Random 1
Alex called called earlier today and requested an withdrawal from his RRSP account. But now he would like to cancel the transaction after 4 pm EST, Is this possible?
Not Possible to cancel trade once it has settled.
Is there an option to not reinvest dividends or interest payments from mutual funds?
No
If Client's deposit account status shows inactive, Can we do withdrawal?
Need to activate the account before Withdrawal. Transfer to TLB Servicing.
During Manual Validation, the caller says they have a chequing and a savings account. You ask if they still have a credit card and a mortgage, when those are the 2 products the caller didn’t mention. What kind of validation mistake is that?
Overprompting
Client wants to withdraw from her non reg GIC before maturity due to financial hardship. Which form do we use to help the client?
Redirect client to Branch
Client is looking for safety of objective for a portion of his cash account and a portion to be invested in growth funds as they are market timing. What do you select in Investment Objective and what do you write in comments section of Corfax for Client Investment Objective?
Investment Objective: Growth
Comment: Safety and Growth
On Corfax KYC, what should we put in risk profile. Is it what the client tell us as risk tolerance or the result from KYC worksheet?
KYC Worksheet shows Risk Profile, we put that.
In a family RESP account, one beneficiary needs funds in 5 years and one needs funds in 10 years, what would the time horizon be?
The Time Horizon should be based on when the client expects to withdraw the majority of their holdings
In RESP Joint acc with his wife, husband called last time, you have updated his employment and annual income in the KYC section.
Today, wife is on line, you have updated wife' s employment in the account. What will be KYC annual Income as you are speaking to the Wife but corfax shows her Husband's Income?
Income noted on the KYC screen on Joint Accounts should be the combined value of both parties
You are speaking to a client who is going through a separation and is looking to withdraw from her Spousal RRSP, is it okay to go ahead with the withdrawal?
Direct the client to Branch for withdrawal
Client wants to close a Mutual fund account which has an asset allocation of 0-25-75 and holds Managed Balanced Growth Portfolio. What other RRA is suitable?
You dont do RRA KYC KYP during account Closure
You are level 1 rep and you have received a call from a SMP client who wants to open a MF account. You check the client has 2 IDs on file in SMP Ecif. What else do you check before you transfer the call to a Level2+ agent?
If the IDs have expiry date or not
You are level 1 rep and you have received a call from a SMP client who wants to open a MF account. You check the client has 2 IDs on file in SMP Ecif but no Expiry Date on File. What do you advise Client?
Advise: Please update the ID Expiry with SMP before we can proceed with account opening. I will now connect you with SMP. Cold Transfer.
Livia has minimal investment knowledge and is holding F480 with 100/0/0. As per compliance standpoint, do you have to discuss the investment knowledge and educate the client to bring it to basic?
Although it would be in line with safety, it is still necessary to explain the three different definitions
if they still don't understand, then you leave it at minimal
You are speaking with a client right now that wants to cancel all his PACs for his TFSA MF and RESP MF, he is going through hard time and when he has time he is going to go to the branch and transfer all his accounts to his other bank.
Do you have to do a full KYC review if he only wants to cancel the PACs and eventually close the accounts?
If client says Financial Situation is bad, you change KYC if you see 'Agree' to good financial health on corfax
Client has an RESP account and he is investing between 11-15 years.
Since client's son is currently 16 years old now. Do you need to change the time horizon to less than 3 years?
If the majority of the funds will be redeemed in less than 3 years, then yes
Client is holding three different funds, F300, 476, 484 in a allocation of 0/11/89. Is keeping an objective "growth" okay, considering that fact that only small portion is in income? Or it has to be Income and Growth?
If the client is holding an Income and/or Income and Growth Fund, then ideally the client should have an Income and Growth objective
After the withdrawal from RRSP MF account , f520 and f837, the allocation coming up as 0/9/91 on wealth calculator , however before the withdrawal it was showing up as ( 0/15/85 ) , do you need to change the allocation what is reflecting now or can it remain the same?
If the allocation is within 5-10-10 variance from what you have recommended after assessment, you can leave the account like that. Otherwise, you have to update and also do KYC Worksheet.
Is KYC review required to remove a middle name in a MF RRSP account?
There is no requirement to review KYC (assuming there's no inconsistencies) if the client is making a non-financial change.
If a client is processing a redemption and is currently overseas, should you still mention all the risk in the account? such as age risk, and short time horizon risk?
Yes, we would still need to discuss them
client’s investment goal is “INCOME AND GROWTH” which may not be in line with their holdings of fund 839 and 841." current asset mix is 0/10/90. What should be client's Investment objective for these funds to be suitable?
MPS 839 and 841 is designed for clients with a Growth objectives. If they insist on Income and Growth, then strong charting is required
Leverage Trade rule: Borrowed funds can not go over _______ of client net worth and ____ of their liquid asset
30%, 50%
Levereged Trade Rule: Loan repayment is not more than ____ of client's Gross income
35%
When does C*** SI (Securities Inc) send info to govt for RDSP? When do the account get the grants deposited after a contribution?
Last business day of each month, After a contribution, grant will be deposited the following month last Business day.
Where is Wealth Contact List?
On KC go to Resources>Mutual Funds> Scroll down> Wealth Contact list