It’s easier than you think
Moving your investment assets to Raymond James with Tall Oak Private Wealth will require very little effort on your part. The process is almost entirely electronic in most cases: investors simply sign a transfer form and, about 10 days later, their investment portfolio is transferred over to the new firm.
The process is simple
The simplicity of this process is due to advances in securities holding practices. Most investments held by Canadian investors are held electronically, not as physical certificates; however, some security types, such as GICs and foreign held securities, take longer to transfer.
These certificates are now mainly held in electronic form by the Canadian Depository for Securities (CDS), a reliable depository, subject to legislation and regulations under both federal and provincial law. Because it acts as the principal depository for securities traded between investment dealers, CDS is able to facilitate a fairly quick transfer of most client assets between firms.
How long does it take?
Transferring an account from one brokerage firm to another takes about two weeks, depending on the particular investments within the account. The majority of transfers are executed electronically through a CDS system called Account Transfers Online Notification (ATON). Transfers that are not eligible to transfer through ATON, such as bank held GICs, pension plans, or insurance products, will take longer to complete.
The three basic steps for transferring accounts
- Read through the "Transfer form" for completeness and accuracy and then sign and return it to your Tall Oak Private Wealth Financial Advisor.
- We’ll then use the ATON system to request the transfer from your previous firm.
- Your previous brokerage firm will respond to the request within 10 days. It's as simple as that.
If you are transferring a RRIF account, your previous firm is legally required to make your current-year minimum RRIF payment before transferring your account. If you are transferring a registered product, all book values (cost) will be transmitted to Raymond James with Tall Oak Private Wealth. Non-registered accounts do not transmit this information when they are transferred. If you wish to retain this data, get the original cost information from your most recent client statement and give it to your Tall Oak Private Wealth Financial Advisor who will store it for future reference.
While we endeavour to make the transfer process as simple and straightforward as possible, we understand that you may still have questions about certain procedures.
We are here to answer any concerns or questions you may have.