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
Exchange
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 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
How much does VG charge for wire? (single fund wire vs multiple funds)
VG charge $10 wire fee for each holding a client is requesting a redemption by wire transfer.
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)
Provide resource links...
1. to confirm necessary level of security to pass client 2. to confirm whether we need client on the line prior to submit COO
Cross registration tool
14PAS Transaction Guide
What department does Abby's husband work for in Vanguard?
Information Technology; Computer programming
What hours can we update account level dividends and capital gains?
8a-5p EST
Describe Brokerage Journal/Identical Account Consolidation.
A brokerage journal is a transfer of brokerage securities between identically registered Vanguard brokerage accounts (VBA) without any change in the security being transferred (an in-kind transfer). This is also known as an identical registration consolidation (IRC) or identical account consolidation.
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 is foremost important factor to disclose to FA when using Dollars to Shares Calculator for Roth Conversion?
Trade date, which will receive the previous business day's NAV
Woot
How do you update the cost basis for a specific transaction?
Within the trade pathway.
Profile &Account setting (or Balances and holdings)-> cost basis -> update/change cost basis.
When doing 2 or more QCDs, what should the advisor have prepared? Please read ASG Large QCD script.
Dynamics Task. Advisor should not send this through Teams because Teams cannot be audited.
"Any trades received while utilizing this process will be on a best efforts basis only, entered in the order listed. ASG cannot guarantee a trade date. Are you comfortable with some trades receiving next trade date if I am unable to enter trade prior to market close?"
If yes: "On a best efforts basis, these transactions will receive a trade date of _____. If there are trades not completed before market close, they will receive the next business day's trade date. I will confirm this information once completed. Once processed, the proceeds of this transaction will be sent by check on the next business day by First Class Mail. Please allow 7-10 business days for receipt. There is no federal and no state withholding for this transaction (or provide withholding amounts if elected). Is the information that we've discussed and that is referenced in the Dynamics task correct? Once the transaction is submitted, you may not be able to change or cancel it. Would you like for me to process your requests?
Check account settings or mock out a transaction to see if the RMD Distribution Service is active on the account. If yes, read the following: "If there is an automatic RMD service established, this distribution will be made in addition to it. This may result in an over distribution of the client's RMD. To include this distribution in the calculation, you will need to wait for the transaction to appear in transaction history and then call 14PAS to request the RMD calculation be updated."
Please describe process of ETF conversion when there is dividend black out period for the mutual fund.
You can accept conversion requests from clients during a dividend blackout period, and the request will be systematically held until the blackout period is over. If a client has requested a conversion for 100% of the mutual fund shares, the dividends will also be included in the conversion to the ETF. (Ex Div date + 3 business days).
Yes, it is considered COO moving from taxable to taxable account between non-idential accounts. We will require John to be on the line and go through normal phone security as long as the amount is upto $500K and we are not moving from Fund A to Fund B or Cash to Fund. Otherwise, we may require Mary to be also on the line.
What is one of Abby's dogs names?
Winnie or River
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.
Internal Investor Profile (key data page) -> Enrollment &Settings -> Consent Status under Tax-loss harvesting/MinTax
When exchanging from VBA to VBA same fund to same fund, the quantity of asset must be enetered in by _________ or by _____ _____.
(i.e. John VBA 1234 Total stock market fund to John VBA 5678 Total stock market fund)
Percentage, Share amount
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)
Can an advisor move money from a clients trust account to their individual brokerage account without the client on the line? What resource can we use to check?
What is one of Abby's cats names?
Uno, Oscar, or Olive