Managing New Account Tickets - Account Holder Information

Understanding the Requirements for the Account Holder Information section of the New Account Tickets Requests.

The Account Holder Information Section

The section is located in the "Servicing" panel on the New Account Application Ticket. A progress bar shows how much is complete and there are markers that will show either an "Incomplete" warning or a "Complete" confirmation for each subsection and the Client as a whole. 

To open any of the subsections to review the information, simply click the "open" button on the right side and a panel will pop out. The information gathered in each section is detailed below.

Account Holder Information - Client Details Panel

Title

• Select the appropriate title to be used on the client's accounts.

Gender

• Select the client's gender.
• Please ensure that the gender selected matches their ID.

First Name and Last Name

• Client First and Last Name must be the legal name which matches their ID (ie. not their ‘nickname’).

Middle Name (Optional)

• If there is a Middle Name or Initial provided on the Client’s ID, it must be inputted, even in the scenario where it is just a middle initial.

Primary Phone Number

• This number is what will be used to contact the client and should be their most used Phone number.
• The field requires a 10 digit phone number to be saved.

Secondary Phone Number and Other Number (Optional)

• This number should be different from their Primary Phone (i.e. if the client has a work phone number).
• This field requires a 10 digit phone number to be saved.

Email Address

• This email must be unique to the client and will be sent their onboarding package as well as account updates and information.
• The field requires a valid email address to be saved.

Date of Birth

• The Client’s Date of Birth entered must match the Date of Birth listed on their ID.
• The field requires the Date of Birth to be at least 18 years ago and over the age of majority to open investment accounts.

Marital Status

• A marital status of ‘Single’ means the Client does not have a spouse, is not legally married nor are they living common-law with another person.  A Client in a relationship but one which is not considered common-law is considered ‘Single’.
• Married means that the Client has a spouse.  If the client indicates that they are separated but still living with their (former) spouse, their marital status is still considered ‘Married’).
• A Client’s marital status is ‘Common-law’ when the Client is living in a conjugal relationship with a person who is not their married spouse, and at least one of the following conditions applies to this person:
  • The Client has been living with the person in a conjugal relationship for at least 12 continuous months, OR
  • This person is the parent of the Client’s child by birth or adoption, OR
  • This person has custody and control of the Client’s child.
• The marital status of ‘Separated’ means that the Client has been living apart from their spouse or common-law partner because of a breakdown in their relationship for a period of at least 90 days.
• The marital status of ‘Divorced’ means a marriage has legally ended.
• The marital status of ‘Widowed’ means the Client’s spouse has passed away and the Client has not remarried.  

Number of Dependents

• Generally, a dependent is someone who relies on the Client for financial support, care, or protection.
• A Dependent may also refer to a spouse or common law partner to the Client who is entitled to support payments in the event of separation or divorce.
• A Dependent can also refer to an elderly parent who relies on the Client for financial or physical support. 

Account Holder Information - Address Details 

• The Search bar helps to find the address, it streamlines this process by automatically populating validated data in order to reduce errors.
• The Client’s full address must not contradict what is written on the ID and/or Void Cheque which they are submitting.
• Please indicate both the street number or the unit number along with the street name.
• Please note that the Client’s Street Address cannot include a P.O. Box.  If the mailing address should include a P.O. Box, please check the box to add a Mailing Address.

Account Holder Information - Employment Details 

Employment Status

• The Client’s Employment Status of ‘Employed’ refers to a Client who is considered an employee of a company and is actively  working for the company.  This would also include a Client who may only be working part-time. Please note that if a Client owns the business which they work for and the business is incorporated as opposed to a sole-proprietorship, then their Employment Status should be ‘Employed’ not ‘Self-employed’.
• The Client’s Employment Status of ‘Self-Employed’ refers to a Client working for oneself rather than for an Employer. A ‘Self-Employed’ individual typically operates their own business, operates under a sole-proprietorship, provides goods or services, and is responsible for managing their work, finances, and business operations independently.  Please note that if a Client owns the business which they work for and the business is incorporated as opposed to a sole-proprietorship, then their Employment Status should be ‘Employed’ not ‘Self-employed’.
• The Client’s Employment Status of ‘Retired’ refers to a Client who has stopped working and has instead chosen to enter their retirement stage by way of relying on savings, investments, pensions, or other sources of income to sustain their lifestyle for the balance of their retirement.
• The Client’s Employment Status of ‘Not Employed’ refers to a Client who is not employed by an Employer, not Self-Employed, nor are they Retired.  Common examples of a Client who is considered ‘Not Employed’ would be a Student or Homemaker, despite how hard they are working for their family or for their academic career.  This would also include a Client who may not be working currently but is actively seeking employment or someone who was recently laid off.

