Applies To:
- All Portfolio Managers, Advisors, Wealth Planners, and support staff.
- Eligible account types: RESP
You can submit a Add or Change RESP Beneficiary Information request from a client's CRM Contact Record. Follow the instructions below to ensure the request is submitted. correctly with all required documentation.
When to Submit a Add or Change RESP Beneficiary request:
Submit a Add or Change RESP Beneficiary request when you are looking to Add a new beneficiary or when you are looking to Withdrawal an existing beneficiary from an RESP account.How to Submit a Add or Change RESP Beneficiary Request
To submit a Add or Change RESP Beneficiary request, use the Service Tab on the client's CRM Contract Record. When submitting the request, there are two distinct submission options and workflows: Wet Signature, which involves downloading the pre-populated document and getting it physically signed. Electronic Signature, which automatically generates the required forms and sends them to the client through DocuSign.
Although both methods are valid, we strongly recommend using Electronic Signature whenever possible for real-time tracking, reduced errors, and faster turnaround times.
Learn more about Wet Signature Flexibility
How to Submit a Add or Change RESP Beneficiary Request
Step 1.
- Navigate to the Client's CRM Contact Record
Step 2.
- Go to the Servicing Tab
Step 3.
- Select Account Administration
Step 4.
- Select Beneficiaries
Step 5.
- Choose Add or Change RESP Beneficiary as the request type
Step 6.
- Select the RESP account for which the Add or Change RESP Beneficiary applies to.
Step 7.
- Select the appropriate submission option, either Wet Signature or Electronic Signature.
Step 8.
- Select the Beneficiary Change Type for each EXISTING Beneficiary, the options for existing beneficiaries are Withdrawal, No Change, or Change Beneficiary Percentage.
- Withdrawal: Selecting the withdrawal option means that you are removing that existing beneficiary from the RESP beneficiaries.
- No Change: Means you are neither withdrawing that beneficiary or changing the Grant Contribution Distribution percentage.
- Change Beneficiary Percentage: Means you are changing the Grant Contribution Distribution percentage for that selected beneficiary. For example: if you wanted to remove "Ethan Doe" as a beneficiary and give "Olivia Doe" additional percentage, you would select "Withdrawal" for "Ethan Doe" and then provide "Olivia Doe" with the updated percentage.
Step 9.
- If you are looking to add an additional beneficiary select the Add Beneficiary button located below the existing beneficiary information.
Step 10.
- In the New Beneficiary panel select the "Beneficiary Change Type" to Addition and populate the panel completely with the new beneficiaries information.
Step 11.
- Review & Submit - Confirm all the details of the beneficiaries information and click Submit to create the service request ticket
After Submitting the Request
- A new service request ticket will be created. To locate and track the created ticket you can find it in the Account Administration Pipeline. In the Account Administration Pipeline you can track the progress and confirm when the request is completed.
Processing Times
- Electronic Signature Submission: Typically 1 business day after the ticket has been submitted and completed.
- Wet Signature Submission: Typically 10 business days after the ticket has been submitted and completed any applicable review.