by Scott Ronalds

Here’s the deal: Steadyhand will reimburse all transfer fees (up to $150 plus tax) for existing clients who move an account(s) to us worth $10,000 or more from another financial institution between August 1 and September 30, 2022.

Why we’re doing this

This is out of character for us, as we have never reimbursed these types of fees—because we don’t charge them on our end. Yet, we realize that you hate these charges as much as we do. Further, it’s been an especially turbulent and stressful year for investors thus far and we want to give you a break this summer (our slow season) if you’ve been thinking of entrusting us with more of your hard-earned money. And I won’t lie, it’s a bit of an experiment to see how many clients take us up on the offer, and to remove the inertia that can come with transferring an account.

One last point. The program is only open to investors who already hold an account with us (spouses of clients who don't already hold an account also qualify), as we’ve always believed in putting our existing clients first. Rest assured, we’re not succumbing to ‘bankification’.

The details

Programs of this nature require clear terms and conditions. We lay them out below.

• Each transfer must be for a minimum of $10,000 to qualify.
  
• You must be charged a transfer fee from your other institution to qualify for a fee reimbursement.
  
• All account types qualify (e.g., RRSPs, RRIFs, TFSAs, non-registered accounts, corporate accounts).
  
• All fee reimbursements will be in the form of Steadyhand fund units (based on your chosen allocation), and such reimbursements will not impact your contribution room for registered accounts (e.g., RRSP, TFSA).
  
• The total maximum fee reimbursement per account is $169.50 ($150 plus tax).
  
• There is no limit to the number of accounts you can transfer which qualify for the fee reimbursement. For example, if you transfer over five different accounts and are charged $150 for each transfer, we will reimburse you $750 (Note: each individual transfer needs to be $10,000 or more to qualify for the fee reimbursement).
  
• Transfers must be initiated, and all documents signed and received by us, between August 1 and September 30, 2022.
  
• You must be an existing Steadyhand client (before July 31, 2022) with a funded account to qualify for the fee reimbursement.
  
• To receive the fee reimbursement, you must provide us a copy of your account statement(s) showing the transfer fee(s) charged, before December 31, 2022.
  
• Any assets transferred to us must remain in your Steadyhand account(s) until December 31, 2022, or the fee reimbursement will be fully clawed back.

If this initiative has piqued your interest, or has irked you in any way, you likely have some questions. Hopefully you find the answers below, but if not, please reach out to us at 1-888-888-3147 Mon-Fri 7:00am to 5:00pm PDT. We pick up our phone promptly.

Frequently asked questions (FAQ)

Q: If I transferred an account earlier in the year and was charged a fee from my former financial institution, can I get reimbursed?
A: Unfortunately, no. Programs such as this require strict rules and regulations, and we are unable to make exceptions.

Q: What qualifies as a ‘transfer fee’?
A: Any fee that you are charged for moving your account from another financial institution to Steadyhand is considered a transfer fee. It does not include trading fees or commissions.

Q: If I’m a client, can I transfer over an account type I don’t currently hold and qualify for the fee reimbursement?
A: Yes. As an example, if you currently hold only one account with us, say an RRSP, and you want to transfer a TFSA, you will be reimbursed for any transfer fees (up to $150 plus tax). Note: in this scenario, you would also need to complete a TFSA Application Form.

Q: If I’m a client but my spouse isn’t, can they move an account over and qualify for the fee reimbursement?
A: Yes.

Q: How quickly will I receive the transfer fee reimbursement?
A: After you provide us the statement from your other financial institution showing the transfer fee, it will take up to five weeks for the fee to be reimbursed to your Steadyhand account(s).

Q: Why are you offering transfer fee reimbursements for such a limited time?
A: We’re new to this game (fee reimbursements). As previously mentioned, we don’t charge transfer out fees—or any other transaction or administrative fees for that matter—and this is a trial for us. We want to make sure we have the right processes in place, and that we can provide the high level of service our clients expect from us. A limited time trial (during a traditionally slower time of year) is an effective way to test this in our view.

Q: Do you anticipate that reimbursing transfer fees will become a standard practice at Steadyhand.
A: Our intention at this point is to run the program as a one-time offer, but we are not ruling out reintroducing it in the future.

Q: Is Steadyhand going to start charging transfer out fees in return?
A: That’s a hard no.

Q: Will this impact the fees I’m paying at Steadyhand in any way?
A: No. We are not introducing any new fees nor changing our existing fee structure.

Q: Why would I transfer investments when markets are down?
A: We get this question often in down markets. It’s important to remember that the market downturn this year has been broad-based, and most investments have declined in value. So, while you would be selling investments at another institution at a potentially lower value, you would be purchasing Steadyhand funds at a lower value as well. Think of it as ‘selling low, buying low’.

The paperwork

If you’re interested in taking us up on this offer, a Transfer Form needs to be completed, and an account statement from your other investment provider is helpful to make sure all the details are in order. You can complete and sign all documents electronically, and we recommend you speak with one of our Investor Specialists to walk you through it all over a phone or video call—book a meeting here.