I still remembered the experience of opening my First Metro Asset Management, Inc. (FAMI) mutual fund account in 2010. It’s the first week of January after the Christmas and New Year holiday. Prior to that event, I immersed myself on studying mutual funds and other investing topics like stock and online investments.
Many people are looking for ways on how to open a mutual fund account. Because of this reason, I would like to share my experience, though, it was more than 3 years ago. Anyhow, I assume it is almost the same procedure.
Basically, you could open a FAMI account in two ways: sending the application forms and requirements to their office and walk-in application. If you are living near the area of Makati, walk-in application is preferable.
On the other hand, if you are located far from Makati or living abroad like in the US or Middle East, sending your application forms and other necessary documents is your only option.
Before Going to the FAMI Office
First of all, you must prepare all the necessary documents and requirements before going to their office. Normally, you should provide two valid identifications such as passport or SS ID. I would recommend you bring 2 valid ID if you have, then photocopy it.
During that time, I went directly to FAMI office located at PSBank Tower, Paseo de Roxas, Makati City. I have no car yet so I need to use public transportation when going to their office.
The easiest way to go there is drop down at Ayala MRT station and then from there ride a taxi. If you’re first timer in the that area, you cannot find the place easily so it is better to ride a taxi and tell the driver to go to PSBank tower. Here’s the exact address of FAMI in Makati:
18th Floor PS Bank Center,
777 Paseo de Roxas Avenue corner Sedeño Street,
Salcedo Village, Makati City
(632) 891-2860 ot 65
However, you could also open an account by sending your application forms and requirements via registered mail or LBC. Since I needed to open an account immediately, I have decided to go directly to their office.
Normally, it may take weeks before your application is processed when you send it via mail. So if you want to quickly open an account, you may go to their office especially when you are near the Makati area.
Lastly, you must bring money. The minimum initial investment that you can place for each type of mutual fund that you want to open is P5,000. In my case, I opened two kinds of FAMI mutual fund: equity and balanced fund. I invested P5,000 for each fund.
Opening an Account for the First Time
Before going to FAMI office, I have done many studies and research about how mutual fund works and its different types. It is always recommended that you understand first what is the “investment” to avoid any misunderstanding in the future and becoming a victim of scams.
If you want to know the in-depth part of mutual fund investing, you may read and study the mutual fund’s prospectus. In this document, you’ll know different information like where is the fund invested, the people who manages the fund, its performance for the past years and so on.
By the way, you can download the prospectus of FAMI for free in their website. They will also give it to you (in the form of brochure) when you open an account with them via walk-in application.
I remembered during that time, the person in-charge for new application gave me several questionnaires. It is a way for them to asses your risk appetite, meaning if you’re a conservative, moderate or aggressive investor.
With these questionnaires, FAMI will recommend which mutual fund is suitable for you. In my case, what I want is the same as what they recommended so the questionnaire is at least accurate in assessment.
After completing the answers in the questionnaire, you’ll be given the opening account form, investment application form and signature cards. Then, you need to submit these documents together with a photocopy of two (2) valid IDs. Of course, you will give also your initial investment of minimum P5,000 for each type of mutual fund.
Proof of FAMI Investment
Since you have already opened and invested in FAMI, you’ll be given a proof of investment in the form of confirmation receipt or COR. You may also request for a copy of your statement of account that can be delivered to your email in PDF. The important thing during buying funds is the COR number.
Every time you purchase mutual fund, there’s a corresponding COR number dedicated for each investment. You will know this number through your statement of account and the receipt that will be given to you.
Buying of additional funds can be done via Metroban Internet banking or simply depositing the money in any Metrobank or PSBank. In my case, I buy additional funds online since it is the most convenient and easiest way to do.
To Wrap Up
Opening a mutual fund account at FAMI is much the same as opening a bank account. You will need two (2) photocopy of your valid identifications and bring the original in case of verification.
In order to quickly process your application, you must give your initial investment right there. However, you can also deposit your initial investment later if you don’t have the money by depositing it through Metrobank and PSBank.
On the other hand, you don’t need to go in person in their office to be able to open an account especially if you’re an OFW working abroad. You can send the application forms and your IDs via registered mail.
Then, you or your trusted relative can deposit your initial investment through PSBank and Metrobank. The account numbers can be seen in FAMI’s website.