Investing

Introducing a new self-directed discount broker and robo-advisor...CI Direct Investing

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  • May 23rd, 2020 10:49 am
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Mar 25, 2012
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Kelowna

Introducing a new self-directed discount broker and robo-advisor...CI Direct Investing

CI Financial Corp. has announced today that, effectively immediately, it has acquired the remaining 25% of robo-advisor WealthBar Financial Services, Inc., that it didn't already own (construed to be Canada's second- or third-largest non-bank-owned robo-advisor, after Wealthsimple and Questwealth Portfolios). Additionally, in the coming months, it will be combining the WealthBar robo-advisor service with its Virtual Brokers self-directed discount brokerage service under a unified CI Direct Investing brand. It's unclear whether BBS Securities, Inc., the carrying broker that also provides so-called prime brokerage and custody services to other robo-advisors and brokerages, will be legally renamed or whether WealthBar Financial Services, Inc., will just be amalgamated into BBS Securities, Inc., with CI Direct Investing the combined brand name for both the robo-advisor and discount brokerage services.

If they get rid of the $1.00/mo. fee to enroll in a DRIP, I would probably move my Scotia iTRADE accounts to CI Direct Investing as Virtual Brokers really does have the most compelling product offering. It will be interesting to see other product changes will be coming, and whether WealthBar will be changing their fund lineups to remove the Nicola Wealth Management funds.

Cheers,
Doug
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I'd like to see them remove the quarterly fee for RRSP and TFSA USD accounts.
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[OP]
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Mar 25, 2012
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joshnet wrote: I'd like to see them remove the quarterly fee for RRSP and TFSA USD accounts.
@joshnet Yeah, Scotia iTRADE did that last year, so don't see why others can't? I could maybe live without that, for awhile, as I don't really use the USD side account of my investment accounts, but it is definitely a concern.

Cheers,
Doug
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xgbsSS wrote: As long as they don't touch my penny per share commission, I will be happy
@xgbsSS Is that their standard one that has a minimum of $1.99 per trade (when trading less than ~200 shares or units of a particular security)? If so, I'd agree, but I think they should do away with the misleading marketing. Just call it "Trade as low as $1.99 per share," regardless of investor activity, and also do away with their silly commission-free account. They have too many commission structures and need to simplify things. :)

Cheers,
Doug
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dmehus wrote: @xgbsSS Is that their standard one that has a minimum of $1.99 per trade (when trading less than ~200 shares or units of a particular security)? If so, I'd agree, but I think they should do away with the misleading marketing. Just call it "Trade as low as $1.99 per share," regardless of investor activity, and also do away with their silly commission-free account. They have too many commission structures and need to simplify things. :)

Cheers,
Doug
Nope, that is the new one. I can literally buy one share for one cent. We are grandfathered for this commission. You choose the commission structure for the day which includes free ETF, penny per share, or flat $6.49 per trade. It resets the next day. Annoying if you wanted to use different commissions for different trades, but that penny per share is amazing especially for high dollar value shares (eg. Canadian Pacific, EL Financial etc.)
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What is their direct investing fee structure ? Do they offer norberts gambit and usd accounts for TFSA and RRSP ?

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