So I never had any experience chatting with a bank representative regarding opening up an Ayala Life Mutual Fund. Like most people, I just don’t have the money. It could be embarrassing to ask about a lot of stuff and not actually invest because my bank account is below it’s minimum ADB.
Now I have a job and am in the habit of putting 80% (instead of 20%) of my monthly salary to money market instruments and stocks. I manage to save up over the months to get to the minimum investment amount for a mutual fund. I had the fund for 1 month and they send me an email that I will not be able to access it on the internet. I panicked and tought that the fund is probably going bust? Then I learned that most of my fears are due to ignorance of the proper channels to buy/redeem Ayala Life Mutual Funds. So I asked them instead… by email.
ZeroMD: If I decide to contribute and the money is in my ATM, can I just transact in any branch here in Olongapo?
ALFM: Yes, interbranch payment/ redemption orders are allowed.
ZeroMD: If no, can I just call my branch of account or do I have to be there personally with identification papers?
ALFM: It would be better to update your records with your branch of account after we have migrated your account to said branch. In doing so, your documents with them are updated and if the receiving branch (i.e. the branch which will process your payment/ redemption order) requests for a fax copy, your branch of account may provide them with an updated copy of your records.
ZeroMD: If I decide to open another type of mutual fund, say the PSE index fund, do I need to do this at my branch or any branch will do?
ALFM: Any branch will do. Actually, you may also ask your branch of account to transfer your existing ALFM investment account to your preferred BPI branch (the branch nearest you) thus you need not open another investment account for a PSIF investment (i.e. you may use your existing investment account).
ZeroMD: The amount of the fund will not reflect anymore in BPI Trade starting Nov 16? How would I keep track of the fund value? (Well besides Bloomberg)
ALFM: Yes, your ALFM investment account portfolio will no longer be reflected in BPI trade starting November 16. To keep track of your fund value, just keep a record of your outstanding number of ALFM Peso shares and you may manually compute for the corresponding fund value by using the ALFM Peso NAVPs. The ALFM Peso NAVPs is posted daily in <www.bpiexpressonline.com> under Rates -> Investment Funds Daily Prices.
Note to self: They didn’t actually change anything. This was actually the old style of buying, redeeming, or contributing to a mutual fund. I just didn’t know because I transacted via the net. They just took out the Internet part because of new rules. It sucks really but I bet other online brokerages are having the same problem. Good thing my broker is also my bank.