TD PA
Ink
We can open accounts for US residents?
Only continue to manage and open Registered accounts
Can we accept a copy of GPA?
No - must review original and CTC copy
Client has moved to foreign jurisdiction, can we continue to manage account?
it depends if it's an approved jurisdiction
What is the first line of defense for S&V Clients?
Ask questions...
Requests does not align to pattern
Diminishing capacity - document in S/F
What is the difference between Jointly & Jointly and severally?
Jointly - both to act
Jointly and severally - any one of
We can manage Registered accounts in all 50 States?
No - 3 are closed and some need self registration
What is a restriction clause on GPA?
Before GPA can be enacted, the restriction must be met ie. doctor's letter to confirm incapacity
If jurisdiction is not approved, what happens to account?
halted and liquidate only, no fees permitted
We suspect our client is experiencing diminishing mental capacity/ financial exploitation/undue influence, what is our next steps?
Escalate immediately for BM review
TD PA is added to account/ISM, we need KYC update form signed. Can we accept eSign or ink?
eSign
We can buy all products in US resident reg accounts?
No - only equities and fixed income
GPA is approved on account/ISM and can withdrawal funds from account without questions?
No - we must ask questions to evidence due diligence in client best interest
How many jurisdictions are approved?
16
Account is frozen until we can locate someone to apply for Guardianship with the courts (over 8 months waiting period due to volume)
Client has existing GPA created with lawyer. By signing the TD PA, this now trumps the GPA previously created?
No - TD PA does not revoke any previous set ups
We are managing US resident Reg account, GPA wants to be added to account. Where should be GPA be domiciled?
GPA must be drafted from US State
GPA is approved on account/ISM, and they want to increase risk from 100% med to 50% high and 50% med?
Account suitability is the client NOT the GPA so due diligence is required on how the suitability fits the client
What are the product restrictions for FR accounts?
Nothing prospectus based
No Notes
Bonus 100 point..ETFs?
IA to determine wife capacity, discuss the implications of the JWROS. If she has other children, this set may not align to her Will. Client to seek Legal/tax advice/Letter of Intent
Husband and wife onboarded, they both signed TD PA form appointing each other. Husband is now incapacitated, wife can now be added as PA for husband?
No - only can be done via GPA
Clients are US residents and GPA is a US resident, can we add to accounts?
Yes - but only if PMP because GPA is not involved in trading
NO - once client passes, GPA ceases
When maintaining an approved FR account, what happens to account when client passes?
Death cert/Will - must be provided in English/translated & notarized
Enhanced due diligence on beneficiary
HNW client and seeing a pattern of large withdrawals to bank account. Since client is deemed to have capacity, we do not need to ask questions and can process request?
No - alarming rate of seniors getting scammed by fraudsters, crypto etc.
We need evidence our due diligence with questions and document in SF