Dynamic moves to electronic document delivery

(August 19, 2004) Investors with Dynamic Mutual Funds will now be able to access documents via epost, the electronic delivery branch of Canada Post. The online service includes account statements, RRSP contribution receipts, tax slips and trade confirmations.

“It’s a free option. If people prefer to get their paper documents they can still get those,” says Trevor Hampden, manager of public relations for Dynamic. “We see this as a convenience for the majority of investors. It helps them organize their personal finances. Through epost, you can manage your documentation for up to seven years.”

Hampden says investors can expect their online documentation to look just like the paper version they are accustomed to receiving in the mail. In theory the new system could allow Dynamic to do away with its traditional paper documentation, but that depends on investor acceptance of the new delivery platform.

“We haven’t put a dollar cost on what the savings could be,” Hampden says. “There definitely will be savings, but at the end of the day, this entire system could be rejected by all of our investors and in that case there would be no savings for us.”

He says it is difficult to estimate what the savings could be for the company, but stresses the move is more about convenience for the investor and moving to a paperless society.

Since Dynamic is the first wealth management company in Canada to offer electronic delivery of its documents through epost, Hampden says there is no model on which to base cost savings. “We are the model, so those numbers will not come in until people start migrating to the system.

“Any cost saving that Dynamic ever receives on things that are paid for by MERs, that saving is passed along,” he says. “All our innovations are in reference to our clients.”

Filed by Steven Lamb, Advisor.ca, steven.lamb@advisor.rogers.com