What is it?
The Annual Profile Information Update is an account review that you need to complete every 12 months to continue using your investment accounts. The purpose of this periodic review is to make sure that your Know-Your-Client (“KYC”) information is up-to-date and that your current investment portfolio still aligns with your investment needs and objectives, time horizon, financial situation, risk tolerance, risk capacity, and other suitability factors.
Completing the update
You can expect to receive a notification to complete your Annual Profile Information Update either via email and/or in-app.
The first email and/or in-app notification should be received one month before the lapse of 12 months since the last annual review was done. For example, if your last annual review was done on September 15, 2023, you should receive the notification on August 15, 2024.
Depending on your situation, below is the type of KYC information that you will need to confirm and update:
- Personal information, such as address, phone number, email address, employment details, citizenship, associations
- Financial information, such as income, assets, and debt
- Investment knowledge
- Risk tolerance
- Investment needs and objectives
- Investment time horizon
What happens if I don’t complete an Annual Profile Information Update?
Upon receiving the first notification, you should complete the Annual Profile Information Update as soon as possible.
If the annual review is not completed within a reasonable time, your account will be frozen and you will not be able to make deposits, withdrawals (in addition to recurring payments), transfers, and other transactions in your account.
Alternatively, if you do not want to complete your Annual Profile Information Update nor keep your investment account(s) with OneVest, you may choose to withdraw all your funds and submit a request that you would like to close your account.