Account Management Requests FAQs

FAQ Topics:

• General
• New Accounts 

General | FAQs

My client is turning 71. Does their Registered Retirement Savings Plan (RSP) automatically convert into a Registered Retirement Income Fund (RIF)?

Yes, the RSP will automatically roll over into a RIF in the year the client turns 71. However, a formal account opening process is still required to properly document the new RIF account. Once the new account is opened, the system-generated rollover account must be transferred into the newly created RIF to complete the transition.

My client is turning 71. Does their Spousal RSP account automatically convert into a Spousal RIF account?

Yes, the Spousal RSP will automatically roll over into a Spousal RIF in the year the client turns 71. However, a formal account opening process is still required to properly document the new Spousal RIF account. Once the new account is opened, the system-generated rollover account must be transferred into the newly created Spousal RIF to complete the conversion.

My client is turning 71. Does their Locked-In Retirement Account (LIRA) automatically convert into a Life Income Fund (LIF)?

Yes, the LIRA will automatically roll over into a LIF in the year the client turns 71. However, the new LIF account must still go through the account opening process to ensure all required documentation is in place. Once the new account is opened, the system-generated rollover account must be transferred into the newly created LIF to complete the transition.

How do I move a client's accounts to a different Rep ID?

To initiate a change in Rep ID for a client's accounts, please contact your Portfolio Manager, who will assist you with the request and ensure it is processed appropriately.

My client signed transfer forms when opening their account. Will these be automatically initiated when the account is opened?

To initiate the transfer, an "Add Funds – Initiate a Transfer" service request must be submitted. This will trigger the use of the transfer form that was signed as part of the client’s onboarding package. For step-by-step instructions on how to submit the request, please refer to this article.

Does Optimize open margin accounts?

Yes, Optimize offers margin accounts. For more information or to determine if a margin account is appropriate for your client, please contact your Portfolio Manager.

What is considered valid identification when opening an account for a client?

When opening an account, valid forms of identification include a Driver’s License, Passport, Citizenship Card (issued prior to 2012), Foreign Passport, Permanent Resident (PR) Card, Indian Status Card, and NEXUS Card. 

The DocuSign link sent to my client has expired. How can I have it re-sent?

If a DocuSign link has expired, you can generate a new one by navigating to the DocuSign page and selecting "Generate a New Link." This will resend the updated signing link to the client for completion.

How do I change the Primary Account Holder on a jointly held account?

To request a change to the Primary Account Holder on a jointly held account, please contact service@optimize.ca.

How do I remove a deceased individual as an account holder on a jointly held account?

You can not remove a deceased individual from a jointly owned account. You must open an individual account of the same type and submit an estate processing request.

Do the beneficiaries on a Family RESP have to be siblings?

No, beneficiaries of a Family Registered Education Savings Plan (RESP) do not have to be siblings. However, they must be related to the subscriber by blood or adoption, such as children, grandchildren, great-grandchildren, or siblings.

Is a trustee required for a minor beneficiary?

Yes, when funds are allocated to a minor beneficiary, they must be received by a trustee acting on the child’s behalf. The trustee is responsible for either investing the funds for the child's benefit until they reach the age of majority, or using the funds to purchase an annuity, if applicable. If no trustee is named and no legal 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).

Can I open a TFSA or Cash account if I’m a U.S. resident?

No, clients who are residents of the United States are not eligible to open Tax-Free Savings Accounts (TFSAs) or non-registered investment accounts with Optimize.

Can I have two addresses on my RESP?

It is not possible to add two addresses to an RESP account. However, in the case of a divorce or a separation, the first option is to create two separate RESPs with the same beneficiary, each with the different subscriber. The contributions, income earned and grants must be divided proportionally.

The second option is to suggest that one of the two subscribers assign his or her rights to the other subscriber (for example, change the subscriber from Mister and Madam to Mister only). In that case, the new subscriber is considered to have made all of the contributions to the plan.

How do I reset my Compass or My Portfolio Plus password?

