COO
It is the movement of assets from one account to another and the ownership of those asset is changed.
Change of Ownership
What are the 3 types of minor accounts we talked about during the class?
UTMA, UGMA, Minor IRA
What is Gift Annual Exclusion for 2025? for single and married couple?
$19,000/ $38,000 for marrided couple
What are the factors that determine if the requested transaction is eligible for Gift or retail transfer?
If receiving TIN is the same, transferring to a spouse, or Due to Death, it is not a Gift scenario.
What are 2 services offered under DAP?
Digital Advisor and Personal Advisor
What are 3 ASG In-scope COO transactions(scenarios)?
Minor IRA can be opened when minor has ____ _______ ______.
U.S. earned income
Minor needs to have U.S. earned income and there is no minimum age requirement.
The general rule is that any gift is a taxable gift. However, there are many exceptions to this rule. Name 2 scenarios where the gifts are not taxable gifts?
$25,000
Automatic RMD service is offered for DAP managed clients. True or False?
False. Currently recurring withdrawal is allowed on DAP UI, however Automatic RMD service is not available. Client will need to set up a recurring withdrawal and manually update their RMD amount annually.
What information will crew look for on COO NAV Tool?
Transfer Channel, Pathway, and Authentication
Former minor of UTMA/UGMA account can act alone to move assets to own individual account if they have reached the ____ __ _________.
Age of termination
Describe what are Internal Gifting and External Gifting
Internal Gifting is when a gift of assets is being retained at Vanguard. External Gifting is when a gift of assets is being transferred out of Vanguard.
What is DTC number? And what is Vanguard's DTC number?
Vanguard's DTC number is 0062
How can Personal Advisor client offboard from DAP?
PA clients will need to speak with Advisor, so suggest schedule appt or utilize CAC chat.
What is the digital tool hierarchy for COO request?
CXD->Formless COO->Intelledox->Physical Forms
What is age of majority and age of termination for UTMA account in state of Arizona?
age of majority is 18
age of termination is 21
Which HBO show did Kay talk about when explaining what her dream house would be?
Big Little Lies!
Customized beneficiaries are only eligible for certain clients. Who can request customized beneficiaries?
Personal Investor clients, Flagship+, and clients with over $5Million in assets.
FA is calling ASG with client on the line to proceed Roth conversion from managed account to self-directed account. How can ASG assist in this situation?
If FA read the related disclosured to the client, and if client disconnect the call, ASG can follow normal Roth Conversion pathway.
What did Kay want to be when she was young?
A Rock star!!
Under UTMA the state can change on its registration. True or False?
False. Under UTMA the state cannot change but under UGMA the state can be changed at the custodian's request. A letter of instruction signed by the current custodian is required.
Joint account owners John & Jane wants to gift $600,000 to their beloved granddaughter's vanguard individual account. What caller authentication is needed?
Both John and Jane need to go through VV/OTP as the gifting amount is more than $500K.
Tom bought $1000 worth Amazon shares about about 10 years ago and he gifted those shared to his son Chris. The fair market value has been appreciated over the years and Chris wants to sell. What is Chris's cost basis when he makes a sell of the gifted Amazon shares?
Cost basis will always be donor's basis of $1000 if the asset appreciated.
Personal Advisor client requests to have a QCD check from DAP managed retirement account and she is unwilling to open a like registered self-managed account. How can you assist in this scenario?
Inform client with blue script and have client's permission to unenroll the account, then complete a request for assistance from MA support for follow-up.