Key Dates & Tax Impact
When is the deadline for clients to act for fee reimbursement?
November 1st
Will a client with an uncertified tax identification number receive the ASF?
No! (considered a status exclusion for both VBA & TA)
A client has their delivery settings set up as direct mail for all of their statements tax forms and so on with an email address on file as well. How will they be notified of the ASF communications?
What should you do before letting a client know about the ASF waiver?
Consult with your leader!
What is the deadline to take action to receive systematic reimbursement?
November 1st
What is the dollar amount that clients are required to have in order to avoid the current year fee?
$5M in VQA
Will accounts that have the status of "exclusion" still be notified of the ASF?
No
A client has a guardian account with a legal freeze, a Roth IRA brokerage, and an individual TA account with 2 mutual funds. Their delivery settings are set to "paper". How much would they be charged in ASF?
$75 (guardian - no fee, Roth - $25, individual TA - $50)
What is the deadline to get a manual fee waiver?
September 1st
What must be done before a crew member can submit the request for a manual fee reimbursement?
The TL must add the contact event to the client's account
What is the only delivery setting that can be set to "paper" instead of e-delivery in order to avoid the fee?
Tax forms
Accounts opened in what year(s) are excluded from the ASF?
2023
How much does a client have to be getting charged to get a reminder notification about the ASF?
$75
Client has a disability that impacts their ability to access the Vanguard website to transition their TA account to VBA and/or sign-up for e-delivery on their VBAs. What type of waiver would this client qualify for?
permanent fee waiver
What is the deadline to submit a manual fee reimbursement if a client is requesting it after November 1st?
December 30
For Simple IRAs, what is the dollar amount of VQA you must have to avoid the fee?
$50K in VQA
A client is enrolled in our PAS service, they have 3 accounts and only 1 of them is managed by an advisor. Are the clients non-managed accounts subject to the ASF?
No! (If the client has a relationship with PAS for at least 1 account, then the rest of excluded from the ASF)
What cohort would a client with a TA account that has been previously assessed the ASF be in?
Cohort A
What are the types of fee waivers, and how do they differ?
Current Year Fee waiver: exempt clients only for 2023 and Permanent Fee Waiver exempt clients from ASF indefinitely
IF a client received an one-time exception would they be able to receive an exception again?
No if a client has previously received a one-time exception, another exception will not be grated
What is the maximum amount of ASF that can be charged to 1 client?
$400
Will a TA account with a $0 balance be assessed the fee?
No!
What is the 1st tip for transitioning in the Cohort C email?
You'll need to gather your most current trust documentation
Would a client who is deceased, but their family has not sent in legal documents be eligible for a waiver?
Yes current year only!
When filling out the CMS case for a manual reimbursement, what is:
Request Type?
Where is the client experiencing the error?
What went wrong?
Monetary
Have a fee reimbursed
request not processed/received