To reset your password for Compass or My Portfolio Plus, please call the NBIN Technical Support Line: 1-855-322-9389.

Can a co-subscriber be added to an existing RESP account?

No, a co-subscriber can not be added to an existing RESP account. However, you can open a new RESP with the desired co-subscriber and transfer the funds from the existing account to the new one, provided certain conditions are met.

Transfers between RESPs can be made without triggering tax consequences if there is a common beneficiary under both the transferring and receiving plans. Alternatively, a transfer is also permitted if a beneficiary under the transferring plan is a sibling of a beneficiary under the receiving plan, and either the receiving plan allows more than one beneficiary or the beneficiary under the receiving plan was under 21 years of age at the time the plan was opened.

What forms are required to initiate a transfer from a Defined Contribution Pension Plan to an Optimize LRSP?

The required form is T2151 to initiate a transfer from a Defined Contribution Pension Plan to an Optimized LRSP. However, please confirm with the relinquishing institution, as they may have a specific form required for the pension transfer.

Does a Model Change ticket automatically sell non-core/legacy securities in an investment account?

A Model Change ticket will not automatically sell non-core/legacy securities (non-Optimize funds) in an investment account. These securities will remain in the account unless a separate manual request is submitted.

To sell non-core/legacy securities and allocate the resulting funds into the appropriate Optimize model, you will need to access the client's Contact page on HubSpot.

From there, navigate to the "Servicing" tab and select the "Trading" request option. Specify the non-core/legacy securities you wish to sell and select the "Invest in Model" option to submit a request to allocate the proceeds into the appropriate Optimize model.

New Accounts | FAQs

What account types can I open at Optimize?

At Optimize, a wide variety of account types are available to suit different client needs. These include CAD and USD Cash accounts (non-registered investment accounts), as well as CAD and USD Margin accounts. Registered account options include TFSA, FHSA, RRSP, Spousal RSP, RIF, Spousal RIF, LRSP, LIRA, RLSP, LIF, LRIF, RLIF, and PRIF. Additionally, Optimize offers RESP and RDSP accounts for education and disability savings, along with In-Trust and Corporate accounts.

 

When does a newly completed New Account Application (NAA) appear on the CRM?

When an NAA is completed on NBIN (National Bank Independent Network), the new account will reflect on the client’s contact page in the next business day.

If the account does not appear in CRM by the following business day, confirm that the application was fully processed and approved on NBIN. If delays persist, contact the Support Team for further assistance.

What additional information is needed when opening an ITF (In Trust For) account?

When opening an In Trust For (ITF) account, additional information must be provided for the beneficiary. This includes the beneficiary’s first name, last name, date of birth (DOB), Social Insurance Number (SIN), and a valid form of photo identification.

Can I open an account for a client if they don't have valid photo identification?

Yes, it is possible to open an account for a client without valid photo identification, provided that their identity is not verified in person and alternative documentation is used. In such cases, a clear, complete, and legible scan or photo of the supporting documents must be provided. To verify the client’s name and address, one document must be submitted from an approved list, such as a CPP statement, property tax statement, vehicle registration, CRA documents (e.g., Notice of Assessment, GST refund letter), utility bill, or T4 statement. To verify the client’s name and date of birth, one document must be provided from a separate approved list, which includes items such as a birth certificate, marriage certificate, divorce documentation, permanent residence card, temporary driver’s license (non-photo), or a credit file referred to within the last six months. Alternatively, to verify name and address, acceptable documents include a credit card statement, bank statement, loan account statement, or identification verified through a Canadian credit bureau. All documentation must meet regulatory standards to ensure proper identification and compliance.

What are some tips on filling out New Account Applications?

Missing information, formatting errors, or inconsistencies can lead to deficiencies that require additional follow-ups.  Below are helpful tips to make sure you fill out your new application properly and avoid any set backs:

1. Client’s Middle Name Matches ID

• Please ensure the client’s middle name matches the identification provided. Also if there is a middle name on the ID then you should be adding it to the application. Ensuring consistency between the application and the ID helps prevent processing delays and verification issues.

