branch ADMINISTRATION Manual
GIC Redemption
Nominee, Open and Registered Plans
DefinitionA Guaranteed Investment Certificate (or GIC) is a Canadian investment that offers a guaranteed rate of return over a fixed period of time. They are most commonly issued by trust companies or banks. Redemption occurs when investors sell part or all of a Redeemable GIC principal amount from an account.
Order Entry Type Process:Redemption
Process Owner: Branch/HO Admin
Follow Up: HO Admin
With Whom: HO Advisor Services
Forms, Paperwork Flow
Form / Branch / HO Admin / IssuerFIP Redeemable Request / Original / Copy / Copy faxed by HO Admin
Location:
Advisor can take orders over phone or in person. FIP Redeemable Request is not required to be signed by the client.
Advisor signs FIP Redeemable Request.
The FIP Redemption Request MUST be faxed to HO Admin 1-866-746-4705 to request proceeds from the FIP Supplier
Branch MUST enter the Redemption order on EWMS.
Copy of FIP Redeemable Request is given to client as well as placed in the client file at the branch.
EWMS Process
Enter the client name or ID to search for client
Orders > Redemption
Select the Plan from which the redemption is being placed
Select Payee and Delivery - options are dependent on the plan type selected, example:
Normal client payment - defaults to “Cheque to clients address”
EFT to client’s bank account – EFT info MUST be completed in Bank Accounts under the CLIENT menu, not plan menu (the menu under plans is for FYI only)
No Payment Applicable - Leave as available cash
Ensure the ‘Client Signature Received’ box is checked
‘Detail’ must be selected when processing redemptions within a Registered Plan (appropriate shelter type)
Select the investment from the drop down list of current investments
Enter the amount of the redemption, along the Net/Gross indicator
Click, Add and the validate button to verify if the trade is compliant for processing.
Process the transaction.
A successfully completed transaction will provide the order number, a successfully placed message and a summary of trade details.
Branch MUST fax the FIP Redeemable Request to HO Admin
Redemption Form
Example Below
Important Information
BranchMUST fax the FIP Redeemable Request to HO Admin
Branch MUST enter the Redemption order on EWMS
Advisor must input notes in EWMS and client file if no redemption form was used/signed.
Redemptions for Transfers out of DFS InvestmentsMUST be processed by Head Office only
Confidential, for internal use only- 1 -last revised: 20-Oct-2018 | Volume 1