CIMBClicksEInvest - An Easy Way To Buy Mutual Funds

Posted by Kris | Saturday, February 14, 2009 | , , | 18 comments »

My frustration on Public Mutual Fund online website (see here) is making me to seek out some new alternatives.

And I found some glitter of hope in CIMBClicksEInvest.  From the user guide on the interface, CIMB Bank has taken the liberty and foresight to integrate its fund into its online banking system. Kudos. Unlike Public Mutual, where you need to personally drive down the closest branch (unfortunately the place i reside there is only 1 branch and far away from my place!!) and submit a form to get the password to its online website and wait like ~4 weeks to get it!! I thought it would be fast.

Furthermore, to add more icing to the cake the service charge rate is quite low since you don't need to go through an agent. With the current market, US folks are even suggesting fund managers to lower down the service charges to ease the investor's headache and heartache.

See below. And from the prospectus, i can see that it offers quite a substantial and diversified amount of funds. There are even funds from Prudential, OSK-UOB, AM, RHB, etc. 

And they even allow the fund switching feature into the system!! Something still in progress for Public Mutual.

FREAKING SWEET!!!

  CIMB Clicks eInvest
Type of Funds Traditional
Sales Charge
Sales Charge
(Non-Promotion)
Sales Charge (Promotion)*
Equity Funds 5% 2.5% 2.0%
Equity / Bond Funds 2% 1.5% 1.0%
Equity / Bond Funds 1.5% 1.0% 0.75%
Equity / Bond Funds 1% 0.75% 0.50%
Money Market Funds 0%
* Offer valid from 15 December 2008 - 31 March 2009. Gifts are valid for the first 100 purchases of minimum value of RM25,000. Applicable to funds with minimum 2% sales charge. Limited to 1 gift per customer. 

Conclusion: CIMB Bank formerly known as part of Bank Bumiputera Commerce used to be not so "consumer friendly" bank and their IT services was unknown. ( I used to hesitate to open a bank account there 5 years back. No kidding!!)But in a span of a few years only , they have managed to integrated all their services into a single online portal.So damn convenient

 I hate remembering multiple password and user names.Kudos to them!!  

Wait till you see the CIMBCLICK 's ability and their sweet offer for you to do share trading. Only ZERO BROKERAGE to buy/sell KLSE share!! (To see more on their terms and condition , go to their website)

CIMB is going to heat up the competition among the local banks which used to be dominated by Public Bank & Maybank.

Disclaimer: Above is NOT an advertisement for CIMB and are my opinions only.

Related links:
Public Mutual Online System Needs Improvement


18 comments

  1. Michael Tsen // 11:51 AM  

    omg about this pb mutual online things, they just seems not to get the idea at all ! I approached them about 8-9 years ago and today they are still totally screw as they were ...

  2. Kris // 6:57 PM  

    PB Mutual Online is run like a china man company. So IT system is not that up to date and user-friendly as compare the other peers.

    On the other hand,that maybe one of the result why PB is a solid blue-chip for so many years.

    But with globalization, not sure whether they can compete if foreign banks are let loose.

  3. imDavidLee // 2:43 PM  

    thanks for sharing this info..using cimbclickseinvest more conveninet, but do u know about the service charges?

  4. Kris // 12:28 AM  

    The service charges is displayed on in the table above. It is way cheaper because of no agent or middle man.

    I forget to mentioned that you need to first open a unit trust fund at a local CIMB branch so that you can transact them through CIMBEinvest.

    Now here is the catch, thus for the first time , you need to pay for the normal 5% charge for any funds you buy so that you have an "unit trust account" in CIMBEinvest. Thus, as a walkaround, I opened the minimum amount (RM1,000) allowed for a unit trust at local CIMB branch. :)

    From there on, the options to buy UT is "enabled" (previously it was masked out) in CIMBclicks because you know have an account in the system.

    That is why my favorite bank at least for now is CIMB bank. :P

  5. Anonymous // 9:07 PM  

    I like CIMB online as well, but I am noticing that only a portion of the funds are available online. Is that so? And does anyone know why?

  6. Kris // 10:56 PM  

    Anonymous,

    I did not actually scrutinized in detail the number of funds available.

    But the most notable funds missing from CIMBClicksEInvest are funds under Public Mutual & Public Bank. The most logical reason i can think of is that Public Mutual has one of the most extensive network of agents. Agents that earn their bread and butter on commissions when their client does any mutual fund transaction.

