Account Administration Requests FAQs

Account Administration Requests FAQ Topics

• Banking Requests
• Beneficiary Requests
• Document Delivery Requests

• Special Handling, Special Account and Client Information Requests

Banking Requests | FAQs

Can I set up third-party banking on a client's account?

Yes, you can set up third-party banking on a client's account. This allows authorized individuals or entities to access and manage the account on behalf of the client. Third-party banking can be set up for various account types, including joint accounts. You can set up third-party banking on a client's account by submitting a "Add Banking" request.

Can I set up a jointly held bank account?

Yes, you can set up a jointly held bank account for a client. A jointly held bank account allows two or more individuals to share ownership and access to the account. This can be useful for couples, business partners, or family members who want to manage their finances together.

To set up a jointly held bank account, you will need to follow the same process as setting up third-party banking on a client's account. Simply submit a "Add Banking" request and specify that the account will be jointly held.

Which account types can I set up authorized banking for?

Authorized banking can be set up for a variety of account types, including Trust, Cash, Joint, Margin, TFSA, RRSP, RESP, RDSP, and FHSA accounts. This setup allows individuals or entities to access and manage the account on behalf of the client. Whether for personal or business purposes, authorized banking provides added convenience and flexibility in effectively managing finances.

How do I remove an old bank account on file for an account?

To remove an old bank account on file, you will need to submit a "Delete Banking" request through the CRM. This will ensure the outdated banking information is properly removed from the client's account. For step-by-step instructions, please refer to this article on how to delete banking.

How do I add a new bank account on file for an account?

To add a new bank account, submit an "Add Banking" request directly through the CRM. This will allow you to securely link the new banking information to the client’s account. For detailed instructions, please refer to this article on how to add banking.

How many bank accounts can I set up on a client's account?

You can set up multiple bank accounts on a client's account, depending on their needs and preferences. There is no specific limit to the number of bank accounts that can be linked to a client's account at Optimize.

Can my client set up the same bank account across multiple accounts at Optimize?

Yes, your client can set up the same bank account across multiple accounts at Optimize.

By setting up the same bank account across multiple accounts, clients can easily transfer funds, monitor transactions, and streamline their financial activities across various accounts. This flexibility provides convenience and efficiency in managing finances effectively within the Optimize system.

Beneficiary Requests | FAQs

How do I change the allocation of beneficiaries on a RESP account?

To change the allocation of beneficiaries on a RESP account, you will need to submit a "Designating and Changing Beneficiaries" request. This can be done through the appropriate process in the CRM. For detailed instructions, please refer to this article on how to submit the request.

How do I cancel a beneficiary request?

To cancel a request on the CRM, you can follow these steps:

1. Navigate to the ticket where you submitted the request.
2. Look for the action button on the ticket. 
3. Click on the action button and then click on cancel. 
4. Follow any additional prompts or confirmation steps, if required.
5. Once the cancellation process is complete, ensure to verify that the beneficiary request has been successfully cancelled.

Do minors assigned as beneficiaries of a registered account need to have a trustee appointed? Would a significant cheque be issued directly to a minor if the account holder passes away?

Yes, when a minor is designated as the beneficiary of a registered account, a trustee must be appointed to receive and manage the funds on the child’s behalf. The trustee is responsible for investing the funds for the minor’s benefit until they reach the age of majority, or for using the funds to purchase an annuity, if applicable.

If no trustee is named and no guardian is appointed by the court, the funds will be deposited with the court and managed by a provincial government agency—in Ontario, this is the Accountant of the Superior Court of Justice. In some provinces, a small amount may be paid directly to the minor without requiring a court application. For example, Ontario permits direct transfers of up to $10,000, while rules may vary in other provinces.

Can I designate a contingent beneficiary in my client’s TFSA?

Yes, a contingent beneficiary can be designated for a TFSA. To do so, please submit a Beneficiary Update Request and complete the relevant section on the provided form. You can access the form using the link below.

Can I transfer funds from an ITF account?

