N
What new account form is required to open an outside investment account?
F1BN or F1BR (Brokerage Application)
The new account application is typically updated for an account within ______.
Can this be expedited?
24 hours or 1 business day
Yes
What is the maximum number of account holders that can be added to a Community Property account?
2
Where can I go to find information about a CIP issue on an account?
Beta: SPAD & BORD or RTT
What form is required for a legal name change? What are some examples of supporting documentation?
F1CN
Marriage cert
Divorce decree
Court document
What are the 3 main tabs featured in the NEW ACCOUNT OPENING 2.0 TOOL?
Holders, Details, Preferences
In which systems can ACCOUNT UPDATES BE MADE?
ClientWorks, ServiceWorks, BETA
True or False: Guardianship accounts are exempt from tax reporting.
False
What is an example of a non-cip restriction and where can I go to find information?
Compliance
Death
Fraud or Identity Theft
Closed Account
Firm Level Trading
What is the difference between a Brokerage and Advisory account?
Brokerage is commission based and client determines and approves the activity
Advisory is fee based and managed by the advisor
What documents are required to open a trust account?
New Account Application, Trust Certification (F29)
If the client marks that only 1 trustee must sign documents on the f29 form, how many trustees are required to sign that document?
All trustees must sign the F29
What form would an IAS advisor use to change the rep for an Advisory account?
A62
Who is the primary account holder on a UTMA account?
Minor
Name the six advisory platforms?
SAM, OMP, MWP, PWP, MS and GWP
What is the fee for opening an Individual Brokerage Account through the manual account Process?
The charge is $15
A Financial Professional wants to open a joint account in Ohio, but isn't sure which joint account to open. Each account holder would prefer that their portion of the assets move to an estate, should they pass away. Which joint account type would ensure that a deceased account holders assets move to their estate?
Joint Tenants in Common (TEN COM)
What form is used to request that the LPL account be moved to a House Account rep ID?
f517
What form would a RIA advisor use to change the rep within the same firm?
F467-R
How do we clear a returned mail restriction?
Advisor corrects address and SP creates a case to Statements - returned mail restriction - include address for restriction to be removed.
What are three account types that require manual opening? Where can I check the status when opening a manual account?
•Foreign Accounts
•Guardian Beneficiary IRA
•Entity as Beneficiary
•Commission Pass-Through Accounts
•Incarcerated Individuals
Check status is New Account SharePoint
What type of accounts can be changed by the F443?
Brokerage and Direct business accounts
Marcus wants to convert his brokerage account to a MWP account. He holds several Alternative investments in his account.
Is the account eligible for conversion.
NO •Alternative Investments cannot be held in Managed Accounts. The managed accounts should remain in the brokerage account. The advisor can open a new MWP account and journal the assets
What form is used to update LPL as the Broker Dealer on an Outside Investment Account?
F21
Thomas and Monica had a Joint Tenants with Rights of Survivorship account, but Thomas has recently died. Monica wants to add their son Mike as the new primary on the account. What steps are required to make this update?
- New Account application for Mike and Monica with Mike as primary
- Death certificate
- Journal funds to new account