2. Expired ID

• If the Ontario Driver’s License provided is expired. Please submit a renewed and valid form of identification to ensure compliance with verification requirements as it won't be accepted. Furthermore, if the ID is close to being expired be prepared to update ID as a Request. 

3. Spouse’s Phone Number Format

• When entering the spouse’s phone number, ensure it is formatted as a continuous string of digits without dashes or spaces (e.g., 1234567890). 

4. Add Mailing Address Separately

• Please ensure the client’s mailing address is entered separately in the Mailing Address section, located below the Permanent Address section. This ensures clarity and prevents any discrepancies in correspondence and document delivery.

5. Postal Code and ID 

• The postal code on the driver’s license needs to match the one provided in the KYC form. Please verify the correct postal code to ensure consistency and avoid any processing delays.

6. Address Not Found in Canada Post Registry

• If the primary address provided for the client cannot be found in the Canada Post registry. Please provide a second supporting document and complete the Dual Verification Method from the ID panel to confirm the client’s address. This ensures compliance with verification requirements and prevents delays in processing.

7. Include Employment Details for Retired Clients

• If the client is retired and receiving CPP, ensure their employment section reflects this status. Enter "Retired" as their occupation and specify CPP as a source of income where applicable.
• If a client is retired, they must still provide their former employer name and occupation instead of leaving it blank.

8. Provide a More Specific Occupation Title

• Please provide a more specific job title that accurately reflects the client’s role. For example, instead of "Sales," consider specifying Sales Representative, Sales Manager, or Sales Associate. A precise occupation title ensures clarity and compliance with application requirements.

9. Verify Years Until Retirement

• Make sure you double check the years until retirement. If the client is 66 years old, but the "Years Until Retirement" field is listed as 35 years. This would appears to be incorrect—please update it to reflect a more realistic timeline. 

10. Registered Investments Must Match Total Registered Accounts

• Ensure that the total value of registered investments entered is not less than the sum of all registered accounts held at Optimize. Double-check account balances to confirm accuracy, preventing discrepancies that could delay processing.

11. Clarify Investment Balances and Expected Contributions

• If the client’s registered and non-registered investments show a balance of zero, please confirm whether this is accurate or if there was an error in data entry. If an update is needed, ensure the correct amounts are provided.
• Additionally, we require more details on the amount the client intends to invest with Optimize. If the registered and non-registered amounts remain zero, please provide an estimated contribution amount to complete the application accurately.

12. LIF Withdrawals

• If the LIF withdrawals are not scheduled to begin until 2026, please make sure the withdrawal amount is $0.

13. Open Only the Accounts Needed Now to Avoid Dormancy

• If the client will only be saving into their FHSA and TFSA for now, it is advisable to open additional accounts later when they plan to use them. Any account opened but not funded for six months will be marked dormant at NBIN. To avoid this, the client should open only the accounts they need immediately and add others as required. Once the initial setup is complete, adding new accounts will be a quick and straightforward process.

14. Mortgage Details 

• If a client reports fixed assets, ensure the declared value matches supporting documents. If a rental property is included, confirm its value as part of the fixed asset total.
• If a client has no mortgage but owns significant fixed assets, verify whether the property is fully paid off and document it accordingly.

15. Provide ID Details for POAs

• If the client has Powers of Attorney (POAs) on file, ensure that the IDs for POAs are provided. Additionally, complete the ID verification section for the POA, including document type, issuing authority, and expiration date.

16. Clarify Disability Type and Decision-Making Ability

• If the client is receiving a disability amount, please provide details on the type of disability they have. Additionally, confirm their decision-making ability to ensure they can independently manage their financial affairs. If a Power of Attorney (POA) is in place, ensure all relevant documentation is included.

17. Bank Account & Investment Details

• Ensure that the bank account name on void cheques matches the KYC application. If discrepancies exist, the correct details must be confirmed.