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Buying CIBC MF on CIBC IE?

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Buying CIBC MF on CIBC IE?

I am thinking of opening CIBC Investor's Edeg so I can buy some CIBC MF as TDDI needs me to buy $1,000 per transaction as it is not a TD MF @@ Does CIBC IE has that limitation? Also, does CIBC MF have a DIY option (D-series)? Couldnt find anything about them on their website. Any comments on how CIBC IE is compare to TDDI? Thanks.
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jeffyjaixx wrote: TDDI has their own e-series MF's that I bought in the past. Minimum buy is $100, why does TDDI need you to buy $1,000 per transaction?
I am not referring to TD MFs, which like you said, is minimum $100. Non-TD MFs are minimum $1,000 per transaction.
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Which CIBC MF are you thinking of buying? I'm sure there will be a cheaper alternative either through a Series D or another fund.
It is generally an issue with the mutual fund provider, not so much the brokerage you use. You need to look up the fund and look at the minimum stated. Did you check whether that minimum is a rule set by TD or CIBC?

For instance, minimum for CIB502 is $500. This is set by CIBC. Perhaps TD sets a minimum purchase rule for outside mutual funds, but that isn't generally a set rule because the brokerage wants the commission.
The TD e-Series are minimum $100 on CIBC IE too. So my guess is it has to do with the fund, not TD

CIBC doesn't offer Series D on their house mutual funds

RBC has a good list of Series D from RBC and other investment providers
https://www.rbcdirectinvesting.com/seriesd-mf.html

I don't think you will have better luck with CIBC, unless you are thinking stock purchases, then CIBC IE might be better. You can reply here or PM me for details on a specific fund you are looking at as I have CIBC IE now and can check for you
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xgbsSS wrote: Did you check whether that minimum is a rule set by TD or CIBC?

For instance, minimum for CIB502 is $500. This is set by CIBC. Perhaps TD sets a minimum purchase rule for outside mutual funds, but that isn't generally a set rule because the brokerage wants the commission.
The TD e-Series are minimum $100 on CIBC IE too. So my guess is it has to do with the fund, not TD

CIBC doesn't offer Series D on their house mutual funds

I don't think you will have better luck with CIBC, unless you are thinking stock purchases, then CIBC IE might be better. You can reply here or PM me for details on a specific fund you are looking at as I have CIBC IE now and can check for you
The minimum is set by TD. Any non-TD MF (so RBC, Scotia, BMO, CIBC, other FI MFs...) will have a per purchase minimum of $1,000. It's stupid that TDDI doesnt mention this, the trx just wont go through unless the amount is more than $1,000 :mad:

For example, if I want to buy CIB502 through CIBC IE, is it also minimum $500 per purchase?

Sucks to hear, as almost all of their MFs have high MERs. Guess maybe I should try ETFs.

Thanks, let's say CIB478.
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Yes, the minimum is $500 on CIB478. And CIBC IE follows the fund minimums from the looks of it. The minimum when I pull the quote for TD e-Series is $100.


The CIBC Global Equity Fund CIB502 is very expensive at MER 2.56%. Any reason you were looking at this fund?
Looking at some global equity fund options, there are some funds with history, beats the CIBC fund and much cheaper than the CIBC fund you are looking at.
MER
BMO31705 0.93%
CIF833 1.18%
DJT07133 1.43%
GOC1044 1.45%
RBF1087 1.24%
RBF1370 1.19%
TDb3053 1.66%
TDB3465 1.56%
TDB3547 1.51%

These funds have some established history, cheaper than the CIBC fund and have for the most part have beaten the CIBC fund in question. I haven't listed the minimum investment as each one will be different. While fees are important, you need to also look at overall performance. Additionally this is a globa equity, you probably want some domestic equity as well as other investment.

Additionally, while TD had the minimum $1000 investment, did you also look at the subsequent investment minimum? I would ask TD if the $1000 applies for subsequent investment.
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xgbsSS wrote: Additionally, while TD had the minimum $1000 investment, did you also look at the subsequent investment minimum? I would ask TD if the $1000 applies for subsequent investment.
Yes, the $1,000 still applies to subsequent investment. I actually have to call and talk to an investment manager to confirm as the DI rep has no clue why the purchases werent going through.

