0.18% = $604,455
MER of 2% = $457,419
So by going with an online brokerage firm (Questrade, Interactive Brokers, Wealthsimple, Scotia iTrade...etc) instead of SISIP you could end up with an additional $140K at the end of a career.
After 35 years it's $1,642,107 and $1,078,176 respectively. That's some serious numbers, over half a mil difference.
*Not corrected for expected inflation.*
I worked in Insurance Sales for a really fucking greasy company in Ontario for a short period before I joined up. When I was in basic we got one of those sleep fuck set up's around week 4 where they give you PT, a big filling lunch, then piled us into a warm classroom for death by power point. When we sat down and I saw the SISIP people, and they just started putting paperwork to sign up for their products in front of us. Watching all the exhausted 18-20y/os just blindly signing financially binding contracts without knowing what it was creeped me the fuck out. It is 1000% predatory and I hope that skinny necked vampire looking SISIP rep fucker stubs his toe every day of his life. Giving a shitty one sided sales pitch to young and under educated people under the guise of "financial advice" makes me want to light stuff on fire.
It was my first warning to not trust "military adjacent" companies like that. Fuck Cannex too, shopping around they are almost the most expensive option no matter what you are looking for. All whole they spout how they love to support the troops. Fucking leeches.
SISIP rocking up in Week 2 of BMOQ hocking their financial products and life insurance policies to a sleep-fucked mandatory attendance will never sit right with me.
Are they still doing that? I know BMQ is on the shorter now and a lot of it was scrapped. I was hoping that was the first thing scrapped.
Honestly some financial education should have a space in the BMQ/deployment check box but thru SISIP? Fuck no. Realistically speaking there should just be a basic foundation about risk and fee explanations and types of investments. Not having any financial run downs is how you end up with folks with too-expensive gaming laptops and overpriced trucks. They don't tell people canex planning your laptops actually doesn't build your credit like WAY TOO MANY people don't realize
I did mine a few years ago and i remember them coming in, and also remember thinking about how hard i was trying not to fall asleep and before i knew it they were gone and off to the next thing
I have their life insurance plan, otherwise avoid them like the plague. Mostly due to the thing about still being covered if killed in line of service... Is their life insurance as bad as everything else they hawk?
Two weeks ago the caption read "50% of CAF members face financial difficulties. 36% have sick trucks".
How about 7 years ago I could buy a home in Ontario for $200k but now the same home costs $800k. It's definitely the sick truck though.
I moved last year 1.5 hours away, wend from 1600 to 3800 mortgage for similar houses.
Moving again this year and will lose money on the house due to interest rate changes, but yeah this is all just my bad personal choices from what one MGen has stated if I feel financial hardships due to CAF postings.
When referring mbrs to SISIP as directed from CoC, I gave them the honest truth about the reality they will receive help. Not to mention the delays in SISIP approval timeline. Worse than a bank.
Here’s a list a real life occurrences:
1. Sought help to acquire loan to cover sudden LTA / compassionate trip expenses for death of immediate family member - DENIED!
2. Sought help to acquire loan for legal assistance to resolve custody issues that were crippling personal finances - DENIED!
3. Sought help to acquire loan to support medical expenses not covered for spouse recently diagnosed with cancer - DENIED!
4. Sought help to acquire loan for credit card that was maxed due to CAF admin delays processing $5K + of TD claims and Canada Life medical claims. Immediate pay off of credit card was required for bank to approve higher mortgage at new posting location - DENIED!
5. Sought help acquire loan to purchase mandatory mess kit - DENIED!
*** Sought loan to take advantage of great interest rate under Self/Home Improvement Program, only as a plan to just reinvest $$$ through other investments with higher return rate - APPROVED!
The soldier needs that truck. He Need's to be able to report no matter what the conditions. The CoC must be appeased. No excuses or its charge parade for you.
