If you want to move your investments from ModernAdvisor to another financial institution, the receiving institution must initiate the transfer request. Most transfer-outs are completed within 2–4 weeks.
What Is a Transfer-Out?
A transfer-out moves assets from a ModernAdvisor-managed account to another financial institution.
ModernAdvisor manages your investments, but your assets are held by a custodian. As a result, transfer paperwork must identify the custodian—not ModernAdvisor—as the relinquishing institution.
How to Transfer an Account Out of ModernAdvisor
Step 1: Contact the Receiving Institution
Transfer-outs must be initiated by the institution receiving your assets.
ModernAdvisor cannot initiate transfers out on your behalf.
Step 2: Identify Your Custodian
Your custodian depends on your account number.
CI Investment Services
Accounts beginning with:
1
Aviso Financial
Accounts beginning with:
5
The custodian should be listed as the relinquishing institution on transfer paperwork.
Step 3: Submit Transfer Documentation
The receiving institution submits the transfer request to the appropriate custodian.
Step 4: Monitor Transfer Progress
Transfers generally complete within 2–4 weeks once submitted.
Custodian Contact Information
CI Investment Services Inc.
15 York Street, 7th Floor, Toronto, ON M5J 0A3
Phone: 416-235-0200
Fax: 416-288-8611
Email: transferout_ciis@ci.com
Aviso Financial Inc.
700-1111 West Georgia Street, Vancouver, BC V6E 4T6
Phone: 1-855-714-3900
Fax: 604-484-2627
Frequently Asked Questions
How long do transfer-outs take?
Most transfer-outs are completed within approximately 2–4 weeks.
Timing depends on:
The receiving institution
Transfer paperwork
Asset eligibility
Custodian processing
Why is my transfer taking longer than expected?
Common reasons include:
Information Mismatch
Name mismatch
SIN mismatch
Address mismatch
Registration Mismatch
Joint versus Individual
TFSA versus RRSP
Registered versus Non-Registered
Asset Restrictions
Some investments may not be eligible to move in-kind.
Who should I contact regarding a transfer-out delay?
Work with:
Your receiving institution
Your advisor
Transfer-out rejections and correction requests are typically communicated to the receiving institution first.
Are transfer-out fees charged?
ModernAdvisor does not charge transfer-out fees.
Custodian fees apply:
CI Investment Services
$50 plus tax
Aviso Financial
$125 plus tax (full transfer)
$75 plus tax (partial transfer)
What if I want to close my account instead?
You may withdraw your funds and close the account rather than completing a transfer.
Important:
Once an account is closed, online tax documents are no longer available.
For registered accounts such as RRSPs, TFSAs, and RESPs, many clients choose to maintain a $0 balance account until after tax season.
Will I see transfer rejection details in my account?
Not typically.
Transfer rejections are generally communicated through the receiving institution and advisor first.
Troubleshooting
Transfer Has Exceeded Four Weeks
Common causes include:
Incorrect account information
Registration mismatches
Missing signatures
Asset restrictions
Institution processing delays
Contact your advisor or receiving institution for an update.
Transfer Form Lists ModernAdvisor as the Relinquishing Institution
This may delay processing.
Transfer paperwork should list the appropriate custodian:
CI Investment Services, or
Aviso Financial
depending on your account.
Assets Cannot Be Moved In-Kind
Certain proprietary investment products cannot transfer in-kind and may require liquidation before transfer.
Concepts & Definitions
Transfer-Out
Movement of assets from a ModernAdvisor-managed account to another institution.
Custodian
The institution that legally holds the assets.
Relinquishing Institution
The institution transferring assets out.
Receiving Institution
The institution receiving the assets.
Full Transfer
Transfer of all account assets.
Partial Transfer
Transfer of selected assets while retaining others.
Compliance Notes
Transfer-outs must be initiated by the receiving institution.
Custodians, not ModernAdvisor, are the legal holders of client assets.
Transfer fees are charged by custodians, not ModernAdvisor.
Asset transfer eligibility is subject to institution and custodian requirements.
Tax consequences and account registration considerations should be reviewed before initiating a transfer.