Thanks for the advice. I am just listing 478/502 as examples, not really interested in them. The one I am looking at is CIB520.
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CIBC IE is good for one thing, buying equities @ $6.95 per trade. If you want fancy ETFs/MFs with bows and ribbons go somewhere else.
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macy69 wrote: CIBC IE is good for one thing, buying equities @ $6.95 per trade. If you want fancy ETFs/MFs with bows and ribbons go somewhere else.
Thanks, will probably give up on this idea.
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is there a minimum buy through your CIBC branch financial advisor? Ie start-up a monthly automatic contribution? $1000 minimum per transaction sounds a little high for bank mutual funds when their MERs tend to be high and not everyone has minimum $1000 to do per transaction.

example:
https://www.cibc.com/en/personal-bankin ... folio.html

CIBC Managed Aggressive Growth Portfolio
Fund details

Since Inception Date 2/1/2002
Fund Assets $296,635,911.27
Net Asset Value (Class A Units) $15.04
Eligible for Registered Plans Yes
Minimum Initial Investment** $500
Minimum Subsequent Investment** $25
Regular Investment Plan** (Min/Mth):$25
Fund Code
Class A - CIB841
Class T4 - CIB945
Class T6 - CIB946
Class T8 - CIB947

Volatility* Medium

here's another CIBC fund and return:
- CIBC Managed Growth MER 2.47%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
8.29 -4.87 9.82 19.86 7.73 7.75 4.64 10.35 -4.19 16.84
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wakka2u wrote: is there a minimum buy through your CIBC branch financial advisor? Ie start-up a monthly automatic contribution? $1000 minimum per transaction sounds a little high for bank mutual funds when their MERs tend to be high and not everyone has minimum $1000 to do per transaction.

example:
https://www.cibc.com/en/personal-bankin ... folio.html

CIBC Managed Aggressive Growth Portfolio
Fund details

Since Inception Date 2/1/2002
Fund Assets $296,635,911.27
Net Asset Value (Class A Units) $15.04
Eligible for Registered Plans Yes
Minimum Initial Investment** $500
Minimum Subsequent Investment** $25

Regular Investment Plan** (Min/Mth):$25
Fund Code
Class A - CIB841
Class T4 - CIB945
Class T6 - CIB946
Class T8 - CIB947

Volatility* Medium

here's another CIBC fund and return:
- CIBC Managed Growth MER 2.47%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
8.29 -4.87 9.82 19.86 7.73 7.75 4.64 10.35 -4.19 16.84
Initial purchase has to be $500 or more, after that, $25 minimum. Only when you buy through normal online banking, if you buy through IE, it has to be $500 each purchase.
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Looks like CIBC IE has the same minimum of 1k when buying non-cibc mf:
With the exception of CIBC funds, there is a $1,000 minimum initial investment for all mutual fund orders (unless a higher minimum is set by the mutual fund company). For CIBC mutual fund orders, the minimum investment is $500.
Source: https://www.onlinebrokerage.cibc.com/ob ... ct2016.pdf

Even for CIBC MF, it is $500 per transaction. So probably all the subsequent investments on the fund profile are for buying through normal cibc online banking buying and not through CIBC IE. IE is a terrible place to buy MF indeed as @macy69 said! :facepalm:
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angel_wing0 wrote: Even for CIBC MF, it is $500 per transaction. So probably all the subsequent investments on the fund profile are for buying through normal cibc online banking buying and not through CIBC IE. IE is a terrible place to buy MF indeed as @macy69 said! :facepalm:
I have further clarified the above with a CIBC investment fsr. CIBC MF subsequent purchases are only minimum $25 when you go on a pap. A manual purchase will always be $500 minimum.

And i was told that it's not possible to buy MF through CIBC online banking (which TD/RBC can).
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angel_wing0 wrote: Even for CIBC MF, it is $500 per transaction. So probably all the subsequent investments on the fund profile are for buying through normal cibc online banking buying and not through CIBC IE. IE is a terrible place to buy MF indeed as @macy69 said! :facepalm:
I wouldn't agree with "terrible", it depends on your needs. IE is a winner in a couple of aspects, which happen to be very important to me:

- Cut-off time for mutual funds order on the same day is 4pm ET. None of other brokerages have that, to my knowledge. It's typically 3pm ET, with rare variations (3:45PM ET at Desjardins IIRC; HSBC InvestDirect has a 3pm-4pm ET gray area "on the best effort basis" whatever the hell it means);
- No restrictions / fees on early redemption of mutual funds by IE. (The fund companies still impose fees.) It's not something I am planning, but if I happen to redeem early, I'd rather not pay a fee to the broker on top of 2% fine to the mutual funds company.

