BMO Investorline

Discuss your favourite picks, broker, and trading or investment style.
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AltaRed
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Re: BMO Investorline

Post by AltaRed » 19 May 2015 00:32

I know that BMO still separates banking login from BMO IL login and that was one of the 'cons' noted in the June Moneysense mag article. I am guessing they also compartmentalize AdviceDirect from SelfDirected but she should ask why, either by phone or Secure Message online. I've told BMO IL they need to 'fix that' since I can see everything in both Scotia iTrade and RBC DI with one login.
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Re: BMO Investorline

Post by pmj » 19 May 2015 06:47

Similarly at TD - on a PC, once logged into either TD or TDDI (same login) I can move to the other website. The mobile apps are already fully integrated.
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Re: BMO Investorline

Post by Taggart » 19 May 2015 07:16

Springbok wrote:I received a message from BMOIL:
Updating your account information
To help us serve you, please take time to review and update your personal information with BMO InvestorLine. You can make online updates quickly and easily by accessing your personal information within your own account. If your information requires your review, Status: "Update Required" will appear next to your account(s) below. We will ask you from time-to-time to confirm that your account information is up-to-date.
Tried to do this. It asks for all kinds of information that is irrelevant to someone who has been retired for 12 years and was previously self employed.. Many fields are starred because they are required. But many of those are irrelevant in my case. No previous employer, no employer address etc etc.

Anyone else get this type of request? I can't recall being asked to provide that much detail before.
I just signed onto BMOIL this morning for a RRIF that I'm the authorized trading agent for, and I received no such request.

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Springbok
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Re: BMO Investorline

Post by Springbok » 19 May 2015 08:32

pmj wrote:A friend banks and (recently) invests at BMO. For reasons never explained, she has been setup with 3 logins - her original banking login, one at IL for non-reg and TFSA, and another at AdviceDirect for RRSP. Is this necessary? Can AdviceDirect be included in a "regular" login?
We don't use AdviceDirect, but do have separate log-ins for BMO banking (1 each) and for BMOIL. We have 6 BMOIL accounts that can be logged into individually as well as with a single log-in.

In order to update the personal information they requested (see above), they say the individual account log in has to be used.

We have no iPads or iPhones, but I did recall receiving a blurb advertising a BMO ap that handles both banking and investing:
Now, experience BMO's tablet app for iPad‡‡ to help you easily manage both your banking and self-directed investing needs – all with one app.

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Springbok
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Re: BMO Investorline

Post by Springbok » 20 May 2015 09:06

Springbok wrote:I received a message from BMOIL:
Updating your account information
To help us serve you, please take time to review and update your personal information with BMO InvestorLine. You can make online updates quickly and easily by accessing your personal information within your own account. If your information requires your review, Status: "Update Required" will appear next to your account(s) below. We will ask you from time-to-time to confirm that your account information is up-to-date.
Tried to do this. It asks for all kinds of information that is irrelevant to someone who has been retired for 12 years and was previously self employed.. Many fields are starred because they are required. But many of those are irrelevant in my case. No previous employer, no employer address etc etc.

Anyone else get this type of request? I can't recall being asked to provide that much detail before.
Receive a reply from BMOIL. Excerpt:
We are aware of the problem experienced by you. Retired clients are unable to update personal information online. I have forwarded your message to the Department concerned for a review. It would be updated and made user friendly. Since it is posing difficulty in updating personal information online, may I request you to send us a Material Change Form duly completed and sent to us.

It is important to send us the Material Change Form with updated information whenever there is a change in address, employment or marital status or a change in income and net worth. I have provided the link below for your ready reference:

https://www.bmoinvestorline.com/selfDir ... Change.pdf
I have until Oct 2015 to update the info. After that they say they will suspend account!

Seems all account holders will get these requests, depending on when account was opened or personal information last updated.

pmj
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Re: BMO Investorline

Post by pmj » 20 May 2015 09:47

Springbok wrote:Receive a reply from BMOIL. Excerpt:
It is important to send us the Material Change Form with updated information whenever there is a change in address, employment or marital status or a change in income and net worth.
I can understand that a lending FI would want that info - but an FI that is holding my assets?
Peter

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like_to_retire
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Re: BMO Investorline

Post by like_to_retire » 20 May 2015 13:10

Springbok wrote:or a change in income and net worth
Why would they want this information? It's none of their business.

