Clerical Transactions
What day can you NOT make changes to an aip/awp?
On the day that it is set to run
Is an in-kind transfer a taxable event?
No.
When performing an ETF Conversion, is a manual trade ticket needed?
No
Where do you find the "merge" pathway when transitioning an account?
How do you tell if a client is eligible to have an account transitioned through the merge pathway?
Upgrade accounts in Profile & Account Settings.
They have an identically registered brokerage account opened.
Are we able to set up next year's RMD?
No. Can only set it up for the present year.
What are three examples for when we need to create a manual trade ticket?
Transaction involving the settlement fund, Roth Conversions, Skipping AIP/AWP, trade cancellations, brokerage journals, cost basis changes
What days can you select an RMD to run?
Between the 5th and 25th of each month.
Up to what time are we able to cancel a mutual fund trade within a VBA account?
105 minutes prior to market close (2:15p EST)
Where do you go to find the ineligible accounts to be upgraded when going through the OAA pathway?
OAA -> expand -> ineligible accounts
What is the default withholding rate if the client does not have a W4R on file?
Where do you go to update the W4R?
10%
Tax forms & information -> Update W4R at the bottom of the screen.
What hours can we update account level dividends and capital gains?
8a-5p EST
When do you use the brokerage journal?
What aftercall work is needed after completing the request?
When the accounts are like registered, transferring the funds in-kind, for full or partial transfers.
Create BPM case and make a trade ticket.
Which funds are unable to be converted to ETFs?
Total Bond, Short-term Bond, Intermediate-term Bond, and Long-term bond indexes cannot be converted.
What aftercall work should you complete after completing a VBA Transition?
Create a Dynamics task for the advisor or Dynamics Case for HNW/MA Support. To determine which one, follow the SharePoint.
Send link to SharePoint.
A client is doing their taxes through TurboTax and asks you what amount they should put in a box. How should you proceed?
Let the client know you are not a tax advisor and cannot tell them what information they should fill in when doing their taxes. You are only able to read information off of their tax documents, not interpret the information for them.
How do you update the cost basis for a specific transaction?
How do you indefinitely change the cost basis?
Within the trade pathway.
Balances & Holdings -> cost basis -> update/change cost basis.
When doing 5 or more QCDs, what should the advisor have prepared?
Dynamics case. Advisor should not send this through Teams because Teams cannot be audited.
Share the Trade Error Resolution Job Aid.
What are a few benefits of a client transitioning to a VBA?
What are the levels of the Step Up Model?
1. Utilize the Knowledge Center, MVT Chatbot, 14PAS Standard Work database.
2. If cannot find information there, utilize your assigned Team's chat.
3. If no response, utilize the ASG Support Chat Teams Channel.
4. If no help within there, message a Team Lead for assistance.
What is the default Cost Basis for a client enrolled in PAS?
Where do you go to see if the client has accepted the cost basis consent?
MinTax.
Investor Profile (key data page) -> Enroll Accounts Tab -> Cost basis consent at bottom of page.
What are the 3 AML questions that should be asked to a client when doing a OTW to bank not on file?
1. Who is the beneficiary of the wire?
2. What is the purpose of the wire?
3. How did you (client) validate the wire instructions with the recipient of the wire?
What determines whether or not a transaction is discretionary?
It is Discretionary if FA provides one or more of the following: Asset, Amount, Allocation (Action)
Oh no! An account is ineligible for transition and it gives you "Rule 150" for the reason. What is this rule and what is the resolution to get the client's account upgrade?
CTRL+F the rule number within the VBA Transition SharePoint.
When saving 4 Manual Trade Tickets for one client, what should you name each document?