What is a Private Investment Management (PIM) Account?
The Private Investment Management program at RBC Dominion Securities is one that is fully discretionary, meaning that the account is run without the need for ongoing trade authorizations from the client. This allows the advisor to efficiently manage the investment capital within the predefined objectives set out in a formal Investment Policy Statement (IPS). It also allows busy families and institutions that often utilize this program to focus on what is important in their lives instead of the ongoing minutia of asset management.
The PIM program is exclusively available through a select group of tenured advisory teams within the firm who hold the appropriate designations, such as CFA or CIM. It involves a much higher legal standard of care than a conventional investment relationship (suitability vs. fiduciary standard), and includes a number of additional internal compliance screens (e.g. a dedicated Portfolio Risk Advisor) not available in other programs.
Our fully discretionary PIM portfolios are managed for an annual fee (charged monthly or quarterly) based on the assets under administration and the complexity of the strategies being utilized. Because of the larger nature of these mandates, the fees are fully customized to the client. They generally range between 0.75% and 1.25% of assets under management.
