Forum

Wealth Professional forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Transfer timeframes too long for robo-advisors

Notify me of new replies via email
Wealth Professional | 29 Nov 2016, 08:15 AM Agree 0
Fund transfers to other financial institutions are proving to be a bottleneck for robo-advisor firms
  • Barb Amsden | 29 Nov 2016, 10:58 AM Agree 0
    The IIROC account transfer requirement is 10 business days and yes, it can take that amount of time depending on the nature of the assets held. It takes longer if the client has been told to transfer assets in cash rather than in kind. It would be extremely helpful to know if WealthSimple or other receiving firm(s) are asking for the assets in cash (in which case the client could have some surprises at tax time unless so advised by the receiving party, if standard industry transfer forms are being used and if it has chosen to participate in, or work with a party that is a user of the IIROC-dealer-financed Account Transfer Online Notification system. This will help avoid the use of cheques, which also cause delays. When last I looked, CDS - the Canadian Depository for Securities - makes ATON available to all parties qualifying to become a "limited ATON participant". However, for example, certain parties - insurance firms at last check - had not become party to this.
Post a reply