Investing

RBC Dominion vs CIBC Imperial

  • Last Updated:
  • Feb 9th, 2019 12:30 pm
[OP]
Newbie
Feb 3, 2019
1 posts

RBC Dominion vs CIBC Imperial

Looking for an opinion. The lady that I've been dealing with at CIBC Imperial Services for 12 plus years just left to go with RBC Dominion Securities. She contacted me today to let me know and would like to see her. Thoughts on staying with CIBC or taking my money and going to RBC with her? At minimum I should she what she has to say.
6 replies
Deal Addict
User avatar
Aug 25, 2005
1243 posts
199 upvotes
Kitchener
Do you use her services much?

Do you use CIBC investors edge? Not sure what your age of level of investment knowledge is. If you rarely use the imperial services, you new agent should still be able to compile retirement reports and help dig for numbers for you just as your last agent did.
You would need to change all of your investments [meaning cash out and transfer] if you go to RBC, if you have lots of CIBC investment products. On a non-registered account this would be a huge tax hit.
Jr. Member
Jun 28, 2018
146 posts
68 upvotes
Toronto
Are they allowed to do that? Take a private list of client contacts with them to a new institution?

I mean technically, what could you say if +12yr experience maybe there's a personal connection and it was obvious and one might want to follow, but yea...
The Distracted Investor

Dividends through quality companies 😃 Though I usually lose money with trades :facepalm:
Deal Fanatic
Feb 15, 2006
7734 posts
2135 upvotes
Toronto
Of course she would like to see you move your money to RBC, so she can continue to get commission/bonus from you. If you feel you are getting good knowledgeable service from here, sure, why not. She'll ask you to bring statements, and have you sign papers to do the transfers. You'll begin to deal with her at RBC.

But do talk to CIBC replacement, to see who is replacing her and how you feel there.
Deal Addict
Apr 5, 2016
3023 posts
1732 upvotes
Calgary/Vancouver
johnnychi wrote:
Feb 4th, 2019 11:01 pm
Are they allowed to do that? Take a private list of client contacts with them to a new institution?

I mean technically, what could you say if +12yr experience maybe there's a personal connection and it was obvious and one might want to follow, but yea...
Technically they all sign a non disclosure agreement but it's highly unenforceable. I have seen advisers move their entire portfolio out and the most that happened was a cease and desist letter sent to the FI but that was it. They know if they go to court, the Fi will cover the adviser and most that will happen is a fine. A fine that is easily paid for by the FI. So they don't bother, they'll just try to find another adviser and take their portfolio.

In OP's case, I would listen to both sides and see what the benefits are. This is actually a good thing because now you can leverage both sides to see who gives you the most benefits and lowest fees. Do place a value on the 12+ years of experience the adviser gave you though. I always believe in providing people the best experience and service is the best way of doing business even if today's standards don't think the same way anymore.
Current Fido customer.
Ex Koodo customer.
Deal Expert
Feb 29, 2008
20752 posts
2293 upvotes
Montreal
Are these the "higher end" investment services like BMO Nesbitt Burns?

I've never been a fan of them. They take a percentage based commission, and you are essentially paying for active management.

I've had them tell me how good they are because oh may rich clients they have, and how much assets they manage, which makes absolutely no sense.
Deal Addict
Jan 27, 2016
1116 posts
433 upvotes
Toronto, ON
Gotta love advisors stealing clients as they leave, hope she gets sued...even though it’s extremely tough to enforce. Now if she printed out a client list before she left and is calling all her old ones, now that is a big no no.

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