Move Money
The_________form is required to update on demand (TO BANK) instructions on a retirement account?
The CM102 form is required to update on demand (TO BANK) instructions on a retirement account.
Can you convert an MWP account into a Brokerage account?
No!
You can convert a Brokerage account into an MWP account.
True or False?
TAMP Account status will always be DORMANT and they are network eligible?
False!
TAMP Accounts status will always be DORMANT and they are NOT network eligible.
True or False?
On Traditional IRA accounts, the designated payout percentage for a beneficiary(s) ARE or CAN be displayed in ClientWorks?
True!
The designated payout percentage for a beneficiary(s) ARE or CAN be displayed in ClientWorks for Traditional IRA accounts.
In BETA, which screen are you able to see previous year RMD amount next to C-MIN and current year RMD amount next to C-VAL?
MDRO screen
(bottom left corner of the MDRO screen)
Signatures on New Accounts documents expire in 180 days or 6 months. Signatures on Move Money forms expire in _______ days or ________ months?
Signatures on New Accounts documents expire in 180 days or 6 months. Signatures on Move Money forms expire in 90 days or 3 months.
MWP accounts must be funded within _____ days from account opening or the account may be deactivated?
MWP accounts must be funded within 90 days from account opening or the account may be deactivated.
Advisory Accounts that have been deactivated for more than ________ days cannot be reactivated?
Advisor Accounts that have been deactivated for more than 365 days cannot be reactivated.
When an account has been closed, which FILTER must be updated in order for the advisor to see a closed account in ClientWorks?
The ACCOUNT STATUS filter must be updated, by selecting the box next to CLOSED and clicking APPLY.
True or False?
A taxpayer that missed the 60 day IRA rollover deadline may qualify for a waiver if the client's principal residence was severely damaged?
True!
A client may qualify for a waiver if their principal residence was severely damaged.
TRUE or FALSE? When doing a journal from a BBK acct to a Trust acct, the primary acct holder on the BBK acct and the trustee on the trust acct are the same person, the Type of Payee is Common Owner, Different Registration (B)?
FALSE!
The TOP is Common Owner, Different Registration (H)
When converting a Brokerage account that has on demand and periodic instructions, what is the process to convert over all standing instructions to the MWP account?
All standing instructions will automatically convert over to the MWP account in-kind, no new move money forms are required.
On an UTMA account, upon the death or resignation of the custodian, what is the minimum age the minor can be to appoint a new custodian and what 2 things must be submitted to update the account?
The minor must be at least 14 years old, the minor must write a letter appointing the new custodian and submits a new account application with the new custodian's signature.
Which account type are we able to display the Contingent Beneficiary(s) information in ClientWorks?
We are able to display the Contingent Beneficiary(s) information in ClientWorks on Retirement Accounts.
The Alternative Investment Special Product fee is $____ per position with a maximum of $____ per account?
The Alternative Investment Special Product Fee is $35 per position with a maximum of $100 per account.
When adding on demand (TO BANK) instructions to an individual LPL acct, a joint checking acct is the type of bank acct they would like to add, how many signatures are required on the MM form and from who? (LPL acct holder or non-LPL acct holder)
1 signature is required on the MM form from the LPL account holder only to set up on demand TO BANK on an individual acct when using a joint bank acct.
True or False? The F1CB: Account Update - Change to Advisory form is the correct form to convert Brokerage accounts to Advisory accounts and it's only located in the Account Conversion Tool in ClientWorks.
False!
The F1BC: Account Update - Change to Advisory form is the correct form to convert Brokerage accounts to Advisory accounts
What special character must go in front of the tape-to-tape prefix and the old B/D account number when searching for the corresponding LPL account number on the ACCT screen in BETA? (ex.__BTCM0002382)
The "&" must go in front of the tape-to-tape prefix and the old B/D account number when searching for the corresponding LPL account number on the ACCT screen in BETA. (ex. &BTCM0002382)
Financial Advisor calls in and request a copy of a check that was disbursed by LPL on a specific date, what steps would you take to help the advisor?
Direct the advisor to pull up the account in ClientWorks, click on the DOCUMENTS tab, on the left side of the screen click on CHECK COPIES, click on the DOCUMENT DATE filter and adjust the date(s) and click APPLY.
For an advisory account, what form is required to increase the client/advisory fee?
F1CA - Advisory Changes Form
In the case when a FA is unable to validate their client's signature on MM form, who is authorized to validate the client's signature in the FA absence, where must this person work and name at lease 1 license this person must currently hold?
A license FA or admin that works in the same office/branch the currently holds a Series 6, 7 or 63 is allowed to sign/validate a MM form on behalf of a absent FA.
Provide the correct steps in ClientWorks from the Account tabs, that you would give an advisor/admin that needs help updating the model on their clients MWP account.
Steps:
Actions>Edit>Account Options>Click (Yes) to update your Portfolio Selection>scroll to the bottom and update the model
The F29 form is not required to be notarized if the trustee signs confirming that the Trust is established as a Revocable Trust and the grantor, ________ and _________ are all the same person.
The F29 form is not required to be notarized if the trustee signs confirming that Trust is established as a Revocable Trust and the grantor, trustee and beneficiary are all the same person.
If an advisor needs help locating where to update the ACCOUNT NAME on an Account Profile in ClientWorks, what steps will you provide the advisor?
ACTION> EDIT> ACCOUNT OPTIONS
John Doe wants to deposit a physical stock certificate into his brokerage account that registered in his name. The SC has 5 cusip's registered under the registration and it has not been signed by John. What all must be submitted to LPL for processing and how must everything be submitted to LPL for processing?
One F18 form for each cusip, the physcial stock certificate and everything sent overnight delivery to LPL Financial attn: Custody Department