ACAT
Is Fidelity investments ACAT?
Yes
Can a client transfer assets of an account they are full agent over? Why or why not?
Yes - so long as they are also agent at the contra firm for the account.
Client calls in for account balance. Is this a misroute?
Yes - BUT you can help them. You can handle any foundational topics!
Can we fill out TSP/TRP forms for a client? How do we set this up?
Yes - Have them fill out the form and send to us completed, we will sign and mail on to TSP/TRP.
What is the first thing you should do after you introduce yourself?
Set the agenda!
What does ACAT stand for?
Automated Customer Account Transfer.
How would you answer "can I take money out of my 401k untaxed"?
DON'T - you are not a tax professional, this is not your responsibility.
Client calls in needing to transfer funds from a bank. Is this a misroute?
Yes - this is an investments conversation.
How would a spouse most likely inherit their deceased SOs IRA?
Assume them into their own IRA.
What should you do after you have resolved the clients issue?
Recap the call.
Is USAA/Victory Capital ACAT?
How would you transfer assets to a managed account?
Open a new self directed account for the transfer and have the client combine accounts later.
Client calls in wanting to transfer out of their VG account to their employer sponsored 401k plan. Is this a misroute?
Yes - Retirement will make them the distribution check from their account and the rest is handled by their employer plan custodian.
What do you tell a client if their CD matures in less than 14 days and they want to transfer it?
They can either transfer it and incur penalty or ask their bank to move it to an IRA cash position before the transfer.
What question should you ask before ending every call?
"What questions do you still have"?
Does Partial ACAT require a statement?
Yes - always include a statement with BAT form.
Associated person calls in to open an account. What do we need to open their account?
Account application paperwork with wet signature and compliance letter.
Client calls in needing an account for a change of ownership asset situation. Is this a misroute?
Yes - BUT we can open accounts for these clients. The asset transfer will be handled by change of ownership.
Can clients do a mid-air conversion?
Yes, clients must be advised of the risks. Ask them to speak with a tax specialist to ensure it's right for the client.
What should immediately do after your call is completed, if not during the call?
Dynamics/sales case.
When do clients receive confirmation email from us after ACAT transfers have completed?
1-2 days prior to the assets appearing in their account.
Client calls in regarding asset transfer from foreign exchange. What information do you need to ask for first?
Is there a OTC or ADR equivalent of the security?
Client calls in wanting to transfer from a Vanguard held 401k plan. Is this a misroute?
No - you must open their rollover IRA! The closure of the 401k will be handled by Part Serve.
What is the current TSP transfer form called and what is required for them to accept it?
TSP-99 and notary is required unless said otherwise by TSP.
What is one of the two best practices to do at the end of a call based on the SW if follow-up is needed?
VM Consent and/or preferred method of contact.