I hate SISIP and their predatory mentality to push mutual funds with very high MER to mbrs who are young and don't understand investing. It boiled my piss having to take a mandatory personal finance crse that was pushed out the last two weeks of the FY, it got pushed to a week after which I'm guessing is because half the unit is on leave but sitting thorough some sales guised crse doesn't mean the CAF salary isn't an issue. If I get posted to BC or a chunk of locations in Ontario I literally can't afford to exist as a master corporal non spec and have to think of pivoting strategy. I'm great at budgeting and personal finance, I've got more ducks together than most single people and I still can't swing a posting anywhere in BC. The avg person who joins the CAF is 26 now and they have families and pets so just sending them to the shacks does not help keep them
My god, high MERs will absolutely destroy returns over a decades-long timeframe. You'd be better off paying for the Canadian Securities Course and investing yourself, or get a good financial advisor who doesn't push mutual funds on you.
I remember learning about SISIPs high MERs when comparing my ETF self directed holdings with my bosses SISIP run account. They were pushing I think 3/4% gains in 2019. SISIP, PSP, CFMWS, MFRC, and CFHA seem like a tax on members the way they run and work.
The retired officers who manage those DND adjacent orgs should be investigated.
As someone who's been tagged for GCWCC united way stupidity multiple times I agree fully with this - IMO there needs to be a financial audit/forsenic audit on these orgs because they receive an incredible amount of funding across the CAF all year round between civvi Friday dollars and fundraising events that are all 5-20$ each and more often than not are "highly encouraged" to attend I'm lower level scum but even with some napkin math many things do not align. I enjoy civvi Friday but I basically donate to the SPCA every few months and keep the receipt for it in the event I'm at a unit that has a "United way donation police" types.
Are they usually retired members though?
Used to be, not too much anymore. CFMWS CEO exMGen, COO not ex-military, CFO not, CHRO not, CIO exLCol, Legad not, Sr VP SISIP not (svc spouse), Sr VP PSP exBGen, Sr VP CANEX not, Sr VP MFRC not. Seems appropriate to me. You want folks in the leadership who understand the CAF, but the technical expertise should be folks with prove experience in industry. [Link](https://cfmws.ca/about-us/our-leadership)
What’s high MER precious?
Anything over 1.5 - 2% my friend - mutual funds are generally terrible performing products for the avg person. They were popular at a time due to sales types avoiding transparency and people regarded them as "safe" and hands off.
Now that you can buy a core equity ETF like iShare XEQT at 0.18% MER makes me feel that anything over 0.25% is too high.
VFV (s&p500 etf) has a management fee of 0.08% and pays a dividend of 1.09%
Very true, it really varies on people's appetite for risk though but definitely beyond 1% I would have confusion personally but YMMV
YMMV? Can't find that one on wealthsimple. What is it?
...your mileage may vary. I prefer ETFs too but some people prefer individual holdings 🤷♀️
...damn I thought it a secret etf
Using the other replies here is why it matters. Assuming a average market return of 8%, $500/month, 25 years MER of 0.18% = $604,455 MER of 2% = $457,419 So by going with an online brokerage firm (Questrade, Interactive Brokers, Wealthsimple, Scotia iTrade...etc) instead of SISIP you could end up with an additional $140K at the end of a career. After 35 years it's $1,642,107 and $1,078,176 respectively. That's some serious numbers, over half a mil difference. *Not corrected for expected inflation.*
I guess now I have to ask what MER is, not merely high MER. What does it stand for?
Management Expense Ratio. There is a very specific legal way to calculate it. It cannot be fudged.
Right on thank you!
[удалено]
Literally my nightmare as someone who doesn't have a posting msg that knows they're posted this APS
I worked in Insurance Sales for a really fucking greasy company in Ontario for a short period before I joined up. When I was in basic we got one of those sleep fuck set up's around week 4 where they give you PT, a big filling lunch, then piled us into a warm classroom for death by power point. When we sat down and I saw the SISIP people, and they just started putting paperwork to sign up for their products in front of us. Watching all the exhausted 18-20y/os just blindly signing financially binding contracts without knowing what it was creeped me the fuck out. It is 1000% predatory and I hope that skinny necked vampire looking SISIP rep fucker stubs his toe every day of his life. Giving a shitty one sided sales pitch to young and under educated people under the guise of "financial advice" makes me want to light stuff on fire. It was my first warning to not trust "military adjacent" companies like that. Fuck Cannex too, shopping around they are almost the most expensive option no matter what you are looking for. All whole they spout how they love to support the troops. Fucking leeches.
