Our financial advisor set us up with an AGF account. He was able to get an investment loan for us through AGF to use to purchase AGF investment products. This is known as leveraging. We cannot withdraw the funds or use the account as means of collateral for other investments or loan products from AGF or other financial institutions until the inital amount of the loan AGF advanced us is paid off. We pay $200 per month for the investment loan.
The investments we hold in our AGF Cash Savings Account are:
~ AGF Diversified Dividend Income Fund
~ AGF Global Real Estate Equity Class
~ AGF Global Resources Class
~ AGF Precious Metals Fund
We took a hit on the Precious Metals and have since moved the funds to another account. We just had to sign a form granting our Financial Advisor permission to move the funds and voila! the funds were transfered.We also have online access to our account so we can see first hand how our funds are doing instead of waiting for a quarterly statement. We will also receive a tax break of roughly $8000 that we can claim on husband's taxes to reduce his income amount.
We figure that the funds in this account should double within seven years depending on how well the funds do, automatically rolling in the earned dividends back into the funds and compound interest. The AGF Cash Savings Account is one of the ways my husband and I are investing in our retirement.