Blue Zone
Which Bluezone screen will help you find the dividends on a specific equity?
DVAS
A new client calls in and just opened a brokerage account. They have questions about what accounts we offer for minors. They tell you that they want to save for future school expenses but they don't want to be locked into only using it for school. You talk with them about a custodial account as well as the college savings accounts and explain the options for minors that don't decide to go to school. The client decides to open a custodial account. Is this a recommendation?
No, this would not be a recommendation. You kept it educational and made sure to talk about each account and what their options are if the minor decides not to go to school.
You have a client that was denied full options approval (Level 3) and they believe they want to talk to someone to get this approval.
TRR
Which screen is used for inbound transfers and which screen is used for outbound transfers?
TOAR/TOAD
A client calls looking for a Money Market Fund and wants the best rate. You tell him that he is looking for SWVXX. Is this a recommendation?
This could be seen as a recommendation. To stay educational, you can tell the client all of the rates for MMFs or show him the chart on the website. Noting the different types can help clients make a more informed decision.
You have a client asking for a balance letter.
Hint: The account is too new for a statement or balance letter to be generated on the website.
Account Solutions
Where do you find if a specific stock is available for inbound transfer?
Hint: Think "custody status"
ITEM
A client calls in asking about a mutual fund that is only available for institutional investors. He is asking what mutual fund is similar that he can invest in. You show him the mutual fund screener and where to see similar funds on the website. Is this a recommendation?
No. This would not be a recommendation as you are educating him on how to do the research himself. You also didn't mention a specific product to him.
You pulled up information on TOAR in BlueZone but you are confused about what you are seeing?
MMAT
What screen will give you the status of a Schwab issued check?
Bonus: Where do you go to stop the check?
OUCH
Bonus: OZ (Schwab-Issued Check Stop Payment)
A client calls in and wants to invest in the S&P 500. You talk with her about ETFs and Index Funds. She decides she wants to go for an Index fund. You show her the MF screener and use SWPPX as an example since it is the first one that comes up. She says this one looks good and doesn't engage in looking more at the screener and asks you to place a trade on SWPPX for her. Is this a recommendation?
Although you didn't actually tell her to buy SWPPX, bringing up a specific product could be construed as a recommendation since you didn't talk about any other index funds. Best practice is to stay away from naming products. You could look at SWPPX once she has looked at a few options and then asks about SWPPX.
Client has a 401K at Schwab, is recently retired, and wishes to roll it over into an IRA at Schwab
A client wants to reinvest their dividends. What BZ screen and what goes in the FUNC field?
RECC> DCOR in FUNC field.
Client calls in with $10,000 and doesn't know where to start. She tells you that she doesn't have a lot of time to manage her account and wants to find something that is automated. You talk to her about Intelligent Portfolios. Is this a recommendation?
This could be seen as a recommendation. To keep it educational, bringing up mutual funds and the AIP program can bring another option to the table. Also, SIP is a product so, to steer clear of naming a product. Mentioning that we have managed solutions keeps it high level.
You have a client who is unsure if the cost basis is stepped up to date of death.
TCC