New Account
What are 3 different methods client can open a new account?
OAA (Open an account external/internal), Intelledox, Paperform
Name 2 employer plan types.
401(k), 403(b), 457, TSP, Pension Plan, Profit Sahring Plan etc.
What is ACAT? (hit on 3 main key facts!)
ACAT is an electronic, in-kind movement of securities from a contra-firm which is ACAT eligible to a like-registered Vanguard Brokerage Account. Delivery is completed via Automated Customer Account Transfer Service (ACATS), a system that automates and standardizes procedures for the transfer of brokerage positions.
A beneficiary inherits all or a portion of a deceased owner's IRA, the funds will be placed into __________ ___.
Inherited IRA
Kay's favorite and least favorite Halloween candies
Favorite: TWIX
Least favorite: Butterfinger
Name 3 account types that ASG can handle opening accounts
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 and do not generate a tax form.
2 options a spousal beneficiary can transfer assets from the decedent's IRA
Spousal beneficiaries can transfer directly into their own IRA (assume) or transfer to inherited IRA.
Someone hates Reeses chocolate
Andrea
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.
Kiana's favorite Holiday and why?
Laborday! Growing up in military family, Labor day was the day all the family could gather so they would celebrate all the Holidays together!
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# or reach out to their firm's compliance team to generate a new approval letter. New account can be opened via OAA external, internal, intelledox, or paper form.
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.
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. (WM clients VQA5Mil + not impacted)
Maddie's favorite Holiday and why?
Fourth of July! Her and husband's extended family will gather in Poconos and have big BBQ party and camp out.
What are required trust document when assisting opening a new Trust Under Agreement account?
As part of Customer Identification Program, client will need to submit a copy of trust agreement which contains Trust Name, Trust Date, Trustee Names, and Trustee's signature page. (Vanguard do no require a copy of the entire trust agreement)
Client holds two rollover checks from their employer plan. What are the possibility and how do we guide client with checks in front of them?
As long as the checks are made payable to Vangaurd, it is compltely normal and assure that it is not a distribution. Tell client to not endorse the check and utilize mobile check deposit for the rollover.
Client wants to bring FORIX from contra-frim to Vanguard account. Is this transferrable?
Client can transfer FORIX to Vanguard in-kind, but will not be able to purchase new shares.
Contra-firm is not allowing spouse beneficiary to re-register the decedent's account as inherited IRA, how can ASG assist with Asset Transfer?
It is no longer ACAT eligible and ASG will warm transfer the call to ONB Advanced (Done through BAT form with additional document)
Morgan's favorite Fall Activity!
Opening the windows finally after hot summer time in AZ!