branch ADMINISTRATION Manual
Segregated Funds
Client Name, Nominee, & Intermediary, Open and Registered Plans
DefinitionSegregated funds are insurance investment products. The term "segregated" refers to the fact that funds invested in these vehicles are kept separate or segregated from the other assets of the insurance company.
Order Entry Type Process:Purchase, Redemptions, Switches
Process Owner:Branch
Follow Up:HO Admin
With Whom:Fund Company
Forms, Paperwork Flow
Form / Branch / HO Admin / Fund CoPurchase Form or Detailed Notes / Original in Branch File
Notes on EWMS / Branch File
Copy to Branch Manager for Independents / NA / NA
Cheque / Copy / NA / NA
Deposit Slip / Copy / Copy to Finance / NA
Redemption Form / Original / NA / NA
Switches / Original / NA / NA
Seg Fund Application Form / Copy / NA / Original
NAAF (New Accounts only) / Original BM / BM to HO / NA
Account Disclosure(New Account only) / To Client / NA / NA
Note: If the trade cannot be completed through Fundserv, you must forward the documentation to HO Admin to signature guarantee
Location:
For Nominee - when using a purchase form, the Advisor signs itgives a copy to the client and retains the original in the branch client file.
Purchase form must be printed and placed in client file as well as having accompanying notes entered on EWMS; a client signature is not required.
For Client Name and Intermediary –form needs to be signed by client and signature guaranteed
Copy of form is given to client
Deposit slip is faxed to DFS Investments Finance Dept (Deposit Fax Number: 1-866-240-4370)
EWMS Process
Purchase
Enter the client name or ID to search for client
From your EWMS Screen, click onOrders> Purchase
The advisor code will auto populate
If a plan is not existing, you can add a plan from this screen
Select the Signing Province
Enter the deposit information under Source of Funds
Deposit Type: Choose Client Cheque Deposit if the client has made a personalized cheque payable to DFS Investments In Trust or Desjardins Financial Security Investments Inc. In Trust.
Chq #: Enter the cheque number
Amount: Enter the amount of the cheque
Press Add
Select new or existing investment. When selecting an existing investment or a new investment under an existing Fund Company, the Mgmt # will auto populate. If it is a new fund, the management field is left blank.
Enter the fund code in the Symbol field, or press Search to look up the fund.
When selecting an existing investment, you must ensure that the Beneficiary is recorded on Contact/Plan Details/Seg Fund Tab.
If you select New Product, once you press Add you will be asked to enter in the Annuitant and Beneficiary information.
Seg funds must be purchased separately from mutual funds therefore you have the following two choices:
- Create a new holding in the same plan without entering a Management Account number
- Create a new plan for your Seg funds separate from your Mutual Funds. ie. CIG Mutual Funds vs. CIG Seg Funds.
Select the type of purchase (usually dollars)
Enter the dollar amount allocated for this investment
Enter the Commission % and Net/Gross indictor for front end load investments. A DSC investment will populate these details automatically
Currency: Choose CDN (US$ not available)
Enter the distribution option (payout, cash, reinvest). Reinvest is the default value.
Once all investments are added and the transaction is balanced, click the validate button to verify if the trade has violated any compliance infractions.
you have the choice to Save Order, Generate Form (print the trade ticket), Process, or Modify (make any changes to your order prior to finishing it)
You have the choice to Save Order (save the order to process at later date/time), Generate Form (print the trade ticket), Process (process the trade), or Modify (make any edits to the trade that may be required
Once all investment products are input and the transaction is balanced, click the validate button to verify if the trade is compliant for processing.
Process the transaction. A successfully completed transaction will provide the order number, and a “Successfully Placed” message, along with summary details of the trade.
Follow by either generating the form by clicking on the lower right hand button or by clicking on Pending Orders, Generating the form from this location will auto populate the W/O number. BranchesMUST put wire order # on the purchase form (when used).
Redemption
Enter the client name or ID to search for client
From your EWMS Screen click onOrdersRedemption
Select the Plan from which the redemption is being placed
Select the Signing Province
Select Payee and Delivery - options are dependent on the plan type selected.
Redemptions within a Registered Plan must select the Detail (appropriate shelter type).
Withdrawal General is the most common choice – this will ensure the client received a T4RSP Tax Receipt.
Normal client payment - If you choose ‘normal client payment’ – it will default to “Cheque to clients address”
EFT to client’s bank account – EFT info MUST be completed in ‘Bank Accounts’ under the CLIENT menu, not plan menu (the menu under plans is for FYI only)
No Payment Applicable - Leave as available cash in clients account.
Select the investment from the drop down list of current investments
Enter the amount of the redemption, along the Net/Gross indictor
Click Add and the Validate button to verify if the trade has violated any compliance infractions.
Process the transaction. A successfully completed transaction will provide the order number, a “Successfully Placed” message and a summary of trade details.
Branch MUST put wire order # on the redemption form (if redemption form is used)
Generate the form using the button in the lower right hand corner or by clicking on Pending Orders. Generating the form from this location will auto populate the W/O (Wire Order) number onto your redemption form.
Switches
Enter the client name or ID to search for client
From your EWMS Screen, click on Orders > Switch
Select the Signing Province
Select the fund from which the Outbound Switch is being placed
Ensure you enter the Type, Amount, Comm %, Net/Gross of Fees correctly
Once the outbound investment has been selected and added, you must select the fund to complete the Inbound Switch
To select the fund, input the fund symbol if you know it otherwise use the search button
Ensure you enter the Type, Amount, Comm %, Net/Gross of Fees
Press Add, Validate and Process
Process the transaction. A successfully completed transaction will provide the order number, a “Successfully Placed” message and a summary of trade details.
Generate the form using the button in the lower right hand corner or by clicking on Pending Orders. Generating the form from this location will auto populate the W/O number onto your redemption form.
Important Information
Segregated Fund Fundserv Eligible List
Please note that if you use your Life License Agent Code as your Contracted Agent Code for Seg Fund purchases, they will be considered paper based and will not be eligible on Fundserv.
Transactions for Paper based or Fundserv Ineligible Seg Funds must be manually entered on EWMS within HO using a Life Insurance Company Statement
You must ensure that both your Mutual Fund and Agent Codes are registered with each company.
Confidential, for internal use only- 1 -last revised: 4-Oct-2018 | Volume 1