TP1
TP2
I ENV U
Say What?
SF
100
What is a best practice to ensure you've found all 1099s?
(multiple correct answers)
-Use "2021 Accounts by Short Name" to view all accounts that were open in 2021 but are not in a NetX household
- NetX search by TIN/SSN/Short Name
NetX is the source of truth
100
What date was the fourth and final mailing for 1099s?
March 15.
100
What naming convention should be used when creating a new client in ENV? (assume a married couple) Why?
"Joe & Mary Smith"
"Smith Family" is too ambiguous. If someone unfamiliar with the client had to try to look something up, there may be multiple options to guess.
100
What type of "account" should be added to the NetX household, but not ENV/TAM?
Combined margin
100
Name one of Testy's besties
As of 3/20/22 at 8:30pm:
200
The "alts/PE K-1s" box is checked but there are no alts that have been pulled in. What are some helpful resources to check to see if this is accurate or a mistake?
- Last year's Tax Package
- ENV/TAM
200
How would you know that a revised 1099 is available?
(2 correct answers)
- NetX Alerts
- IFAs on NetX home page
200
In ENV, what type of HRJ account is the one exception where a start date MUST be entered?
Margin debit balance account
200
What is the name of the mini escape room in the small conference that is available to play for the next 2 weeks?
Deadline
200
If AEF sends a second or third notice to send funds, where could you quickly go to verify whether the ACH was sent?
Tasks
Use the "AEF ACH Tasks" list view for a well-organized at-a-glance view (this just started mid-December 2021, so nothing earlier than that will show here)
300
Testy's % of checklist items completed is 120%. What does this tell us, and how could this be a potential issue?
- Both N/A and Complete are checked in the same checklist record
- It is possible to skew the numbers leaving yourself open to error and inefficiency by doing this. See below.
300
While looking up a client's related CPA contact, you realize there are 2 different names listed as CPA. What should you do?
Contact the account team's SA or Advisor first for clarification. Then remove the incorrect CPA (because we can now). Do not contact the client unless told to do so. This can show that we're disorganized.
300
What aesthetic-related detail should you note prior to entering a replicant account into ENV?
All account names in a same registration need to match identically. This makes for a TAM portal that is pleasing to the eye and also eliminates ambiguity.
Additionally, avoid practices such as "Bob's IRA" or Joe's Trust. Many clients have similarly named Trusts where it is almost impossible to tell them apart without the full correct name and Trust date.
300
Name the next NYSE holiday
Good Friday
300
If the "New Client Onboarding" process is not used for a new client, what are some potential risks?
(many answers)
- Compliance isn't aware and won't know to look for a DIMA
- Certain SF fields that are exam-related may be left blank (CRS, ADV, EDOCC, etc)
- missing SF data means they may not be on the radar of those who rely on SF reports for client data
400
Temps/Interns helped populate checklist items using ENV accounts. If an entry does not need to be there, what should you do, and why?
Examples:
- Smith Joint / Smith Joint - Corestone (its the same registration)
- Joe Smith 529 (not a Pershing account)
- Joe Smith UBS (not a Pershing account)
Delete it.
This year's checklist items will be used as the bulk import starting point for next year's. Get it cleaned up now, or you're going to have to deal with it all over again
400
A client requests a fee summary. How should this be handled, and who/how are fee summaries being generated?
Fee summaries were eliminated this year because of tax law changes where advisor portions are no longer tax deductible. Fees are also on the client's 1099s. If they want one, contact Julie and give name of client. Uncheck the box on the checklist item. Julie will produce, add to client folder and check the appropriate box and alert the teammate.
We did not remove the checklist item due to this. Additionally, if tax laws revert, we may have to start doing them again.
400
What important detail must be entered if either of the below are true?
- new manual account where we're billing on the value
- new manual account we're not billing on the value but client is paying platform fee ($18/yr)
Debit account (the HRJ from where we are pulling the funds to pay for the amount billed on the manual account)
400
Which advisor team will Marina be assigned to?
David/Kimmie
400
When adding the Secondary HH Member, what role must they also have (in addition to Member) so that SF automatically populates that secondary member field?
- Spouse
- Domestic Partner
500
If the below are all true, what error does this indicate?
- Date sent is populated
- % Checklist items completed = 100%
- Awaiting K-1s is checked
- The K-1 checklist items haven't been added yet
- all items were sent (even K-1s) but the "awaiting" box wasn't unchecked after they were all accounted for
K-1 checklist items must be added by you prior to sending otherwise, it is harder to see at-a-glance what you're waiting for
500
You are assigned to a Tax Household where the client departed and still had open accounts in 2021 but none of them produced 1099s, and all accounts are now closed. What can we deduce from that, and what should you do?
- No 2022 1099s will be produced
- Tax Household is very likely not needed
- Alert Julie to review
Review of certain compliance fields in SF, any alts that haven't moved over yet
500
Describe how to link a newly added client to an already established billing household belonging to a different client (for price break point advantages)
In the billable billing group of the new client, add any account from the current client's billable billing group. This will link all accounts in that group.
500
Name a temp/intern currently working at CBA who has a name that is NOT the same as any current CBA employee's name?
(more than 1 correct answer)
Renato
Natalie
Mike is the other temp, but shares a name
500
When updating the SF Household name to include both husband and wife, what must first be true or else it won't save your edits?
The secondary HH member field must be populated
600
Joe Smith has a checklist item for his IRA but he's too young for RMDs and he didn't make a contribution last year, so no tax documents. How should this checklist item be handled?
Check the N/A box.
He will eventually use that checklist item down the road.
600
Referring only to 1099s, what field solely drives whether a TP Household is considered complete or not?
1099s are Phase 1 - question is referring to this
K-1s are Phase 2
Date Sent
Phase 1 must be completed prior to Tax Day.
Phase 2 can last into September depending on the fund, and is monitored by incomplete checklist items