| Retirement Distributions | Non-Ret Redemptions | Movies | 529 Distributions & Rollovers | Transfer of Assets/ Rollover |
|---|---|---|---|---|
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Can we use a FA IRA Distribution Request for Automatic Rollover Acct to have money distributed out of a Simple IRA?
No, FA IRA Distribution Request for Automatic Rollover Acct are only for Deminimis account.
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True or False: Can a financial advisor sing both the letter of instructions and the redemption form?
False- The IP can sign a Letter of Instruction but cannot sign the redemption form.
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What is the name of the school in Harry Potter?
Hogwarts School of Witchcraft and Wizardry
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Can we accept a 529 distribution form that was signed by the financial advisor?
No- Only the custodian can sign no IP/BENE/ Successor or contingent successor can sign.
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Is a DocuSign signature is acceptable on non-Advisor paperwork
Yes -The successor custodian's transfer form signed by the shareholder. A DocuSign signature is acceptable on non-Advisor paperwork.
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Client lives and KS and has requested a distribution with 10% Federal tax but no state tax. Can the trade be processed this way??
No, We would default to state rules.
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A redemption was received with signature guarantee, but instructions do not have FBO listed, do we still add?
No- we would place redemption exactly as listed on request.
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Who was the only non-Jedi in the original Star Wars trilogy to use a lightsaber?
Han Solo
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True or False: We can make checks payable to a 3rd party without a signature guarantee if distribution is under $10,000.00?
Ture
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5 requirements for item to be IGO?
SH information on request must match information on Service Center
2. Account types are compatible (example Trad IRA to Trad or R/O IRA) a. Roth requested to be transferred to a Trad or Vis versa - send to Retirement complex. b. If account types are not compatible NIGO- Trad to an Individual. 3. Trade instructions are provided (To where/ How much/ How pulled) 4. Letter of Acceptance – with authorized person signature 5. SH signature |
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Client has requested a check for the total amount of $10,200.00, pulled equally from 3 funds within 5 days of an address change? Is a signature guarantee required to make a check to clients?
No, Signature guarantee is required if the amount is greater than $10,000 per fund and requested within 7 calendar days of an AOR address change
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Bank Wire redemption was requested on fund 1277, would the pricing code be AM or PM?
PM- fund 1277 is a next day fund/ only same day funds are marked as AM.
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How many hours did it originally take to get Jim Carrey to look like the Grinch for the film How the Grinch Stole Christmas?
8.5 hours
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What is the difference from a 529 Rollover form to a 529 Distribution form?
529 distribution form- We release the assets/ 529 Rollover we request the assets.
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What code is used when make a transfer and what code would be used for a rollover?
Code 1- Transfer
Code 24- Rollover |
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Charitable Distribution requests made payable to a charitable third party and mailed to the shareholder's address of record, for $500.00. Is a signature guarantee required
No- provided the amount is less than $100,000 per fund and the AOR has not been changed within 7 calendar days
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If the client requests voluntary federal tax withholding on their redemption what is the minimum and maximum allowed amount?
Can only withhold 1-30% on Federal tax
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In the film Rocky, what are Rocky’s pet turtles’ names?
Cuff & Link
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You received a transfer request for one beneficiary, but request shows a different beneficiary. Can this be processed?
Yes- Beneficiary does not have to match but participants must match.
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Do we use FBO every time we are sending out transfer or rollovers?
No, we used FFC for Wire transfer.
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What is all the required information for an IRA distribution?
• Account number and/or SSN
• Fund name • Dollar amount or number of shares • Distribution method (check, ACH, wire) • Distribution reason • Signature on letter • Withholding election (federal and state), not required for a Roth IRA • Payee's address, if different than the address of record • Signature Guarantee, if applicable |
Do we need a regular signature guarantee or a medallion signature guarantee for a trade of $300,000.00?
A medallion signature guarantee is required for any amount over $ 200,000.00
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What is the very first animal seen in Disney’s The Lion King?
Rhinoceros
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A retail form was received requesting the amount of $28,0000.00. Can this be processed?
No- Retail forms are treated as a letter of instructions and can not be used for distributions over $25,000.00
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What makes Charles Swab different when it comes to the NIGO procedure?
If the request is NIGO, no callout is necessary. Select the NIGO processing decision and index as follows:
In the Dealer Number field, enter 50314. Add the NIGO reason(s) to the Client Comment section. In NIGO Resolution, select Spreadsheet. Complete the indexing and select Processing Complete to send to a processed status. The item will appear on a daily NIGO report that HOST emails to Charles Schwab. |
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