Greetings fellow redditors,

25M here. Single, with no debt currently.

I come here seeking advice. I am from the healthcare background and have literally minimal knowledge about finance. I recently started thinking about investing money, and met with a ‘financial advisor’ through a friend. First meeting was about giving me financial education and showing me big numbers. I told him and his partner that my goal was just to invest money in a compounding manner rather than having it sit in my savings. Second meeting, they come with a IA life insurance and investment plan. Basically a 300 dollars a month payment and plan to retire with 400k and 1million death benefit. I had second thoughts on it, and didn’t want my money held up in an insurance that i clearly don’t need at this point in life. I feel like term insurance would be better when i need one, and focus on maxing my tfsa and fhsa. So i opted out of that. Figured they are just interested in the commission.

Rather i asked to open a tfsa, which they did, and they will be investing my money in something called ‘seg funds’ (US DAQ, Blackrock). 4 of them, which have a good past return rate. However, upon doing research i see they have a high MER (2.9%), which apparantly is not advisable from what i read online.

Moreover, I now just read that WFG is a potential MLM, and makes sense now that they asked me to get a license for a side business and get a franchise or something.

I am worried about my tfsa, and the safety of my money. What should i do? Is their TFSA safe? Should i withdraw the plan? I just signed for it, and haven’t made any payments.

Thanks. Also if i am misinformed on anything, please let me know, this is the little knowledge i gathered from the internet :)