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Springbok
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Re: BMO Investorline

Post by Springbok » 20 May 2015 14:43

like_to_retire wrote:
Springbok wrote:or a change in income and net worth
Why would they want this information? It's none of their business.
Beats me. I was quite peed off when I saw what they were asking for on-line. From their response, it seems I was not the only one.

But the Material Change form does not seem so bad. In fact we had to fill in something similar when we opened the accounts (luckily I have a copy). In fact there is almost no material change. Only pain is that I have to mail in form (or take it to our BMO branch to save on postage!)

I think we will send in one for each of us.

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Re: BMO Investorline

Post by like_to_retire » 20 May 2015 15:14

Springbok wrote:Beats me. I was quite peed off when I saw what they were asking for on-line. From their response, it seems I was not the only one.
I can tell you that TDDI sure never asked me all those personal questions on any forms.

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Re: BMO Investorline

Post by eulogy » 23 Jun 2015 20:41

I was thinking of jumping from TD Waterhouse over to BMO for my investments so I can do Gambits online. Though I realize I don't have the numbers to apply for any of their promos to transfer (my non-registered account is the only one above $100k).

I thought maybe I could just signup and start from scratch over there (having accounts at two institutions) and wait until my other funds to reach $100k and take advantage of a promo. RRSP won't take long, TFSA probably will.

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Re: BMO Investorline

Post by pmj » 25 Jun 2015 12:26

eulogy wrote:I was thinking of jumping from TD Waterhouse over to BMO for my investments so I can do Gambits online. Though I realize I don't have the numbers to apply for any of their promos to transfer (my non-registered account is the only one above $100k).

I thought maybe I could just signup and start from scratch over there (having accounts at two institutions) and wait until my other funds to reach $100k and take advantage of a promo. RRSP won't take long, TFSA probably will.
Promos may not be available if BMO already has you as a customer! Conditions also vary re values of individual accounts vs total value of several accounts.
Peter

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eulogy
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Re: BMO Investorline

Post by eulogy » 25 Jun 2015 12:54

pmj wrote:
eulogy wrote:I was thinking of jumping from TD Waterhouse over to BMO for my investments so I can do Gambits online. Though I realize I don't have the numbers to apply for any of their promos to transfer (my non-registered account is the only one above $100k).

I thought maybe I could just signup and start from scratch over there (having accounts at two institutions) and wait until my other funds to reach $100k and take advantage of a promo. RRSP won't take long, TFSA probably will.
Promos may not be available if BMO already has you as a customer! Conditions also vary re values of individual accounts vs total value of several accounts.
I guess I should keep an eye out for total value promos. Definitely the best time to move it all over.

PearsandSnails
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Re: BMO Investorline

Post by PearsandSnails » 18 Aug 2015 22:52

Hey guys, I just started using Investorline. I bought $10,000 worth of MAW102 on the weekend and the order was filled today at the price of 53.5543 and they gave me 186 shares. But that's only worth $9961.1 which means I lost $39 for making the trade for buying shares valued at $55. When I bought mutual funds with TD waterhouse, they would give me decimal amount of shares so this was never an issue. Yesterday an order I made was filled for MAW106 and I lost $2 and I would've been okay if it if they round down when it's under half the share cost and up if it's over half the share cost but it appears they're rounding the number of shares I get down every time.

I'm not sure if Investorline plans to give me the extra money back in a couple days. Does anyone else know about this? Should I ask for it back?

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leoc2
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Re: BMO Investorline

Post by leoc2 » 18 Aug 2015 23:05

Wait 3 market days after trade date for the settlement day. Usually all inconsistencies will get adjusted.