    If CIMBClicksEInvest sells these funds, alot of people are NOT going to be very happy.

    Thus, the funds that is sold by CIMBClicksEInvest usually does not have a very huge network of agents.

    How many people you know that sells mutual funds are NOT from Public Mutual? :P

    I think an individual can only registered under one mutual fund company under FPAM. If I am not mistaken.

    Thus you CANNOT act as an agent for Public Mutual and CIMB on the same time.

    Disclaimer: Above are my opinion only.

  7. Anonymous // 1:30 PM  

    In fact some of those funds under CIMB too are not listed for purchase...

  8. Kris // 11:03 AM  

    Anonymous,

    Which funds are missing??

    I bet you done your researched. Mind sharing with the readers here?

    Rgds,
    Kris

  9. limcheecheng // 11:34 AM  

    CIMB-Principal Asean Equity Fund
    CIMB-Principal Asian Equity Fund

    I was looking at these two.... I have been wanting to buy them three weeks ago (and should have made up quite some money I guess) :D. Anyway, I think there are more than these two that are not listed for purchase in cimbclicks.


    I am not sure, probably it's sold out or what. :D

  10. Kris // 9:32 PM  

    CheeCheng,

    Yeah those funds are not in their funds list. I do note that the fund size are quite small.

    Btw, if you buy those funds from an CIMB-Principal agents, chances are you cannot view it in CIMBClicks.

    In a bull market rally, any EQUITY funds you buy most likely will turned out to be profitable , provided you don't buy at the top of the market. :P

    Rgds,
    Kris

  11. Chee Cheng // 9:57 PM  

    yeah... not buying anything now, bought some others which are available online last few weeks.

    looks like it's time to sell some of them. hah

    I dont know any cimb agent btw. :D

  12. Kris // 2:15 AM  

    Buying online is dirt cheap. I just sold of my funds that i bought earlier on.

    Since the entry charge is cheap, it is good to buy/sell if your funds have reach 10-20% returns. Mine did :P

    If the service charge is 5-6%, then it may not be that worthwhile.

    Nevertheless, I still sold off mine as i still believe that we are still in a bear market.

    Let's see how smooth is the redemption process for CIMBClicksEinvest. Is it as easy as it is portrayed?

    Rgds,
    Kris

  13. ChampDog // 9:38 PM  

    I just applied the public online through PBeBank - no need to go to the branch.

  14. Kris // 11:42 PM  

    ChampDog,

    I think the applying the password through the PBEbank is a new feature. Previously, i believe i don't see that feature before. =)

    The PB mutual online website itself upgraded some of the features. Now it has the decency to shows the daily NAV for the funds that you own. Previously, it did not when i first got the password. =P

    It can do better though, such as showing the net gain/loss for each units you have.

    My 2cent :P

  15. ChampDog // 10:55 AM  

    Yes, I guess so. That's why I lazy to walk over to their branch. Luckily I can still apply through online. I'm outdated and don't have a chance to try this online feature. Will consider CIMB online if that is really sucks. :)

  16. Kris // 5:26 PM  

    There is another thing to consider when buying funds through CIMB online. If you look closely, the front load fee for most funds if you transact online is atmost 2%. I guess this is because CIMB does not need to pay the agents some commission fees.

    For investors, this is a plus. More money into the funds itself. The flip side is that the CIMB online funds exclude mutual funds from PBank. I guess this is not to crush the agents rice bowl as noted from my earlier comments.

    So far the CIMB online system is quite satisfactory, thus limiting the need to have someone service your transactions. You become your own agent and wealth builder!! :P

  17. lankor // 11:27 PM  

    Hi Kris, from what you said, before we perform any transactions in CIMBClicks, we need to open an account in CIMB branch first.

    My question is, do I choose the option of unit trust consultant or go direct with bank? I notice that both options have the same sales charge ~5%. If I choose unit trust consultant or go direct with bank, would I be able to view my unit trust account in CIMBClicks? And subsequently I can continue my 2-2.5% special charge in CIMBClicks.

    Because according to one of the consultant, we won't be able to view it in CIMBClicks if we go thru consultant. Is it true?

    Enlighten me :) Thanks in advance.

  18. Kris // 9:24 AM  

    Hi IanKor,

    I hope i answered your question on my latest post on CIMBClicksEInvest. :P

    Rgds,
    Kris