Overview of Beneficiaries Requests

What Are Beneficiary Requests?

Beneficiary requests allow Advisors and Portfolio Managers to efficiently manage the beneficiaries associated with client investment and registered accounts. These requests are essential for ensuring client instructions are accurately reflected and maintained over time. Regularly managing beneficiary information prevents estate planning errors, ensures the efficient transfer of assets, supports accurate record-keeping, and avoids legal complications.

To access and track beneficiary requests, navigate to the ticket index page in the CRM by selecting CRM > Tickets, then click the pipeline dropdown menu and select Account Administration.

Types of Beneficiary Request ? 

• Add or Change Beneficiary: This request is used to designate or change beneficiaries for registered and plan accounts. It is commonly used for RRSP, TFSA, and RIF accounts. Ensuring beneficiaries are accurately listed helps meet client estate planning objectives, and is important for maintaining estate planning clarity and alignment with client goals.
• Add or Change RESP Beneficiary: This request type is specific to Registered Education Savings Plans (RESP). It allows you to designate or change RESP beneficiaries, ensuring that education planning aligns with client intentions. It is crucial for accurately allocating RESP contributions and benefits, and often involves verifying eligibility requirements for RESP beneficiaries.
• Update RESP Beneficiary Information: This request allows you to update existing beneficiary information for RESP accounts. It should be used when details such as the beneficiary’s name, date of birth, or relationship to the subscriber need to be corrected or updated. Keeping this information current is essential for compliance with RESP rules and accurate administration of the account.

Why Are Beneficiary Requests Important?

Beneficiary requests ensure that client intentions are clearly recorded, consistently updated, and aligned with estate and education planning goals. Properly managing these requests minimizes the risk of administrative errors, reduces delays in asset distribution, and supports compliance with regulatory requirements.

Key Benefits of Managing Beneficiary Requests:

Accuracy and Clarity: Ensures beneficiary designations are current and reflect the client’s most recent instructions, avoiding confusion or disputes in the future.

Regulatory Compliance: Maintains up-to-date records in accordance with account-specific and jurisdictional requirements, supporting seamless administration.

Efficient Asset Distribution: Helps facilitate the timely and accurate transfer of assets, especially in estate settlement or education planning scenarios.

Client Confidence: Reinforces trust by ensuring that client wishes are followed and that their beneficiaries will receive the intended benefits without complications.