That is the big question. What do you think?
I am trying to choose a new PFA. A friend recommended either of IBTC or ARM. As I type this, and based on my recent short experience, I must say that I don’t think any of them is the best. Why do I say this?
I went to the website of both pension fund administrators more than one month ago, sent an email to each of their customer service departments. To their credit I received an email reply from someone in IBTC within 48 hours. He thanked me (with some typo) for contacting them and then asked me to complete the “attached” form and send back to them. They would then issue me an ID and a PIN.
I later realized he had failed (forgotten?) to attach the said application form. I replied the email telling him so. No reply from him or them until almost one week later, when an automatic (machine generated) reply came issuing me a customer support ticket number. To date no answer.
And from the other company ARM? Absolutely no sign of life from them. No reply, no nothing!
So who do I chose as my PFA? These two are supposed to be some of the biggest, right? So perhaps they are so big that they are not desperate for new customers, neither are they bothered to work hard to keep the ones they have.
Who can blame them? You cannot be your own PFA and government has made it mandatory to have licensed people do that job for you. My money would be just a drop in the vast ocean of the huge amount of money they have and don’t know what to do with.
Should I risk choosing a small PFA? I risk having my money lost without indemnity.
This seems like a hopeless situation! What do you think? Who is the recommended PFA?