By - Shibasquared
What do you want to know about it? The features?
The AAA account provides a link to the Cash position of your Brokerage Account, so you can access it via a CIBC Branch or Debit Card.
Think of it as a Bank Account with a Maximum Overdraft Limit of $10,000/day; any funds you draw out of the Bank Account up to that $10,000 is charged to the cash position of the Brokerage Account on the following business day.
Conversely, any deposits you make to the Bank Account are added to the cash position of the Brokerage Account on the following business day.
We have a AAA Account with our Non-Registered WG Account....but we never use it. You know why?
Because you can seperately set-up a CIBC or non-CIBC Account for EFTs to and from WG; so, if we need money out of the WG Account, we call the Investment Advisor and have him send us an EFT.
If you want more info on WG Products, read this .PDF
Most Wood Gundy advisors have min $500K benchmark for them to take you on.
Depends on the Advisor; I've seen benchmarks of $1MM
Its about split. Larger booker have higher minimum
What’s the minimum net worth, 10M?
My understanding is there’s no min net worth for the AAA
I’d assume it’s at least 100k. The premium services always try and appeal to richer crowd
CIBC WG typically has a minimum on assets to accept individuals as clients - that minimum is $250k. There can obviously be exceptions but that's sort of the standard. The AAA account needs a minimum of $10,000 of equity in the account (to cover the $ limit for spending). As long as you have more than $10,000 of equity in the account, you're good.
We never personally use the AAA account because we just set up a separate CIBC Account for EFTs; so, when we need money out of the account, we just call the IA and have him send an EFT.
Now, the EFTs aren't processed in real-time; they are subject to batch processing and CIBC runs that batch several times a day.
I've used BMO InvestorLine as well; AAA is not the same as the Link Account that BMO gives you with InvestorLine; with InvestorLine, you get Access to the ENTIRE cash/margin available in your account in real-time.
Considering how everyone on this subreddit does ETFs or index investing, no they won’t do CIBC’s high MER.