CIBC Private Wealth Management is a fee-based financial advisor firm headquartered in Chicago. An indirect subsidiary of Canadian Imperial Bank of Commerce (CIBC), the firm also has offices located in other major cities around the U.S.
The firm primarily works with high-net-worth individuals, though it also serves a number of corporate and institutional clients. It’s earned numerous accolades and awards from financial publications including Barron’s, Financial Advisor, Financial Times, Bloomberg and Family Wealth Report.
CIBC Private Wealth Management Background
CIBC Private Wealth Management is an indirect subsidiary of Canadian Imperial Bank of Commerce (CIBC), which is a financial institution based north of the border in Canada. It is publicly traded and has been in the banking business for over 150 years.
CIBC bought out the Atlantic Trust Private Wealth Management group of four large firms in 2014 in an effort to extend its client reach in the U.S. This network included Whitehall Asset Management in New York, Pell Rudman Trust Company in Boston and Stein Roe Investment Counsel and Geneva Advisors in Chicago. Through its ownership of these firms, CIBC’s roots can be traced as far back as 1923.
CIBC Private Wealth Management's legal name is CIBC Private Wealth Advisors.
CIBC Private Wealth Management Client Types and Minimum Account Sizes
Individvuals and high-net-worth individuals make up the bulk of CIBC Private Wealth Management’s client base. The firm also manages assets for investment companies, profit-sharing and pension plans, charitable organizations, government entities and corporations.
In most cases, the minimum investment required to open a new account with CIBC Private Wealth Management is $1 million. However, the firm says it does engage in service arrangements with other advisory groups that have lower account minimums.
Services Offered By CIBC Private Wealth Management
CIBC Private Wealth Management's investment advisory services include asset allocation planning, portfolio management and access to proprietary and third-party investment strategies. Clients may also receive financial, estate, tax and philanthropic planning under the firm’s wealth advisory platform. Specialized services are available through family office arrangements, including consolidated reporting, governance support, and coordination with legal and tax professionals.
Additionally, the firm offers options strategies, administrative reporting on non-managed assets, and participates in managed account programs and model portfolio solutions?.
CIBC Private Wealth Management Investment Philosophy
CIBC Private Wealth Management follows a disciplined, research-driven investment philosophy guided by firmwide committees and personalized client engagement. The firm's Investment Policy Committee sets the overall strategic direction, while the Asset Allocation Committee develops models based on market conditions, asset class valuations and economic forecasts.
Each client’s portfolio is managed in alignment with a customized investment policy statement that defines target allocations and risk preferences. Analysts and portfolio managers collaborate to implement strategies, which can vary in security weightings across accounts. Recommendations incorporate internal research, third-party insights and both fundamental and quantitative analysis to pursue consistent, risk-adjusted results.
Fees Under CIBC Private Wealth Management
CIBC Private Wealth Management has four different fee schedules for its client accounts. More specifically, the firm has a different fee schedule for wealth management accounts, new accounts with equity and balanced portfolios, new accounts with fixed-income portfolios and new accounts with cash portfolios.
| New Wealth Management Accounts | |
| Portfolio Size | Annual Fee |
| First $5MM | 1.20% |
| Next $5MM | 0.80% |
| Above $10MM | 0.60% |
| New Accounts with Fixed-Income Portfolios | |
| Portfolio Size | Annual Fee |
| First $10MM | 0.50% |
| Next $20MM | 0.35% |
| Above $30MM | 0.25% |
| New Accounts with Cash Portfolios | |
| Portfolio Size | Annual Fee |
| First $50MM | 0.20% |
| Next $50MM | 0.15% |
| Above $100MM | 0.10% |
| New Accounts with Equity and Balanced Portfolios | |
| Portfolio Size | Annual Fee |
| First $5MM | 1.00% |
| Next $5MM | 0.80% |
| Above $10MM | 0.60% |
All fees from CIBC Private Wealth Management are charged on a quarterly basis, in advance. The firm uses the fair market value of your investments to calculate the fee. There's also a $10,000 minimum annual fee for each of these services, though that requirement is negotiable.
What to Watch Out For
CIBC Private Wealth Management has 11 disclosures reported on its Form ADV, which you can access through the SEC's Investment Adviser Public Disclosure system.
CIBC Private Wealth Management is a fee-based firm, which means that it earns compensation outside of the fees its clients pay. Some of its employees will receive commissions for including certain investments and/or securities in your portfolio. This could cause a conflict of interest, as these employees may be incentivized to include these investments in client portfolios. However, the firm is a fiduciary though, meaning it is required to act in your best interest at all times.
Opening an Account With CIBC Private Wealth Management
If you visit CIBC’s website, you’ll find a list of its advisors that shows where they are located and how you can reach them. Once you find an advisor you want to work with in your location, you can simply call the listed phone number or stop by to talk in person. If you want to speak to someone from the company’s main directory instead, call (312) 368-7700.
All information is accurate as of the writing of this article.
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