Big news out of Ottawa: the federal government has announced that investment account transfer fees are being eliminated. These pesky charges, usually around $150 per account, have long been a thorn in the side of investors who want to move their money. Starting soon, Canadians will be able to switch firms without paying what amounts to a penalty for exercising choice.

This is good news. Great news, actually. But let’s be honest: it’s also a little frustrating that it took government intervention to make this happen. The wealth management industry could have done this years ago. Instead, most firms clung to transfer fees as a way to keep clients from leaving. It wasn’t about covering costs. It was about creating friction.

At Steadyhand, we’ve never charged transfer fees. Ever. In fact, we’ve joked for years that we’re the easiest company to leave. If you don't think we're doing a good job and want to move your money out, we’ll process the paperwork promptly and wish you well. No drama. No penalties. Because that’s how it should be.

So, while the rest of Canada celebrates this change, our clients can smile knowing they’ve had this freedom all along. You’ve always been able to move your money without paying a toll. And if you’re coming to Steadyhand from another firm, we'll continue to reimburse any qualifying 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. Removing transfer fees is a step toward a more open, client-friendly industry. We just wish it hadn’t taken a federal budget to get here.