Employer Name and Address

• The Client’s ‘Employer Name’ should reflect the Client’s current Employer.
• If a client is employed by their corporation (ie. receive T4 income), employment status should be Employed and it should reference the name of the corporation.
• If a client is a sole proprietorship or partnership, Employment Status should be Self Employed and Employer Name should either be the client’s legal name or trade name according to their master business licenses (ie. John Smith Landscaping)
• The Address should be the address of their employer or their official business address.
• If the Client is Retired, the Client’s ‘Former Employer Name’ should reflect the Client’s most recent previous Employer.

Nature of Business

• Nature of Business should indicate what the main service or good the client's employer or self-employed entity sells or the industry they are in. This should be relatively specific (i.e. someone who works for a wealth management firm would put Wealth Management instead of Finance)

Occupation/Position 

• If the Client’s Employment Status is ‘Employed’, the Client’s ‘Occupation’ should be as specific as possible.  For example, if the Client is a Consultant, please specify the type of Consulting (i.e. IT Consultant).  Another example would be if the Client is a Manager, please indicate what type of department they oversee (Manager, Operations).
• If the Client’s Employment Status is ‘Self-Employed’, the Client’s Occupation should simply be ‘Owner’.
• If the Client’s Employment Status is ‘Retired’ or 'Not Employed', the Former Occupation should reflect their last Occupation prior to Retirement or loss of employment.  Please be as specific as possible. For example, if the Client was a Consultant, please specify the type of Consulting (i.e. IT Consultant).  Another example would be if the Client was a Manager, please indicate what type of department they oversee (Manager, Operations).

Years Until Retirement

• If the client is employed or self-employed, this field must have a value.
• If the client is retired, this field must be 0.

Account Holder Information - Financial Details

Annual Income

• Employment Income
  • If the Client has an Employment Status of ‘Employed’, the amount included as Employment Income should approximately match the income amount recorded on their T4.
  • If the Client has an Employment Status of ‘Employed’ but owns the Corporation in which they work for, the amount included as Employment Income should be the amount reported on their T4, and any additional income drawn from the corporation should be imputed in the ‘Other Income’ Field with the appropriate note (ie. Draw of Dividends, Repayment of Loan to Corporation) detailed in the 'Other Income' and ‘Source of Other Income’ fields. 
  • This field should not have a value for any client who is 'Retired', 'Not Employed', or a 'Homemaker'.
• Disability or Employment Insurance
  • If the Client receives Disability payments or Employment Insurance payments, then please input the amount on an annualized basis.  
  • This field should not have a value for clients who are 'Employed' or 'Self-Employed'.
  • If the Client has the employment status of 'Disabled', this field must have a value.
• Company Pension Plan
  • Please provide the Client’s Company Pension on an annualized basis.
  • If the Client splits the Pension income with their spouse for tax purposes, the total annualized Pension Income received by the Client should be reported and not just the net amount after income splitting.
• Canadian Pension Plan (CPP)
  • Please provide the Client’s CPP payments on an annualized basis. CPP is usually only received after the age of 60 and annual payments are typically approx. $9,000 and generally not greater than $16,000.
  • This value must be under the yearly maximum CPP allowance.
• Old Age Security (OAS)
  • Please provide the Client’s OAS payments on an annualized basis. OAS is usually received after the age of 65 and annual payments are typically approx. $6,000 and generally not greater than $8,500.
  • This value must be under the yearly maximum OAS Allowance.
• Withdrawals from Bank Accounts
  • Please provide the Client’s Bank Withdrawal Amount on an annualized basis.
  • For clients with an an Employment Status of ‘Retired’, please include the amount which the Client currently withdraws directly from their Bank Account for the purposes of Funding their Retirement Needs. 
• Withdrawals from Investment Accounts
  • Please provide the Client’s Investment Account Withdrawal Amount on an annualized basis across ALL of their Financial Assets, both at Optimize and outside of Optimize.
  • For clients with an an Employment Status of ‘Retired’, please include the amount which the Client currently withdraws directly from their Investment Accounts for the purposes of Funding their Retirement Needs. 
  • If the client has a RIF/LIF account, this field must have a value and so please indicate the total annual expected withdrawal amount.
• Other Income
  • Please provide the amount on an annualized basis.
  • Other Income represents the sum of all other sources of income not captured in the other income type fields such as: Rental Property Income, Spousal Support, Draw of Dividends / Dividend Income, Repayment of Loan to Corporation
• Source of Other Income
  • If the Client receives ‘Other Income’, please note the types of ‘Other Income’ as applicable by specifying one or more of the following in the ‘Source of Other Income’ Field and whether All of the ‘Other Income’ is derived from that ‘Source of Other Income’ or a certain amount is derived from that ‘Source of Other Income.

