New Account
What are 3 different methods client can open a new account?
OAA (Open an account external/internal), Intelledox, Paperform
Name 3 employer plan types.
401(k), 403(b), 457, TSP, Pension Plan, Profit Sahring Plan etc.
What is ACAT?
When a beneficiary inherits all or a portion of a deceased owner's IRA, the funds will be placed into __________ ___.
Inherited IRA
How many kid(s) does Kay have?
2 daughters!
Name all 3 account types that are handled by ASG
Traditional, Roth, Rollover, Inherited, Minor IRAs, Individual, Joint, UTMA/UGMA, Trust under agreement
During rollover process, funds are generally deposited into a traditonal or rollover IRA. What is a benefit of keeping money from an employer plan in a rollover IRA instead of placing it into a traditional IRA?
Client may be able to roll money that originally came from an employer plan back into another employer plan. Usually, clients are not allowed to roll over any personal contributions made into a traditional IRA into an employer plan.
Is ACAT Tax-free? Does it generate tax forms?
Yes, ACAT is tax-free but do not generate a tax form.
What are 2 options a spousal beneficiary can inherit from the decedent's IRA?
Spousal beneficiaries can transfer directly into their own IRA (assume) or transfer to inherited IRA.
What movie can Kay watch over and over?
Harry Potter
Minor IRA can be opened via Intelledox/paper form. "Open or upgrade a retirement account or Vanguard Brokerage Retirement Account Application (IRA) for Individuals"
Is Direct Rollover a taxable event? Does it generate any tax forms?
Direct rollover is tax-free but it will issue 1099R showing the funds taken out as a direct rollover, and Vanguard will isue a 5498 showing the completion of the rollover into the IRA.
What are the options for client who hold ineligible holdings for ACAT?
1. Liquidate the assets at the current firm
2. Retain the assets in the existing brokerage account
3. Ship the security, physically and directly, to the registered holder of the account
4. Transfer the security to another financial institution
If the contrafirm do not allow client to re-register decedent's IRA account to beneficiary's name as an inherited IRA, how can we assist the client?
It is non-ACAT transfer, ASG will need to transfer the call to ONB services.
Does Kay have a pet(s)? What are they?
2 dogs, Shiba Inu and Beagle
Describe what is Associated Person and how can Associated Person open a new Vanguard brokerage account.
An Associated Person is an individual who is regiestered with FINRA as an employee or agent of a FINRA member firm.
ASG must confirm blanket approval letter database and provide CRD# and client will need to print out the form and mail it to Vanguard.
Create BPM case for a Customized LOA.
Transaction Type: Direct Rollover
Baseload:Transfer of Assets
Then attach template details about employer plan in the comment section.
Account Number Format ####-#### (8 digits)
How much does Vanguard charge for a full ACAT out of Vanguard? Who are impacted?
Vanguard will charge a $100 fee for full ACAT out for all self-directed accounts including legacy Flagship and Advised non-managed self-directed accounts.
What did Kay want to be when she was young?
Rock star
What are required trust document when assisting opening a new Trust Under Agreement account?
What is Indirect Rollover 60-day rule?
Indirect rollovers from non-IRA, employer sponsored plans to an IRA can be processed to an unlimited extent provided that it is completed within 60 days of the distribution. Indirect rollovers from an employer plan will have mandatory 20% tax withholding applied that the client could make up out-of-pocket, otherwise this tax withholding is considered a taxable distribution.
Using Fund Access Tool, can a client transfer in-kind from other firm and purchase new shares of FORIX at Vanguard?
Describe RMD requirement if a spouse assume the decedent's IRA and roll over to Vanguard.
If the assets are assumed in the year of death, the RMD is based on the decedent's RMD and RMD will need to be satisfied prior to rollover to Vanguard. If a spouse assumes in any year afer the year of death, RMD is based on the spouse's age using the Uniform Life Expectancy Table.
What is Kay's favorite Halloween candy and most hated?
Favorite: Twix/ Snickers
EEEEKK: Candy Corn