Personal Finance

Need a new CIBC Imperial Service Advisor

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  • Aug 16th, 2021 11:09 pm
[OP]
Deal Addict
Jan 9, 2010
2610 posts
2364 upvotes

Need a new CIBC Imperial Service Advisor

Is anyone on this forum a CIBC Imperial Service Advisor? I currently have the service but my rep isn't very good so looking to switch. Thanks.
24 replies
Member
Sep 5, 2011
225 posts
772 upvotes
Toronto
Not an advisor, but familiar with the program from past experience and research.

If you’re dealing with someone at a local branch currently and comfortable with doing everything by phone/email, call the main line and ask to be transferred to Imperial Service Direct. This is a group managed by head office, and as a whole I suspect they have more experience than the branch-based advisors.

That said, don’t get your hopes up. Yes they are advisors, but they’re still mainly there to keep you with the bank and sell more CIBC products. And it’s common for clients to be reassigned frequently whether due to staff changes or to rebalance client loads.

If you want/need true unbiased financial advice, look into independent fee-only financial planners. It will cost you a bit upfront, but you can be confident they won’t be trying to steer you into bad products in order to meet their targets.
[OP]
Deal Addict
Jan 9, 2010
2610 posts
2364 upvotes
OhHiThere wrote: Not an advisor, but familiar with the program from past experience and research.

If you’re dealing with someone at a local branch currently and comfortable with doing everything by phone/email, call the main line and ask to be transferred to Imperial Service Direct. This is a group managed by head office, and as a whole I suspect they have more experience than the branch-based advisors.

That said, don’t get your hopes up. Yes they are advisors, but they’re still mainly there to keep you with the bank and sell more CIBC products. And it’s common for clients to be reassigned frequently whether due to staff changes or to rebalance client loads.

If you want/need true unbiased financial advice, look into independent fee-only financial planners. It will cost you a bit upfront, but you can be confident they won’t be trying to steer you into bad products in order to meet their targets.
Thanks. I had a really good advisor before and frankly I don't need someone to help me manage my funds. I know exactly what I need and what accomplished and mainly just looking for someone who is responsive and knows what they're doing, which is not what I'm currently getting.
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Dec 12, 2009
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Toronto
moofur wrote: Thanks. I had a really good advisor before and frankly I don't need someone to help me manage my funds. I know exactly what I need and what accomplished and mainly just looking for someone who is responsive and knows what they're doing, which is not what I'm currently getting.
If you are relatively self sufficient, switch to investors edge and go solo. Branch level advisors are merely sales staff.
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[OP]
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Jan 9, 2010
2610 posts
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will888 wrote: If you are relatively self sufficient, switch to investors edge and go solo. Branch level advisors are merely sales staff.
I need someone to process mortgage applications and get me good rates for my investment properties, expand/reduce my HELOC limit from time to time amongst other things, so it’s not really the investments. As a matter of fact I have no investments at CIBC.
Deal Addict
Jun 8, 2004
2112 posts
1218 upvotes
Oakville
You can still have an Imperial Service advisor while also having Investors Edge accounts.

I have both an Imperial Service advisor and a Premium Edge contact. In fact, my Imperial Service advisor was the one we helped arrange for my Premium Edge, as you cannot enrol yourself.

Imperial Service advisors are not the same as the regular branch advisors or sales staff.

Mine previous advisor had access to additional planning tools. My current advisor has access to similar, but different planning tools. I use mine as additional sanity check. I don't hold a single mutual fund and hold individual stocks.
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Nov 22, 2015
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moofur wrote: I need someone to process mortgage applications and get me good rates for my investment properties, expand/reduce my HELOC limit from time to time amongst other things, so it’s not really the investments. As a matter of fact I have no investments at CIBC.
Well, considering Imperial Service Financial Advisors are mutual fund salespeople at the core, it's going to be hard to find one willing to spend their time helping you out with non-investment products and services.

When the vast majority of their pay cheque and performance bonus comes from mutual fund sales, it doesn't make sense to spend a whole lot of time on HELOCs and such. Any advisor who does these things for their clients is doing it in hopes of continued/future investment.

"Experienced" advisors with a large client base probably have 1 or 2 assistants who process transactions and open accounts / handle mortgages for them, while they focus on meeting new clients and selling more funds
[OP]
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Jan 9, 2010
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2364 upvotes
And this is exactly why the big 5's banking model is so old and outdated. They really should think outside of mutual funds when the trend is towards low cost investing unless you're severely high net worth and require more complex personalized investing advice.

Thanks everyone for the feedback so far but I guess there isn't anyone who has a contact that would do this?
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Dec 12, 2009
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moofur wrote: I need someone to process mortgage applications and get me good rates for my investment properties, expand/reduce my HELOC limit from time to time amongst other things, so it’s not really the investments. As a matter of fact I have no investments at CIBC.
I thought you needed a mutual fund salesperson. What is your locale? I have had the same imperial service advisor for more than 2 decades. She's very good for everything except investments which I do on my own.
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Deal Addict
Jun 8, 2004
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CIBC is the only bank to offer this service. Imperial Service advisors are dually employed with both CIBC to offer/support CIBC products (banking, loans, mortgages, credit cards, bank GICs and bank mutual funds) and CIBC Investor Service Inc to offer/support Imperial Service branded brokerage accounts. They can place any type of transaction (stocks, options, fixed income, third party mutual funds, etc) for you in your Imperial Service trading account, but they cannot offer you any specific stock advice (you would need a full service broker to get advice), and their commissions are a crappy 29.95 for equities.
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Dec 12, 2009
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cba123 wrote: Afaik, the advisors are still tied to the branch they are based out of, so you will need to ask for another advisor at your branch, or at a nearby branch.
I believe that advisors are territorial and stealing clients from other branches is generally frowned upon.
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cba123 wrote: so unless the OP is located near you, your rep may not help them.
That's why I asked OP about locale. I could recommend someone but the location has to fit.
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[OP]
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Jan 9, 2010
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will888 wrote: That's why I asked OP about locale. I could recommend someone but the location has to fit.
Thanks. I'm in the GTA, more specifically York Region.
Sr. Member
Jan 24, 2013
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Rainy River
Need to change their business model, imutual funds are so 1990. They don't even have their own robo-advisor service yet.
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moofur wrote: Thanks. I'm in the GTA, more specifically York Region.
I bank out of the Pickering branch, so if you are in the southeast part of York Region, it is an option. Visits to the branch are not that frequent. I use phone and email 99% of the time.
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Member
Mar 27, 2021
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Kiraly wrote: CIBC needs to get a new name for this service. “Imperial” in 2021?
It's literally in their name
Long Time RFDer / restarting life
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Jan 9, 2011
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restartRFD wrote: It's literally in their name
Not really anymore. It’s just CIBC now. Who still spells out the whole four words? TD has banks in the USA and most of its customers there have no idea that the T stands for Toronto or D for dominion.

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