In blissful ignorance of any rules, I applied to transfer my RRSP mutual funds from BMO to my self directed InvestorLine account. The funds were all ones issued by BMO itself. In fact they were all ancient funds dating back to the time of the runaway success of the book, The Wealthy Barber. I wish the funds had been a fraction as successful as the book!
Fortunately, the transfers went smoothly. I was able to successfully transfer a variety of BMO mutual funds, including some index funds and a mortgage and short term income fund.
Why Did I Still Have These BMO Mutual Funds?
I used to be a charter member of the Ostrich School of RRSP Investing. Shortly after I first bought these funds, the markets tanked. Since my largest investment was in the TSX index fund, my mutual fund tanked too. (Thanks Nortel!)
The Ostrich School of RRSP Investing
As all ostriches are said to do (but I don’t think any REAL ostriches ever do) I stuck my head in the sand and refused to look at any more statements for those RRSPs. BMO indulged me by sending me separate statements for my mutual funds and my GICs and I quickly learned how to tell without opening the envelope which was which. Carefully once each year, I would slice open the four mutual fund envelopes, extract the statements, shred the first three unread, and file the year end report in my binder without looking past the “Dear customer” line.
Can you believe I’m actually a debt-free homeowner with two cars and money in the bank?
Oh. You’ve met my husband. Well, yes, he’s probably largely why…..
….although the fact I stopped investing in the stock market is also a factor. PLUS I never sold the mutual funds. And they were *INDEX* mutual funds (and a fixed income one.) All the Couch Potatoes out there are waving their arms and shouting out that sooner or later the Index returns to the norm and over the long run growth occurs. And they are right. It did and it has. The funds actually have earned a respectable annual return over the long, lonely years. Not that that is going to stop me from selling them!
Assembling the Jigsaw Puzzle of Our Investments One Curious Amoeba-Shaped Piece at a Time
Moving these mutual funds to my self-directed account with InvestorLine placed one piece properly in the puzzle that is our investment picture. There are still a few pieces of the edge missing and, as usual, some of the sky, but we’re starting to be able to recognize what we’re trying to build.
Yes, You Can Transfer Many BMO Mutual Funds In Kind to a Self Directed InvestorLine Account
So if you are planning to move your RRSP or TFSA mutual fund investments from BMO to InvestorLine it should progress smoothly. When in doubt, talk to the advisor at your branch with the most experience with InvestorLine or call InvestorLine directly. And if you have time, share a comment with us about how it goes.
You can also check whether InvestorLine sells the same fund as a no-fee fund from this list. If they do, there’s a good chance the transfer with happen smoothly.
There are a few funds out there that are not available except from their issuer. For example, you won’t be able to move ING Streetwise Funds to another institution.
- Be Wary of the Unrealized Gain or Loss Column for Re-invested Mutual Funds with BMO InvestorLine
- Can I Transfer my RRSP and TFSA Mutual Funds from CIBC to a Self Directed Investor’s Edge Account?
Did you ever try to transfer mutual funds in kind directly into a self-directed investing account? Was it possible? Please share your experiences with a comment.