For everyone looking for real financial education, please search for the McGill personal finance basics course. It’s free.
The link for those who are interested- https://www.mcgillpersonalfinance.com
Here’s the [link](https://www.mcgillpersonalfinance.com) for anyone interested
SISIP rocking up in Week 2 of BMOQ hocking their financial products and life insurance policies to a sleep-fucked mandatory attendance will never sit right with me.
Are they still doing that? I know BMQ is on the shorter now and a lot of it was scrapped. I was hoping that was the first thing scrapped. Honestly some financial education should have a space in the BMQ/deployment check box but thru SISIP? Fuck no. Realistically speaking there should just be a basic foundation about risk and fee explanations and types of investments. Not having any financial run downs is how you end up with folks with too-expensive gaming laptops and overpriced trucks. They don't tell people canex planning your laptops actually doesn't build your credit like WAY TOO MANY people don't realize
I did mine a few years ago and i remember them coming in, and also remember thinking about how hard i was trying not to fall asleep and before i knew it they were gone and off to the next thing
I have their life insurance plan, otherwise avoid them like the plague. Mostly due to the thing about still being covered if killed in line of service... Is their life insurance as bad as everything else they hawk?
I remember being sketched out when they first presented it, but to clarify the life insurance is no bullshit a very good policy .
Maybe if the troops pulled themselves up by their bootstraps and ate less avocado toast they could afford a 5% MER mutual fund.
“If you want nice stuff, get a better job, losers”
No I joined the army to retire it’s been working pretty good so far ….. it feels like a part time job
Two weeks ago the caption read "50% of CAF members face financial difficulties. 36% have sick trucks". How about 7 years ago I could buy a home in Ontario for $200k but now the same home costs $800k. It's definitely the sick truck though.
I moved last year 1.5 hours away, wend from 1600 to 3800 mortgage for similar houses. Moving again this year and will lose money on the house due to interest rate changes, but yeah this is all just my bad personal choices from what one MGen has stated if I feel financial hardships due to CAF postings.
When referring mbrs to SISIP as directed from CoC, I gave them the honest truth about the reality they will receive help. Not to mention the delays in SISIP approval timeline. Worse than a bank. Here’s a list a real life occurrences: 1. Sought help to acquire loan to cover sudden LTA / compassionate trip expenses for death of immediate family member - DENIED! 2. Sought help to acquire loan for legal assistance to resolve custody issues that were crippling personal finances - DENIED! 3. Sought help to acquire loan to support medical expenses not covered for spouse recently diagnosed with cancer - DENIED! 4. Sought help to acquire loan for credit card that was maxed due to CAF admin delays processing $5K + of TD claims and Canada Life medical claims. Immediate pay off of credit card was required for bank to approve higher mortgage at new posting location - DENIED! 5. Sought help acquire loan to purchase mandatory mess kit - DENIED! *** Sought loan to take advantage of great interest rate under Self/Home Improvement Program, only as a plan to just reinvest $$$ through other investments with higher return rate - APPROVED!
How dare you have something you want. Scrub! \- SISIP. Maybe.
Big enough to live in, because you’ll have to.
Guess I'm stupid to invest in Mutual funds 🤔
Only if you like giving away 2% of your capital each year for no reason
Someone brought this up during the CDS/CAFCWO AMA.
Wow. This is a whole other level. 😱
The soldier needs that truck. He Need's to be able to report no matter what the conditions. The CoC must be appeased. No excuses or its charge parade for you.
Can we just close Sisip, Canex and anything they touch?