Overview of Withdraw Funds
Learn about the different types of withdraw fund requests and how they support client liquidity needs and account flexibility.
What Are Withdraw Funds Requests?
Withdraw funds requests allow Advisors and Portfolio Managers to move money out of client investment accounts through various channels. These requests are essential for helping clients access their funds when needed whether for personal use, account transfers, or third-party distributions. Each method ensures secure, accurate, and timely disbursement aligned with client instructions.
To access and track withdraw fund requests, navigate to the ticket index page in the CRM by selecting CRM > Tickets, then click the pipeline dropdown menu and select Withdraw.
Types of Withdraw Funds Requests
- EFT Out: Used to electronically transfer funds from a client’s investment account to their bank account on file. This is the most common and convenient withdrawal method, offering clients secure and direct access to their funds.
- Withdraw to Investment Account: This request is used to transfer funds from one client investment account to another related account. It is commonly used to move money from a registered plan to a non-registered account, or between accounts for rebalancing or reallocation purposes.
- Send Cheque to Address: Used to request a physical cheque be sent to the client’s address on file. This method is suitable for clients who prefer paper-based withdrawals or when electronic options are not available.
- Send to Third Party: Used to send funds to a third party on behalf of the client. This request is typically used for estate distributions, legal settlements, or when a client authorizes a payment to another individual or organization.
Why Are Withdraw Funds Requests Important?
Withdraw fund requests provide clients with access to their money in a controlled and compliant manner. These requests help meet client cash flow needs while ensuring operational accuracy and record-keeping integrity.
Key Benefits of Managing Withdraw Funds Requests:
Client Convenience: Supports flexible options to meet various client withdrawal preferences.
Secure Disbursements: Ensures funds are transferred or paid out only to authorized accounts or recipients.
Accurate Processing: Reduces errors and delays by following clearly defined request types and workflows.
Regulatory Compliance: Maintains proper documentation and audit trails for each transaction type.