Purchase a Mutual Fund

Enabling Mutual Funds

If you would like to offer mutual funds trading please work with your Relationship Manager to ensure your partner environment is enabled for mutual fund trading prior to proceeding.

Reinvesting Dividends and Capital Gains (DRIP)

Drivewealth supports automatic reinvestment of dividends and/or capital gains distributions at the account level, referred to as DRIP (dividend reinvestment plan). Partners must be set up by DriveWealth to offer the DRIP feature to their customers.

Once a partner is set up, each individual customer will need to acknowledge the DRIP disclosure and opt in, either at account opening or by updating their account settings later.

Have customers acknowledge disclosure

To obtain a list of disclosures, retrieve disclosures, and create disclosure acknowledgments per customer, please use the APls referenced in the Disclosures section of our Core API documentation.

Set Account Reinvesting Preferences

To enroll an account into DRIP you will need to set the dividendReinvestment and/or capitalGainsReinvestment preferences within the accountFeatures, mutualFunds objects to true to opt-in using POST {{bo-ur|]}/back-office/accounts or PATCH {{bo-url}}/back-office/accounts/{{acctID}}.

Updates to account enrollment will be processed every hour from 10am to 4:15pm ET. Changes made past the cut off will be processed the following business day.

curl --request POST \
     --url https://bo-api.drivewealth.io/back-office/accounts \
     --header 'accept: application/json' \
     --header 'content-type: application/json' \
     --header 'dw-client-app-key: {{yourAppKey}}' \
     --data '
{
  "accountType": "LIVE",
  "accountManagementType": "SELF",
  "tradingType": "CASH",
  "accountFeatures": {
    "mutualFunds": {
      "dividendReinvestment": true,
      "capitalGainsReinvestment": true
    }
  }
}
'

Funding Mutual Funds Reference Data

Mutual Funds reference data is accessible through the same Instruments service as Equities. To get more detailed information about each fund, we have added a mutualFundData block. This additional information will only be listed for mutual funds.

curl --request GET \
     --url 'https://bo-api.drivewealth.io/back-office/instruments?status={{instrumentID}}' \
     --header 'accept: application/json' \
     --header 'dw-client-app-key: {{yourAppKey}}'

Create a Mutual Fund order

curl --request POST \
     --url https://bo-api.drivewealth.io/back-office/orders \
     --header 'accept: application/json' \
     --header 'content-type: application/json' \
     --header 'dw-client-app-key: {{yourAppKey}}' \
     --data '
{
  "orderType": "MARKET",
  "side": "BUY",
  "accountNo": "CSSW000001",
  "limitType": "PRICE",
  "symbol": "VTSNX",
  "quantity": 5,
  "currency": "USD",
  "price": 160.02
}
'

Checking Mutual Fund Net Asset Value (NAV)

To display the current NAV price of a mutual fund, use the same market data endpoint as in use for equities. The same fees and user entitlements apply as the equities product. The high and low NAVs refer to the 52 week high and low prices.

curl --request GET \
     --url 'https://bo-api.drivewealth.io/back-office/instruments?status=VTSNX' \
     --header 'accept: application/json' \
     --header 'dw-client-app-key: {{yourAppKey}}'