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Re: BMO Investorline

Post by CROCKD » 19 Aug 2015 09:05

I also use BMOIL and have bought MAW104. You get partial shares as you do with all mutual funds I have bought over the years from various providers. The BMOIL transaction shows partial shares as a separate line. As the previous poster stated it will resolve itself and you see it on your statement if you don't see it now.
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poedin
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Re: BMO Investorline

Post by poedin » 19 Aug 2015 10:44

BMOIL seems a little quirky in initial posting involving fractional shares and in interest payments such as their HISA AAT770, but as others have stated it all gets adjusted in a few days.

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Re: BMO Investorline

Post by IdOp » 19 Aug 2015 12:16

The true number of units owned, including fractions, is really kept track of by the fund company. What you see via the broker's lens may, due to their own systems, look like quirky reporting, and possibly minor differences in fractional shares.

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Re: BMO Investorline

Post by PearsandSnails » 31 Aug 2015 06:39

just an update that they have updated the partial shares and everything's good. thanks guys

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Re: BMO Investorline

Post by eulogy » 04 Sep 2015 18:11

BMO IL has a promo for moving your accounts to them. $200 cash back and free trades for a year (max of 20 trades) for moving over $100k in net assets.

I've had my eye on BMO IL ever since TDDI doesn't allow me to do Gambiting in registered accounts without a call + call sell fee.

I'm in no particular rush to move brokerages, but I was curious if this covers the cost of moving over or should I wait for a better promo (I don't know if this is good or not).

RRSP: $94k
TFSA: $50k
NR: $104k

I've thought of going to Questrade since I don't require hand holding and like to do things on the web, but instant Gambiting is something I value.

ertyu
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Re: BMO Investorline

Post by ertyu » 08 Sep 2015 11:29

eulogy wrote:BMO IL has a promo for moving your accounts to them. $200 cash back and free trades for a year (max of 20 trades) for moving over $100k in net assets.

I've had my eye on BMO IL ever since TDDI doesn't allow me to do Gambiting in registered accounts without a call + call sell fee.

I'm in no particular rush to move brokerages, but I was curious if this covers the cost of moving over or should I wait for a better promo (I don't know if this is good or not).

RRSP: $94k
TFSA: $50k
NR: $104k

I've thought of going to Questrade since I don't require hand holding and like to do things on the web, but instant Gambiting is something I value.
If you're moving a good chunk over they will cover the transfer fee on top of the promotion. They will also payout a referral bonus on top of both if you are interested (I can provide that). But read the terms and conditions thoroughly.

westcoastfella
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Re: BMO Investorline

Post by westcoastfella » 08 Sep 2015 15:54

eulogy wrote:
I've thought of going to Questrade since I don't require hand holding and like to do things on the web, but instant Gambiting is something I value.
Then avoid Questrade, they will not allow you to do instant gambit-ing either. The two times I've done it, I've had to call them, and wait a few days for the holding to be journaled over so it is ready to sell on the other exchange. In one case, I waited 2 weeks for the journal...

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Re: BMO Investorline

Post by newguy » 08 Sep 2015 19:57

eulogy wrote:I've had my eye on BMO IL ever since TDDI doesn't allow me to do Gambiting in registered accounts without a call + call sell fee.
Whaaat? I've read here that it's just an instant online buy and sell on the other side. Maybe things changed after they finally got USD accounts.

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ig17
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Re: BMO Investorline

Post by ig17 » 08 Sep 2015 23:13

newguy wrote:Whaaat? I've read here that it's just an instant online buy and sell on the other side. Maybe things changed after they finally got USD accounts.
Yes, things changed at TD. We got USD RRSPs/TFSAs, but lost instant NGs.

eulogy
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Re: BMO Investorline

Post by eulogy » 09 Sep 2015 19:54

I, theoretically, like the idea of Questrade, but I know they won't work for me. I also heard there can be long wait times when calling them - which makes more irritation to the process of gambiting.

Also, I didn't realize BMO would cover the costs of transferring my accounts over to them (assuming a substantial portion). I assumed these promos were essentially the means of repaying these costs.

eulogy
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Re: BMO Investorline

Post by eulogy » 14 Sep 2015 15:57

Another question, Do you need to be employed to open up a brokerage account? I'm currently in my sabbatical and just curious if it is required - as they ask about employment (I'm pretty sure you're required to answer)...

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