And there are other brokerages (Questrade, that's you) who actually charge per mutual fund transaction.
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yvrbanker wrote: - Cut-off time for mutual funds order on the same day is 4pm ET. None of other brokerages have that, to my knowledge. It's typically 3pm ET...
- No restrictions / fees on early redemption of mutual funds by IE. (The fund companies still impose fees.) It's not something I am planning, but if I happen to redeem early, I'd rather not pay a fee to the broker on top of 2% fine to the mutual funds company.
Those are indeed good stuff, especially the extended cutoff time. Might really open one as there are a few good CIB MFs that I want to buy and not looking to buy 1k every purchase.
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angel_wing0 wrote: Those are indeed good stuff, especially the extended cutoff time.
Some more observations on how it works at IE. (Just my impression. Not an official info.)

When testing the cutoff time with smaller transactions of $1000 (had to be sure!), they went through smoothly at 3:58pm, 3:59pm ET. The order changed to "Acknowledged" state almost immediately, meaning the fund company took it.

The real (much bigger) transactions can stay in "Pending" state before going "Acknowledged", which seems to mean a manual approval process at CIBC. Early in the day, the "Pending" state could take 30 min. In the last trading hour, it was 10 min or less so far. It is reliable, but I wouldn't risk to wait past maybe 3:50pm ET assuming the human element can fail.

There are some limitations in IE, such as for switching particular mutual funds that have a 4-digit number in their symbol (not all, depends on "from" and "to" funds). Had to call in for those. It wasn't a problem for outright purchase or redemption transactions. It shouldn't affect the funds you mentioned (such as CIB502) as those have only 3-digit numbers.
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yvrbanker wrote: There are some limitations in IE, such as for switching particular mutual funds that have a 4-digit number in their symbol (not all, depends on "from" and "to" funds). Had to call in for those. It wasn't a problem for outright purchase or redemption transactions.

It shouldn't affect the funds you mentioned (such as CIB502) as those have only 3-digit numbers.
Are those funds CIBC MF or other bank's MF, or both? And that also caught my attention actually. Are you allowed to switch a CIBC fund to another FI's fund directly without going through sell/buy on IE? TDDI cannot do that online (don't know about phone).
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angel_wing0 wrote: Are those funds CIBC MF or other bank's MF, or both? And that also caught my attention actually. Are you allowed to switch a CIBC fund to another FI's fund directly without going through sell/buy on IE? TDDI cannot do that online (don't know about phone).
The limitations I encountered were with another bank's MF. You cannot switch between MFs of different issuers directly at any broker. Dealers/brokers and fund companies use a centralized online system for orders, so that kind of limitation will be everywhere.
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TL;dr, but in response to @xgbsSS et al. who answered in similar ways, am I understanding correctly that @angel_wing0's issue is that TDDI has a minimum purchase transaction amount for non-TDAM mutual funds? @xgbsSS rightly does note individual mutual fund purchase amounts, which may be lower than $1,000, but each distributor may also have their own minimums.

I'm not certain which MFs you're wanting to buy @angel_wing0, but at any rate, CIBC Investor's Edge is one of the top 5 discount brokerages I'd consider using if I didn't deal with Scotia iTRADE. I love the look of their platform—it's modern, yet has an old fashioned look and feel to it that is intuitive and just makes sense. Not sure if they allow online enrollment in DPPs/DRIPs like Scotia iTRADE, but they, presumably, have decent enough customer service, lower commissions than Scotia iTRADE, access to research that is comparable to or better than Scotia iTRADE, and your assets will qualify for the CIBC Smart Plus Account, should you be so inclined. In short, any time people are migrating away from Canada's worst discount brokerage, TDDI, they have my full support. :)

Cheers,
Doug
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dmehus wrote: TL;dr, but in response to @xgbsSS et al. who answered in similar ways, am I understanding correctly that @angel_wing0's issue is that TDDI has a minimum purchase transaction amount for non-TDAM mutual funds? @xgbsSS rightly does note individual mutual fund purchase amounts, which may be lower than $1,000, but each distributor may also have their own minimums.

I'm not certain which MFs you're wanting to buy @angel_wing0, but at any rate, CIBC Investor's Edge is one of the top 5 discount brokerages I'd consider using if I didn't deal with Scotia iTRADE. I love the look of their platform—it's modern, yet has an old fashioned look and feel to it that is intuitive and just makes sense. Not sure if they allow online enrollment in DPPs/DRIPs like Scotia iTRADE, but they, presumably, have decent enough customer service, lower commissions than Scotia iTRADE, access to research that is comparable to or better than Scotia iTRADE, and your assets will qualify for the CIBC Smart Plus Account, should you be so inclined. In short, any time people are migrating away from Canada's worst discount brokerage, TDDI, they have my full support. :)

Cheers,
Doug
It's not just TDDI, it's the same with IE/iTrade (havent tried bmo/rbc, but likely the same). As long as we are not buying their own MFs, minimum $1k every purchase.

Yip, going to give them a shot for CIBC MFs.

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