January 4, 2021
Q 1. Why are these MFDA
integration changes happening?
In 2018, Qtrade Financial
Group joined Credential Financial and NEI Investments to create a new parent
company, Aviso Wealth Inc. Since
then, they have been integrating their business lines. The next step involves
integrating their mutual fund dealer companies to a single new system, which
includes member account(s) offered through Qtrade Asset Management (QAM) and
Member account(s) offered through Credential Asset Management (CAM).
Q 2. When is MFDA integration changes
happening?
The integration date has changed and is now scheduled
to take effect as of January 18, 2021.
Q 3. Where can I get more
information about this integration?
Additional information will
be included in the September and December quarterly statements sent by Aviso Wealth
Inc. to members. There is also a section on Credential’s public website ( www.credential.com/integration ) which includes information
on the integration.
Q 4. After the MFDA integration,
what changes will the members see?
Q 5. What changes can the members
expect on the new branding?
As we bring together two
mutual fund dealers (Qtrade Asset Management and Credential Asset Management Inc),
branding will be changed to Credential Asset Management Inc.
Q 6. Where will member see changes
to logo & branding?
Members will start to see logo
and branding on items such as on their statements, tax documents, CRM2 reports, account opening, operational forms and credential online client
portal account access. Please
visit www.credential.com/integration for more details.
As
Aviso Wealth continues the process of amalgamating onto one platform (from
Univeris to Dataphile), members may see a mix of the Qtrade Asset Management
and Credential Asset Management Inc. brands. Rest assured, while the logos may
be different, they are the same company. Below are some examples:
Q 7. What changes will member see
on their new statement with respect to branding?
With the MFDA Integration,
there will be changes to members statements for both Credential Asset
Management (CAM) and Qtrade Asset Management (QAM). The new integrated MFDA
statements will be branded 'Credential
Asset Management'.
QAM (Qtrade) clients will see
CAM (Credential) branding on their statements and CRM2 reports after MFDA
integration.
Q 8. What features on the
statement that will continue?
Features that will continue:
Q 9. What features on the
statement that will be removed?
Features that will be
removed:
Q 10. What is different in the statements?
1. As Aviso Wealth convert their
platform from Univeris to Dataphile, member will receive one set of CRM2 reports and 2020 tax documents.
2. However, there will be pre- and post-conversion statements for March 31, 2021, and potentially for 2021 CRM2 reports and tax.
a. A 'closing statement' - from our current system, in the familiar format with your existing account number(s).
b. An 'opening statement' - from our new system, in a new format with your new account number(s).
Q 11. Is there any change to CRM2 reports?
2020 CRM2 reports will be issued from Univeris in the familiar format and branding for each of the CAM and QAM. This report will reflect the full activity for the year.
Note: Regardless of clients' preference, the 2020 CRM2 Reports will be sent via paper & post, with no eDelivery.
Q 12. Is there any change to the tax documents for 2020?
Tax reporting for activity within 2020 will also be business as usual. A single set of tax documents will reflect the full year's activity.
Q 13. What change is happening with
member account number?
Member will receive a new
account number(s) effective January 18, 2021.
Q 14. When will members receive the
new account number?
New information will be
provided on their January 2021 first quarterly statement that member receives
from the new system (opening statement).
Please
note: Their
previous account number(s) will be shown on your last quarterly statement from
the old system (closing statement).
Q 15. What is member online portal
change?
As part of the MFDA
Integration in November, online account access for all Credentials (CAM) and Qtrade
(QAM) members will be migrated from their current member portal to a single
portal for all MFDA clients. This will be called Credential Online.
Q 16. What is changing on the
member online portal?
Q 17. How will the online portal
access impact members?
We are transferring to a new
and improved platform called Credential Online for access to members mutual
fund account information anytime. For current users, the first time they log in
after January 18, 2021, they will be automatically redirected to set up your
access to the new platform.
Q 18. What will be changing with
e-Delivery?
The scope for e-Delivery will be expanded (beyond the current ability to provide statements) to include CRM2 reports and tax documents for clients.
Q 19. What is a trustee change?
The trustee
plays an important role in administering registered plans, Canadian tax
legislation requires all registered plans to have a trustee.
The trustee’s role is to advise Aviso Wealth on all registered plan administration matters and legislative updates, as well as to hold uninvested client cash balances ‘in trust’.
Q 20. Why are you changing
trustees?
This trustee
change is about streamlining our administration to a single trustee for all our
registered accounts. This change does not impact the account holders and no
action is required on the part of clients.
Q 21. Does
this change require member to sign new account documentation?
No, there is
no new documentation required for you to sign, or any other action that needs
to be taken by you.
However,
there will be a new Declaration of Trust document that reflects the change in
trustee for Credential Asset Management Inc. accounts and the new integrated
mutual fund dealer name for Qtrade Asset Management Inc. accounts.
Q 22. Does
this impact who I make a cheque payable to and/or any direct deposits I have
set up?
No, there are
no changes to your account or how you use it. All your current automatic transactions
will remain the same and you can continue to make deposits and withdrawals the
way you do today.
This new
trustee documentation will be available on the public website www.credential.com/integration.
Q 23. When will the
trustee for registered accounts change start?
This change to the trustee
for the registered account will be effective on January 18, 2021.
Q 24. Will the
trustee for registered accounts offered through Credential Asset Management
Inc. change?
Yes, the trustee for registered accounts currently
offered through Credential Asset Management Inc. will change from Concentra
Trust to Canadian Western Trust (“CWT”).
Credential Asset Management will continue to administer registered plans (e.g. RRSP, RRIF, TFSA) with CWT as the trustee.
Q 25. Will the trustee for
registered accounts offered through Qtrade Asset Management Inc. change?
Registered accounts currently
offered through Qtrade Asset Management Inc. already use Canadian Western
Trust, so there is no trustee change.
However, there will be new
trustee documentation as of January 18, 2021 as a result of the legal name
change involved in the dealer integration.
Q 26. Will the timing of this
year’s annual administration fee change?
As integration was originally scheduled for November 2020, we changed the timing of the annual fee billing for registered accounts to be one month earlier this year.
For 2020 only, the annual administration fee will be charged in October, based on the market value of your account as of August 31, 2020.
For a copy of your applicable Fee Schedule, please contact your mutual fun advisor.
Q 27. Are
my fees going up?
No,
there are no changes to the fees themselves. This change only applies to the timing
of the fee billing.
Q 28. Is
the annual fee pro-rated for this year if it’s being billed earlier than the
usual 12-month cycle?
No.
While the timing of the fee billing is changing this year, the annual
administration fee still covers the full 12-month period for 2020.
Q 29. How
are fees billed to my account?
The
annual fee billing process is the same as in past years. If there is cash in
the account, the fee is taken from there.
Otherwise
a redemption will be posted to your account after the fee billing cycle cutoff
date of October 5, 2020.
Q 30. Will there be changes to the
fee schedule for 2021?
There are also minor changes
to the fee schedule that applies to members account, effective January 1, 2021.
Samples are available online at www.credential.com/integration.
Disclaimer: Mutual funds are offered through Qtrade Asset Management (a trademark of Credential Asset Management Inc.). Mutual funds are offered through Credential Asset Management Inc.