(January 24 – 15:00 ET) – Nesbitt Burns is introducing a full-service online investment program today. Providing clients with online access to their account information on the client website, Nesbitt Burns Gateway, was the first stage. In the next step, Nesbitt Burns’ investment research will be directly accessible online to qualified clients in early February.
Online trading will be available to clients in the coming months. “Our goal is to set the standard by establishing a full-service online investment model that enhances our clients’ ability to manage their investments while expanding the key role played by their Investment Advisors,” said Gilles Ouellette, president and Chief Operating Officer, Bank of Montreal Private Client Group.
“Our response to the changes in this competitive industry is to take the lead by redefining and evolving full-service investing in Canada.” Nesbitt Burns clients who sign up for this service will have the ability to place unlimited transactions either through their Investment Advisor, online or a combination of both.
Initially, equities, mutual funds and options will be available for online trading. The fee structure is competitive and is tied to a client’s assets. The minimum annual fee is an all-inclusive $1,500.
Fees per year on the first $500,000 in assets are:
> 1.5% on equities and mutual funds
> 1% on fixed income
>0.5% on cash
The minimum account size for qualified clients is $100,000. Cash management account services include premium interest rates, debit card, Bank of Montreal MasterCard, ABM access and online banking.
Full-Service Online is for investors who take a portfolio management approach to their investments, says Nesbitt Burns. It is not designed or intended for use by day
traders or those pursuing other excessive trading activities.
-IE Staff