Take Your Chances
What is the SLA for the F6 (Options Agreement form)?
1 business day.
True or False: Tenants by Entirety accounts are eligible for TOD.
True. TBE are allowed to have TOD.
When adding and removing a trustee from a trust account, which documents are needed?
New Account Application, F29, Trust Agreement reflecting the new trustee & supporting document to remove the old trustee.
What does LPL stand for?
Linsco and Private Ledger
Who is the EVP of Service?
Amy Philbrook
True or False: Tenants by Entirety accounts are available to everyone.
False. A Tenants by entirety (TBE) account is an account available only to married couples, where each spouse has a full interest.
When opening a trust account where the trust has been amended, what trust date would you use?
You always use the original trust establishment date, however the amended date can go on the 'date trust was last amended' section of the F29.
Who was the lead singer of QUEEN?
Freddie Mercury
In what jurisdictions are we permitted to open a foreign account?
Opening an account with a foreign address is prohibited, unless the account is in an open jurisdiction. Current open jurisdictions for non-resident aliens (NRA) and ex-patriots (Expats) exist only in Mexico.
What can JTWROS accounts be updated to?
JTWROS may be modified to one of the following account types
When opening a trust via a Last Will, what will the trust establishment date be?
The date of death (DOD) of the grantor because the death was the triggering event that caused the trust to be created.
What is the state capital of Tennessee?
Nashville
What dates is FOCUS being held this year and where?
August 11th - 14th in San Diego
With a Community Property account, what happens to the assets when one spouse dies?
True or False: A beneficiary IRA FBO a trust can be opened in ClientWorks.
True. Client type will be Entity, then trust. Account type will be IRA. Registration type will be Beneficiary IRA.
What year was LPL established?
LPL was formed in 1989.
What is the form F25 and which two teams can process it?
The F25 is the Signature Guarantee Medallion Stamp Request. It can be processed by Registrations or Custody.
With a Tenants in Common account, how do the owners specify their percentage of ownership of the assets?
Clients must specify their percentage next to their signature at the end of the new account application. If unequal ownership is not specified, then all tenants default to equal ownership.
Challenge Question!
What are the 17 states listed on the F29 that require the F29 to be notarized?
Alabama, California, Colorado, Delaware, Hawaii, Idaho, Iowa, Minnesota, Mississippi, Nebraska, Nevada, Rhode Island, South Carolina, South Dakota, Tennessee, Vermont, and Wyoming.
What year did Michael Jackson release his album, BAD?
August 31, 1987