Transfers or contributions from an In Trust For (ITF) account to other accounts are not permitted until the beneficiary reaches the age of majority. Once the beneficiary is of age, a signed Letter of Direction (LOD) is required to authorize any transfers or account changes.

Documentary Delivery Requests | FAQs

Why can't I see some accounts on MyPortfolio+?

Some accounts may not appear on MyPortfolio+ if they are not properly linked to the client’s online profile. This can occur due to an oversight during the account setup process or a discrepancy in the account information. To ensure all accounts are visible, it’s important to confirm that each account is correctly associated with the client’s online access.

How do I set up a client to view their account statements online?

To enable a client to view their account statements online, ensure that all of their accounts are properly linked to their online profile. This can be done by accessing the client’s online account, navigating to the settings or profile section, and linking any accounts that are not currently visible on MyPortfolioPlus. Once the accounts are linked, the client will be able to easily view their statements and financial information through their online portal.

When I submit a request to reset a client's password for their online account access, how is the new password provided?

Once the password reset request is processed, the new password is securely stored in the client's HubSpot contact card. The Portfolio Manager will then access this information and provide the updated password directly to the client in a secure manner.

How do I cancel a document delivery request?

To cancel a document delivery request on the CRM, you can follow these steps:

1. Navigate to the document delivery ticket where you submitted the request.
2. Look for the action button on the ticket. 
3. Click on the action button and then click on cancel. 
4. Follow any additional prompts or confirmation steps, if required.
5. Once the cancellation process is complete, ensure to verify that the document delivery request has been successfully cancelled.

If you require assistance with cancelling your request, please reach out to us at service@optimize.ca.

Special Handling, Special Account and Client Information Requests | FAQs

How do I change the legislation of a locked-in account?

To update a client’s marital status due to a breakdown, you will need to submit a Client Information Update request and select “Marital Breakdown” as the request type. Be sure to attach a signed T2220 – Transfer Due to Marital Breakdown form. This form must be signed by both spouses, or, if only one spouse has signed, a Certificate of Marriage must be included. Additionally, ensure that the information provided matches the details on the attached documentation for the request to be processed accurately.

My client passed away. How do I notify Optimize, and what needs to be submitted?

If your client has passed away, you will need to submit a “Client Passed Away” request under the Special Handling section in the CRM. Once the request is submitted and the client is marked as deceased, all correspondence with the client will be discontinued, and any active systematic plans—such as Pre-Authorized Contributions (PACs) or Systematic Withdrawal Plans (SWPs)—on the client’s accounts will be stopped. This process ensures the account is properly updated and prepares it for any necessary estate administration steps.

My client holds GICs that have not yet matured and I need to settle their estate. What is the process?

If your client holds GICs that have not yet matured and you need to settle their estate, the process involves providing the necessary documentation to Optimize where the GICs are held. You will need to submit a copy of the client's death certificate, along with any other required forms or information requested by the institution.

How can I rebate a client's account for a charge that they incurred?

A client's account can be credited by either adding funds or reducing charges to their account balance. To initiate this process, you will need to submit a Crediting Client Account request. For detailed instructions, please refer to this article on how to submit the request.

How long does it take to update client information at the custodian?

Updating client information requests are generally completed in 7 business days.

How do I transfer from a LIRA to another LIRA due to a marital breakdown?

To process a transfer from a LIRA to another LIRA as a result of a marital breakdown, you will need to submit a Marital Breakdown service request. To submit a Marital Breakdown request, navigate to the client's CRM contact page, select the "Servicing" tab then select "Account Administration". Next, select "Client Information Updates" and then select "Marital Breakdown".

How do I cancel a Special Handling request?

To cancel a Special Handling request on the CRM, you can follow these steps:

1. Navigate to the ticket where you submitted the request.
2. Look for the action button on the ticket. 
3. Click on the action button and then click on cancel. 
4. Follow any additional prompts or confirmation steps, if required.
5. Once the cancellation process is complete, ensure to verify that the special handling has been successfully cancelled.

If you require assistance with cancelling your request, please reach out to use at service@optimize.ca.