Non-Qualifed Accounts
When would a financial professional use “Journal verses Purchase”?
For non-retirement accounts to select
specific tax lots when processing a journal
Who is the Greek goddess of Spring and nature?
Persephone
Advisor, Jennifer Morgan, is doing her monthly review of her books. She noticed that her client, Vickie Lee’s Manager Select Retirement account has a larger balance than her SAM Retirement account. She calls into the move money team specialized for a walk through of consolidating both accounts.
What is the journal type?
Like-to Like
This form is used to set up a qualified periodic journal distribution.
CM104C
Clients with margin accounts at LPL hold eligible positions in type 1 which is ___ and type 2 which is _____.
Type is Cash and Type 2 is Margin
How many decimal place can Mutual Funds be moved via journal?
Three Decimal Points
What form is used in a non-qualified and qualified death distribution?
No form
CM107 - Qualified Accounts
CM204 - Non-Qualified Accounts
True or False: Funds can be journaled in both percentages and dollar amounts.
False
What famous flower is associated with spring in the Netherlands?
Tulips
This margin account feature automatically optimizes account balances between Type 1 and Type 2 for the client daily.
Auto Sweep
How many journal requests can be included in a multi-journal?
3 Requests
What form is used for a death distribution multi-journal?
CM204b
When are funds available in the receiving account after processing a journal?
Journaled cash is generally immediately available for investment purposes.
However, if the originating funds are from recent ACH or check deposits, the journaled funds may have an inherited 5-day hold if they are being used for a distribution from the account.
A client has a Coverdale ESA account and would like to move the money to their daughter’s LPL Coverdale ESA account. What is the TOP Code?
TOP Code B - Third-Party, Individual
If money or securities is moved from Type to Type 2, it is an example of what type of Journal Type?
Within the Account
What does the acronym LPL stand for?
Linsco Private Ledger
An Advisor received a call from their long-time client’s daughter informing them that the client has passed away. The daughter is the beneficiary of the deceased account holder’s assets and has instructed the advisor to ensure that the cost basis for all securities will remain "as is" for the death distribution. Which Cost Basis Indicator best aligns with this scenario?
Death Carryover Basis
What holiday are we celebrating this Sunday?
Mothers Day
Money that is left in the account and then later moved is which Journal Type?
Residual
What is the SLA for a margin journal request?
Margin journal requests received in good order via the Move Money tool by 1:00 p.m. PT/4:00 p.m. ET are processed the same business day.
What form is required to journal from a Collateral Account?
Non-retirement journal request Form CM204 signed by account holder(s)
Collateral letter of authorization (LOA) and bank authorized signers list
The original value of the security that you own.
Cost Basis
Can I cancel a journal request that has already been submitted?
You may be able to cancel a journal depending on the status of the request.
If processing a total journal from a retirement account to a non-retirement account, LPL charges ____ to close the account.
$165.00
What is the last day of Spring 2023?
June 21st
June 22nd is the longest day of the year and the Summer Solstice