Concentra Financial Sevices Reviews (1)
Concentra Financial Sevices Rating
Description: Consumer Finance & Loan Companies
Address: 333 3rd Avenue, Saskatoon, Saskatchewan, Canada, S7K 2M2
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I am faced with an absolute schmozzle. The problem stated in 1990 with a LIRA I had transferred from [redacted] and locked in with Concentra as I was relocating to Australia. I had already 30 years of successful investment with Concentra ( Cooperative Trust Company of Canada) at the time. I signed a specific LIRA contract with the Cooperative Trust Co., account management. The problem was that after 23 years the LIRA grew from $9,600 to end $23,600. How can this be seen or construed as a Fit for Purpose investment strategy or return for an LIRA. When I asked for Concentra in 2005 to explore using other investment vehicles other than Term Deposits, I was told that in 1996, they moved away from the Mutual Fund market and could no longer offer options. However, if I was a resident of Canada, I could open an account with their appointed partner who did offer Mutual Fund equity.
As I am not a resident of Canada, I cannot open an account with any Cdn financial institution.
I am very annoyed that Concentra changed the investment vehicles they managed; and entered into a partnership with a new entity for Mutual Fund investments, and Concentra did not see fit to ensure existing LIRA's they had under administration had access to the new Mutual Fund investment partner. This falls in the grey morale obligation basket and thus beyond the capacity of the OBSI and the SFSC are toothless in the power they have been granted to facilitate. As for Concentra, they have flat out pulled the shutters down and have not offered to resolve this issue.
To top it all, investors in Concentra made more of dividends then I did through my Locked In Retirement savings.
Do Your Own Research before dealing with Concentra. ","neg-1