ACAT, Non-Acat, Annuity, & Outgoing

Account Transfer Systems

(ACAT, Non-ACat, Annuity, & Outgoing)

This system should be used to process a transfer in from other brokerage companies (e.g., LPL, Merrill Lynch, etc.). These transfers are performed electronically and should be completed within five to seven business days.

Date & Initial When
Completed (or N/A)

Receive a Copy of Statement for the Assets Client Wishes to Transfer

Most Broker/Dealers require the statement to be dated within 90 days.

Complete New Account Application if Account Not Already Set Up

Locate the appropriate New Account Paperwork (e.g., Brokerage, Qualified, 403(b)).
Client(s) signs as indicated.
Each Broker/Dealer will have specific forms required to perform this process.

Complete Account Transfer Form (ACAT)

Locate the appropriate Account Transfer Form, Automated Customer Account Transfer (ACAT), and have the client sign as indicated.
Each Broker/Dealer will have specific forms required to perform this process.

Copy Paperwork and Submit to Appropriate Department or Company

Copy necessary paperwork (e.g., Account Transfer form, statement from current Broker/Dealer, etc.) and indicate on your copy the date submitted.
Overnight or electronically submit, if available, to Broker/Dealer.

Schedule on Calendar to Track Each Transfer

Create a separate follow-up calendar item for each transfer. This will allow each transaction’s notes to be updated and completed individually. For example, if you have a new client who will be funding a new account with three separate transfers, create three follow-up items on the calendar.
No follow-upitem should go longer than two weeks without some action being taken. Those actions may include:
Mailing the transfer form.
Requesting additional paperwork from client.
Checking with the Broker/Dealer for status of transfer.
Updating client on status.
Receipt of transfer.
Edit/Update the notes in the calendar follow-up item indicating the date the activity took place, who you spoke to, and the result of activity.

Complete Receipt of Assets Follow-up Item on Calendar Once Assets Received

Print a copy of the client’s assets on the day they are received in the account and attach to the Account Transfer paperwork.
Verify all assets expected have been received. This can be accomplished by comparing the statement provided from the previous Broker/Dealer to the current assets held with your firm.
Complete the follow-up item on the calendar.

Notify Advisor Transfer of Assets Received

Trades may be placed as assets are received, once the transfer of all assets has been received, or after the Allocation Appointment is held with the advisor and the client.

Notify Client Transfer of Assets Received

File Copies of All Corresponding Paperwork in Client’s File

This system should be used to process a transfer in from banks and mutual fund companies (e.g., Certificates of Deposit, American Funds, etc.). These transfers may be requested as an in-kind transfer or a liquidation of assets and transfer of cash. This process can take two to six weeks to complete.

Receive a Copy of Statement for Account Client Wishes to Transfer

Complete New Account Application if Account Not Already Set Up

Locate the appropriate new account paperwork (e.g., Brokerage, Qualified, 403(b)).
Client(s) signs as indicated.
Each Broker/Dealer will have specific forms that are required to perform this process.

Complete Account Transfer Form

Locate the appropriate Account Transfer form and have the client sign as indicated.
Each Broker/Dealer will have specific forms required to perform this process.

Copy Paperwork and Submit to Appropriate Department or Company

Copy necessary paperwork (e.g., Account Transfer form, statement from current Broker/Dealer, etc.) and indicate on your copy the date submitted.
Overnight or electronically submit, if available, to Broker/Dealer.

Schedule on Calendar to Track Each Transfer

Create a separate follow-up calendar item for each transfer. This will allow each transaction’s notes to be updated and completed individually. For example, if you have a new client who will be funding a new account with three separate transfers, create three follow-up items on calendar.
No follow-up item should go longer than two weeks without some action being taken. Those actions may include:
Mailing the transfer form.
Requesting additional paperwork from the client.
Checking with Broker/Dealer for status of transfer.
Updating client on status.
Receipt of transfer.
Edit/Update the notes in the calendar follow-up item indicating the date the activity took place, who you spoke to, and result of activity.

Complete Receipt of Assets Follow-up Item on Calendar Once Assets Received

Print a copy of the client’s assets on the day they are received in the account and attach to the Account Transfer paperwork.
Verify all assets expected have been received. This can be accomplished by comparing the statement provided by the client to the current assets held with your firm.

Complete the follow-up item on the calendar.

Notify Advisor Transfer of Assets Received

Trades may be placed as assets are received, once the transfer of all assets has been received, or after the Allocation Appointment is held with the advisor and the client.

Notify Client Transfer of Assets Received

File Copies of All Corresponding Paperwork in the Client’s File

This system should be used to process the transfer of an annuity from one annuity company to another. The receiving company must have exactly the same registration as the delivering company (e.g., Owners and Annuitants).

Receive Copy of Statement for Annuity Client Wishes to Transfer

Complete Annuity Application

Locate the Annuity Application and have the client sign as indicated. Each annuity company will have specific forms required to perform this process.

Complete 1035 Exchange/Transfer Form

Locate the 1035 Exchange/Transfer form and have the client sign as indicated. Each annuity company will have specific forms that are required to perform this process.

Complete Any Additional Paperwork Required

Locate any additional paperwork that may be required by the annuity company. Examples of additional forms could include a Lost Contract Form or a Replacement Form specific to the client’s state.

