New Accounts & Direct Business
What does the acronym “CIP” stand for?
Customer Identification Program
How long does it take to process paperwork for a Non-ACAT transfer?
3-5 business days
True or False
There is a fee to process an ACH to client's bank account.
False
Which BETA screen can you use to find beneficiaries?
MDRO screen (retirement)
TODB screen (non-retirement)
What is escheatment?
Escheatment is the process of turning over abandoned property to the states.
iKnow Article: When Client Accounts Become Abandoned Property
What is the new account form used to establish an advisory retirement account?
F1AR
What BETA screen shows a pending outgoing ACAT transfer?
TOAD
It costs _____ to FedEx a check for Monday-Friday delivery.
$15
What form will an investor need to complete in order to receive their percentage of funds from the decedent's IRA account?
CM107
What feature is used in ClientWorks to adjust the timeframe to look at tax documents from a previous
year?
Month/Year or Custom or Month/Year then Select Custom
The financial advisor has discretion only on this account type?
Advisory account
What BETA screen shows a completed incoming ACAT transfer?
TARS
LPL places a hold on incoming checks for _____ business days.
5 business days
True or False
Beneficiaries of IRA accounts can always opt for a direct payment distribution from the decedent's account.
False
What does "LPL" stand for?
Linsco and Private Ledger
“BDA” is the product class code for what type of account?
Dormant Account – Non Retirement
What is ACAT Rejection Code 5?
Invalid Account Number
iKnow Article: ACAT Rejection Codes
What's the national flower of Japan?
Cherry Blossom
True or False
End investors withdrawing funds from their IRA accounts will either need to elect to not withhold income taxes or enter a minimum of 10% for both federal and state income taxes.
False
iKnow Article: Managing Abandoned or Escheated Accounts
What is the SLA for networking a mutual fund?
10 Business Days
DRS is performed when?
A client holds stocks at a transfer agent
What are the 4 pieces of information Lexis Nexis needs in order to authenticate a caller?
First & Last Name
Social Security Number
Date of Birth
Address
What country uses 12 different time zones?
France
What year was LPL founded?
1989