Net Worth

• Cash
  • ‘Cash’ refers to the amount the Client expects to keep in cash at their Bank Account for an extended period of time.
• Registered Investments
  • ‘Registered Investments’ refers to the amounts which the Client holds across all their registered accounts at Optimize such as their RRSP, RRIF, TFSA, RESP, RDSP, LRSP, LIRA, LIF and FHSA, or the total market value of Registered Investments being transferred to Optimize for New Clients.
• Non-Registered Investments
  • ‘Non-Registered Investments’ refers to the amounts which the Client holds in their Cash accounts at Optimize or the total market value of Non-Registered Investments being transferred to Optimize for New Clients.
  • Please note that if there are any Cash Account(s) held in joint name with their Spouse or someone else at Optimize, only the amount accounted for in their share should be reported (e.g. 50% of the Cash Account if held jointly with their Spouse).
  • Additionally, a corporation is a separate entity and therefore, assets of the corporation should be captured in an Entity’s Net Worth and not in the Client’s ‘Non-Registered Investments’.
• Fixed Assets
  • ‘Fixed Assets’ refers to the total amount which the Client holds across all Real Estate holdings such as their principal residence, cottage and rental properties.
  • Please note that if the property(ies) is/are held in joint name with their Spouse or someone else, only the amount accounted for in their share should be reported (e.g. 50% of the Property if held with a Spouse). 
• Mortgages
  • ‘Mortgages’ refers to the amount that the Client has across all of their mortgage(s).
  • Please note that if the mortgage(s) is/are held in joint name with their Spouse or someone else, only the amount accounted for in their share should be reported (e.g. 50% of the Mortgage if held with a Spouse).
• Lines of Credit
  • ‘Lines of Credit’ refers to the amount that the Client has across all of their Line(s) of Credit.
• Personal Loans and Credit Card Balances
  • ‘Personal Loans and Credit Card Balances’ refers to the amount that the Client has across all of their Personal Loans and Credit Card Balances including Home Improvement and Auto Loans.
• Assets at Other Financial Institutions
  • If the client has assets at other financial institutions (i.e. investments held outside of Optimize), select yes.

Account Holder Information - Tax Details 

• Residency and Citizenship:

  • A Canadian citizen is a person who holds citizenship in Canada, which entails specific rights, responsibilities, and privileges as outlined by Canadian law. The definition and criteria for Canadian citizenship are governed by the Citizenship Act.
    
    The key aspects which would help determine whether a Client is considered a Canadian Citizen are:
    - By Birth and Born in Canada
    - By Birth and Born Abroad to Canadian Parents
    - By Naturalization and are considered Permanent Residents
    - By Naturalization and meet the residency requirements of filing Canadian tax returns for three out of the last 5 years

• • Confirm the location of the Client's residency. This must match the country of the client's primary address.
  • A U.S. citizen is an individual who holds citizenship in the United States of America. U.S. citizenship entails specific rights, privileges, and responsibilities as outlined by the U.S. Constitution and federal law.
    
    The key aspects which would help determine whether a Client is considered a US Citizen are:
    - By Birth and Born in the United States
    - By Birth and Born Abroad to U.S. Citizen Parents
    - By Naturalization and meet the eligibility requirements which generally requires being at least 18 years old, having lawful permanent resident status (a green card) for a specific period (typically five years, or three years if married to a U.S. citizen), and meeting other criteria such as continuous residence and physical presence in the U.S.

• Social Insurance Number (SIN):

  • The SIN is required for tax reporting to the Canada Revenue Agency (CRA). Please ensure that it is the correct number of digits and complete.

• Global Tax Obligations:

  • If the client is a resident of another country, please be sure to provide their Tax Identification number.

Account Holder Information - TCP Details 

• Appointing a Trusted Contact Person (TCP) provides an added layer of security, allowing the firm to contact them in case of concerns like potential fraud or cognitive decline or if we are unable to reach the client for an extended period.
• The Trusted Contact Person (TCP) has no ability or right to provide instructions regarding the client's account, they are solely an alternate contact avenue for ensuring the client's wellbeing.