Copy Paperwork and Submit to Appropriate Company

Copy paperwork (e.g., Annuity Application, Lost Contract Form, Replacement Form, 1035 Exchange Form) and indicate on your copy the date submitted.
Overnight to Broker/Dealer or directly to annuity company.

Schedule on Calendar to Track Each Transfer

Create a separate follow-up calendar item for each transfer. This will allow each transaction’s notes to be updated and completed individually. For example, if you have a new client who will be funding a new account with three separate transfers, create three follow-up items on calendar.
No follow-up item should go longer than two weeks without some action being taken. Those actions may include:
Mailing the transfer form.
Requesting additional paperwork from the client.
Checking with Broker/Dealer for status of transfer.
Updating client on status.
Receipt of transfer.
Edit/Update the notes in the calendar follow-up item indicating the date the activity took place, who you spoke to, and result of activity.

Upon Receipt of Annuity Policy, Complete Follow-up Item on Calendar

Print a copy of the client’s assets on the day they are received in the account and attach to the Account Transfer paperwork.
Verify all assets expected have been received. This can be accomplished by comparing the statement provided from the previous annuity company to the current assets held with your firm.
Complete the follow-up activity on the calendar.

Notify Advisor When Annuity Policy Received

Notify Client When Annuity Policy Received

Mail Variable Policy Receipt Letter, Annuity Policy, and Policy Receipt to Client

If you deliver a policy to the client in person, a Policy Receipt will need to be signed upon delivery of the Annuity Policy.
If you are mailing the Annuity Policy to the client, print a cover letter and mail to the client along with the Annuity Policy and a Policy Receipt that must be returned.

Variable Annuity Policy Receipt Mailed to Client Letter

View this document in Digital Fortress’ Resource Library:

Print and review the letter for errors.
Make corrections to the letter as needed.
Print on letterhead and have advisor sign.
Make copies per your compliance and retention systems.
Address envelope, print label, or place letter in window envelope.

Print the Annuity Policy Receipt and mail with above letter and Annuity Policy. Make sure to include a postage-paid return envelope.

Variable Annuity Policy Receipt

View this document in Digital Fortress’ Resource Library.

Schedule on Calendar to Verify Receipt of Policy Receipt

Call client within two weeks to verify receipt of the Annuity Policy and ask him/her to sign and return the Policy Receipt.
Once the client has returned the Policy Receipt, complete the calendar item.

File Copies of All Corresponding Paperwork in the Client’s File

This system should be used to process requests to transfer assets to another Broker/Dealer. The instructions to liquidate, if needed, will most likely come from your home office. The outgoing transfer will also be processed from your home office.

Notify the Advisor of the Client’s Desire to Transfer Assets Out

Notification can come from your Broker/Dealer, the client, or from the Broker/Dealer the assets are transferring to.

Advisor Contacts the Client to Attempt to Conserve the Assets

Advisor calls the client to attempt to conserve the assets.
Advisor makes a note in history of the call, noting whether the assets were saved or why the assets are transferring out.
Advisor should notify the Team Leader if able to conserve the assets, or if a full or partial transfer out will occur.

If Full Transfer, Send Outgoing Account Exit Letter and Outgoing Accounts Survey

Send the client the Outgoing Accounts Exit Letter and the Outgoing Accounts Survey.

Outgoing Accounts Exit Letter

View this document in Digital Fortress’ Resource Library:

Outgoing Accounts Survey

View this document in Digital Fortress’ Resource Library.

Print and review the letter for errors.
Make corrections to the letter as needed.
Print on letterhead and have advisor sign.
Make copies per your compliance and retention systems.
Address envelope, print label, or place letter in window envelope.

Schedule on Calendar to Track the Outgoing Transfer

Create a follow-up item on calendar for the outgoing transfer. If more than one account is being transferred out, a separate calendar item should be created. This will allow each transfer to be updated and completed individually.

Edit/Update the notes in the calendar follow-up item indicating the date the activity took place, who you spoke to, and result of activity.
Once the assets have left the account, complete the follow-up activity on the calendar.

In CRM System, Change Client Status

Once the advisor has received notification the client will be transferring out all assets, the client status should be changed to former client. This is necessary so he or she doesn’t continue to receive the market commentary, birthday calls, and invitations to client events.

Cancel Any Birthday and/or Anniversary Gifts Already Ordered

Gifts are ordered on the 20th of the month prior to the birthday or anniversary.
View the birth date for both clients, their wedding anniversary date, and their client anniversary date.
If gifts have been ordered, call the vendor to cancel the order, and make a note in the client’s history the vendor was called.

Pull the Client’s File and Store with Other Closed Accounts for the Year

If Partial Transfer, Make Note in CRM Referencing Accounts and Date Transferred

Make a note in history indicating the account(s) transferred out, as well as the date the notification was received.

Schedule on Calendar to Track the Outgoing Partial Transfer

Create a follow-up item on the calendar for the outgoing transfer. If more than one account is being transferred out, a separate calendar item should be created. This will allow each transfer to be updated and completed individually.
Edit/Update the notes on the calendar follow-up item indicating the date the activity took place, who you spoke to, and result of activity.
Once the assets have left the account, complete the follow-up activity on the calendar.

Change the Client Rating in CRM (if Applicable)

If the client has removed a considerable amount of assets, the advisor may wish to change the client rating.