Big news from Ottawa: the federal government has announced the elimination of transfer fees for investment accounts. These pesky fees, usually around $150 per account, have long been a thorn in the side of investors looking to move their money. Canadians will soon be able to switch companies without paying a penalty for exercising freedom of choice.
This is good news. Great news actually. But let’s be honest: it’s also a bit frustrating that it took government intervention to make this happen. The asset management industry could have done this years ago. Instead, most companies stuck with transfer fees as a way to prevent customers from leaving. It wasn’t about covering costs. It was about creating friction.
At Steadyhand we have never charged transfer fees. Ever. In fact, we’ve joked for years that we’re the easiest company to leave. If you think we are not doing it right and want to transfer your money, we will process the paperwork quickly and wish you the best. No drama. No fines. Because that’s how it should be.
So while the rest of Canada celebrates this change, our customers can smile knowing they’ve always had this freedom. You have always been able to move your money without paying tolls. And if you are comes to Steadyhand from another company, we will continue to reimburse any eligible transfer fees they charge you (up to $150) until this new rule takes effect. Conditions may change.
The bottom line: competition is good for investors. Abolishing transfer fees is a step towards a more open, customer-friendly sector. We just wish it didn’t take a federal budget to get here.
#Finally #freedom #move #money