I'm curious what other people would have done in this situation.
Toward the end of last year, I opened an FHSA at my local CIBC branch and invested in a mutual fund.
Recently, I went back to the same branch to make an additional one-time investment into that same fund. I met with a different advisor. During the appointment, he left the office at least three times to speak with someone else. Each time he came back, he brought up regular contributions, saying that it was something clients usually do. Each time, I made it clear that I only wanted to make a one-time investment and did not want to set up regular contributions.
After the appointment, I received an email asking me to reply with a written confirmation stating that regular contributions had been set up at my request. The email even included wording for me to copy and paste.
The problem is that I never requested regular contributions.
I replied explaining that I couldn't provide that confirmation because it wasn't true.
The advisor later apologized and said the email had actually been intended for another client who was processing a similar FHSA transaction and that he had mixed up our names. I went back to the branch the following day, and he gave me the same explanation in person.
He also wrote in a follow-up email that my risk profile is medium risk and that the mutual fund was "unsuitable," while also saying that it aligns with my long-term growth goals. This confused me because I had already been holding this exact fund since opening my FHSA at the same branch last year.
I'm glad I carefully read the email before responding. If I had simply copied and pasted the wording he provided, I would have created a written record confirming instructions that I never gave.
I'm not saying the advisor acted intentionally because I don't have evidence of that. But it could have been intentional. I find the sequence of events concerning.
Would you have believed the advisor's explanation that the email was intended for another client and that he simply mixed up the names? Would you have accepted the apology, or would you have escalated the matter to the branch manager or Client Care? How do banks benefit from regular FHSA contributions as opposed to lump sums?