Settlement Fund/Uncollected Funds
What are the three types of proceeds the settlement funds will contain?
Settled funds, Unsettled funds, Uncollected funds
When selling FundAccess, what is the settlement time?
1-3 business days (barring late reporting)
When placing trades in Thomson ONE, what is the account type?
Cash Account
(Margin account is the other option, which we will never select)
Where can we view any trade violations a client may have?
Restrictions and holds within profile and account settings or under clerical history.
What are the four order types?
Market, Limit, Stop, Stop limit
When buying into a new fund within an account, which funds will be used first?
Settled funds (funds available to withdraw)
Who should we call for any FundAccess trade exceeding $1 million?
FundAccess Trade Support
Genesys: Internal_FundAccess
What are a few indicators of a worthless security? How can a client rid their account of a worthless security?
1. Securities appear in Thomson and CrAVE with minimal or no value. 2. Most have not been traded in several days. 3. Block Desk can confirm if there is no market for them.
The Abandonment Request Form
What are the four most common trade errors?
Trading in the wrong account
Trading the wrong amount
Trading the wrong security
Trading on the wrong side of the market (buy vs sell)
When purchasing into an ETF, what does ASG need to provide to both clients and advisors?
Two-sided quote
If an advisor wants to purchase an ETF in an account and make a distribution to a bank on file, which should be completed first? Why?
1. Distribution. Because settled funds are used first and distributions to a bank can only be accomplished using settled funds
2. ETF purchase. Will use any leftover settled funds first then dip into the unsettled funds (funds available to trade) bank.
Usually, we are not able to purchase non-Vanguard products (i.e. FundAccess). In what circumstances could we purchase non-Vanguard products?
Error resolution - advisor accidentally sold product and wanting to buy it back
Taking CSO backup calls (if comfortable)
When selling a FundAccess in Thomson ONE, what is the Commission type?
A - Standard Commission
What is one way we could violate Regulation T?
Using unsettled credits to buy and sell a different security before the original sale settles
What is a "marketable" order?
Purchases: limit price $0.02 above the ask
Sells: limit price $0.02 below the bid
What is the 90% rule?
Advisors can use up to 90% of the NAV on sale of mutual funds (Vanguard and non-Vanguard) to purchase brokerage securities immediately if they sold 100% of the fund.
List three FI securities we can create a case for to sell.
Corporate Bonds, Agency Bonds, Municipal Bonds, MBS, CDs, Preferred Stocks, ETNs, UITs
When making a sell in Thomson ONE, what is the Seller Code?
U - Long stock in deliverable form
If a trade error was made by ASG, who would we contact?
ITS Equity-Option Trade Support (Trade Support)
When doing an equity transaction, when should you contact Block Desk?
Call Block desk for equity transactions that are:
more than 500,000 dollars
more than 100,000 share
more than 10% of the 10 day average
What are the steps of an Uncollected Funds Override for < $1 million?
Go to Account balance detail > copy amount, ask for discretion, submit > create an alert in CRM > category: brokerage > subcategory: uncollected funds - verified > comment: PAS Uncollected Funds exception < 1M per ITS and PAS Management
What are the steps of creating a FI case?
Print to Snagit the manual tws or use the one off request template > highlight the account, securities, and quantity (if using tws) > include trade ticket details > create service case - Activity: Action: Monetary - Client Request > assign to Jennifer Coffey's queue > verify if FI securities mature within a year and confirm with FA if want to sell > add comment to service case > remind FA not to close case > read FI script > reconfirm all details of trade(s) to advisor > save the case.
In lieu of a script, what should you read off to confirm the details of the transaction?
Read off the order summary - making sure you are hitting the key points: account, action, security, amount
What trades is ASG able to assist with in cancelling?
ASG can only assist in the cancellation of a mutual fund trade within a VBA account.
For these situations, an advisor can call 14PAS up to 105 minutes before market close for VAI, VNTC or VMC Trading Errors.
Up to what date can a client change their cost basis method?
The settlement date of the trade.