Registration Station
IGO/ NIGO?
NAM
Trust Me
Potporrui
100
How should you format the name Ann Marie Van Strauss?
Ann Marie must be entered as two words, with a space for the first name. Van Strauss must be entered as one word (no spaces)
100
We received an IRA application for a shareholder (34 years old), with a $3000 check. The shareholder is requesting the funds be equally distributed between funds 481,471,7 198. Is the request IGO?
No, fund 471 is the Mutual Recovery fund. This does not meet the minimum for the fund.
100
If a shareholder marks that they do not want Telephone Liquidation priviledges on the account application, what do we in the NAM?
TLIQ drop down would be coded R for refused.
100
If we are asked to use an amended trust date of January 21st, 2013, how would that be abbreviated?
AMD 01/21/13
100
If an account is opened in error, in order to prevent an incorrect new account confirmation package mailing to the shareholder the account must be ________
The account must be closed the same day and deleted the next day
200
What Account Descriptor would you use for a Custodial account in Vermont?
UGMA VT
200
What should you do if more than one Custodian is listed on the application?
Check to see if state allows multiple custodians. If not open with first custodian only. Callback to explain only one custodian is allowed. Add text.
200
If we are mirroring an existing account and it is a VO account, we then populate the NAM with what WIRN
The original WIRN from the account being mirrored.
200
Can you open a trust account when no trustee(s) are listed and you cannot read the signatures in the Signature/ Tax Certification section?
Yes, refer to the trust document for trustee information.
200
If a shareholder indicates that they are a non-Resident Alien, this tax document should be included.
w-8BEN
300
How would you format the following trust? Williams Family Trust Linda and Matt Williams Trustee Dated may 10th, 2014
Williams FAM TR Linda Williams and Matt Williams TRSTE DTD 05/10/14
300
True or False: You should not open a traditional IRA account for a shareholder that is 74 years old if the account is for new contributions.
True. We should open a NIGO case for a callback to see if they want a Roth IRA.
300
True or False: When opening a Minor IRA, in the CIP exempt field the parent is CIP Exempt Y and the Minor is CIP Exempt N
False: The minor is CIP Exempt Y. The parent is CIP Exempt N but will not be listed on the registration. CIP will need to be added during verification section.
300
True or False: Marital Trusts, Family Trusts, Survivors Trusts are all Intervivos Trusts.
True. These are all Intervivos or Living Trusts.
300
If a Broker Identification Number (BIN) is provided on an application, what screen in investar should you check to make sure the dealer is set up for networking
What is the MFTDNSI screen.
400
All new custodial accounts must be set up under a UTMA unless:
-The state has not adopted the UTMA, then open as UGMA. -UGMA is specifically requested and the minor’s date of birth occurred before the date the UTMA was adopted, then open as a UGMA.
400
True or False: You need to preform a callback if several funds are selected on the application but there is no indication or amount or percentage
False. Open and allocate funds equally among all selected funds.
400
What is the account type for a Roth Conversion IRA?
210
400
This generally one page document summarizes important components of a trust, i.e. the title of the trust, the trustee(s) of the trust, and the date of the trust.
An Abstract of the trust.
400
This broker dealer requires that all new account applications have a stamp from their home office. If the stamp is missing we must return the applciation requesting the stamp
PFS as Broker Dealer
500
True or False: A military address is considered a physical address for AML purposes and satsifies the CIP requirement.
True
500
IGO or NIGO? We recieve an application that requests Z shares and no existing Z shares account is indicated or found on the system
NIGO- A callback must be done to verify how the shareholder qualifies
500
What would you enter in the account descriptor field if you have a Joint Account with Transfer on Death.
JT TEN T/O/D
500
True or False: If the trustor's signature is not notarized, we will not accept this.
False. The signature does not have to be notarized. The trustor’s signature may be witnessed by a third party; or the trust document may be simply signed and dated
500
True or False: A householding consent form is included in the new account kit that is sent to new shareholders.
True
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