by Scott Ronalds

This summer, we're bringing back our popular Transfer Fee Reimbursement Program. From July 1 to September 30, move an account to us from another financial institution and say goodbye to those dreaded transfer fees — we’ve got them covered, up to $150. And we’ve streamlined the process to make it easier than ever this year.

How it works

Existing clients: Transfer an account(s) worth $5,000 or more and we’ll reimburse the transfer fees, just like last summer.

New clients: We’re extending a warm welcome and will handle the transfer fees for you too this time around. Note that the transfer value must be $10,000 or more, as this is our minimum initial investment requirement.

All transfer fee reimbursements will be in the form of Steadyhand fund units (based on your chosen allocation) and will not impact your contribution room for registered accounts (such as an RRSP or TFSA). In other words, if you are charged $150 in transfer fees, you will receive $150 in Steadyhand fund units in your applicable account with us.

What’s more, we’ve made the reimbursement process automatic (you don’t need to send us documentation of the transfer fee, unless there is a discrepancy between the amount charged and the amount reimbursed). It’s super easy: you simply need to complete a Steadyhand Transfer Form and we’ll take care of the rest. You can complete and sign the form(s) electronically, and one of our Investor Specialists would be happy to walk you through it over a phone or video call—book a meeting here.

Why we’re doing it again

We first introduced this limited time program two years ago and received a great response, with many clients taking us up on it. We ran it again last summer and the story was no different. Reimbursing transfer fees is not a standard business practice of ours because we don’t charge exit or redemption fees on our end. Nickel and diming clients isn’t our thing. Yet, we understand how frustrating these fees can be, which is why we’re bringing back this initiative.

We have long grumbled about the dark side of RRSP transfers. The Canadian wealth management industry’s approach leaves a lot to be desired, as we noted in a blog a few years ago:

“If you move your RRSP to a new firm, they will process the paperwork and get you up and running in no time. If you transfer assets out, it can take weeks. This imbalance is appalling and reflects poorly on the industry’s commitment to clients. At Steadyhand, however, we have a different ethic that’s rooted in our most important decision-making criterion — What’s best for the client? We treat transfers ‘in’ the same as transfers ‘out’. It just makes sense and isn’t hard to do.”

We’d love to see other firms follow our lead but aren’t holding our breath. In the meantime, we’re hoping to ease the burden of moving an account with initiatives like our Transfer Fee Reimbursement Program.

The finer details

We lay out the terms and conditions of the program below. If you have any questions, please reach out to us at 1-888-888-3147 from 7:00am to 5:00pm PT Mon-Fri. We pick up our phone promptly!

• 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). 
• 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 five different accounts and are charged $150 for each transfer, we will reimburse you $750 (plus taxes). 
• Transfers must be initiated, and all documents signed and received by us, between July 1 and September 30, 2024. 
• Any assets transferred to us must remain in your Steadyhand account(s) until December 31, 2024, or the fee reimbursement will be fully clawed back.

Frequently asked questions

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