Monthly Archives: September 2013

SBLI now available on the TFS iGO system

Not only will this save you time and money, but you can also win a FREE IPad by submitting and paying for just 3 cases with SBLI through the e-app on www.tfsweb.com

(see contest rules below)

ipad4_2 (1)

SBLI is currently offering an e-app solution only. What does this mean for you? No longer will you have to print out 20-30 pages of SBLI application packages to meet with a client. Now you can complete the ENTIRE application package on www.tfsweb.com through our iGO portal or by clicking the e-app button when running a term quote. Completing an application via e-app will eliminate the possibility of missed answers, missed forms, or missed signatures and streamline the entire process to help issue your policies faster!!! You also have the ability to use the e-app solution to generate a fully completed application package for “wet signatures”, or have your clients “e-sign” the application package without having to meet face to face.

Please contact the TFS Home office for questions or more information about the SBLI e-app.

Win an IPad contest is sponsored by SBLI. SBLI qualification rules are as follows…

  1. Submit a minimum of three cases between October 1st, 2013 and December 31,2013.
  2. Premium must total a minimum of at least $5,000 and be placed by December 31, 2013.
  3. Premium will be calculated on an annual basis, regardless of mode.
  4. Contact the TFS Home Office immediately upon satisfaction of qualification requirements, for further directions on how to claim your free IPad.

 

Pershing: 2013 Required Minimum Distributions

As we approach the 4th Quarter of 2013, please continue to process your clients Required Minimum Distributions.

You can see the current status of accounts by going to Accounts, All Accounts, IFA then click on Required Minimum Distribution. Here you will be able to see what the RMD amount is and how much has already been taken for the year.

Please be sure to process all Required Minimum Distribution Requests prior to December 31, 2013.

Tomorrow's Financial Services, Inc.

Columbia Property Trust Quarterly Statement Insert

Your clients who are invested in Columbia Property Trust (f/k/a Wells REIT II) are being sent their quarterly statements along with a letter detailing several important updates about your clients’ investments, including the announcement of:

An expected public listing of the Company’s shares in October

A change to the quarterly dividend rate; and

Key new management appointments

To view your clients’ statements, please go to www.DSTVision.com

To view the letter your clients are receiving, please go to www.columbiapropertytrust.com and click the “Investor Relations” tab.

Outside Brokerage Accounts

Seems like an easy problem to avoid, but there are still people out there that do not report outside accounts to their Compliance Department. Frankly, with the automation that FINRA has at there fingertips, I don’t know why anyone would even try this:

“X (CRD #1234567, Registered Principal, Yourtown, NJ) was fined $25,000
and suspended from association with any FINRA member in any capacity for two years. The
NAC imposed the sanctions following appeal of an OHO decision. The sanctions were based
on findings that X failed to notify his employer firm in writing that he had undisclosed
outside brokerage accounts at two other member firms. He also failed to notify those other
firms that he was associated with a FINRA member firm; rather, he made false statements
on the executing broker-dealer applications concerning his occupation. The findings stated
that X held one of the undisclosed brokerage accounts at a member firm that was not
on the list of his employer’s approved outside brokerage firms, and X never sought an
exception to this policy. X also engaged in securities transactions in a limited partnership in these undisclosed accounts that were on his employer firm’s restricted list. He did not disclose that had engaged in the trading of this restricted stock and moreover the trades violated his employer firm’s buy and hold periods. The findings also included that although X apologized for misleading his firm’s vice president about the outside brokerage accounts at the one member firm, he continued to hide the existence of his accounts at the other member firm.”

Prudential – Product Portfolio Reprice Announced

prudential

Product Portfolio Reprice Announced

Effective October 7, 2013 Prudential will reprice the following products:

  • PruLife Custom Premier II, Index Advantage UL, and UL Protector:
    Rates for full-pay & single-pay scenarios will increase approximately 5%.
  • Return Of Premium Term:
    Rates will increase approximately 4%.
    Continue reading

Why you should ALWAYS contact your client when you receive a third party wire request via email.

I have seen a few of these through the years. But in every case, a 30 second phone call to the client could have prevented each from happening.

“X (CRD #123456, Associated Person, Yourtown, NJ)
submitted a Letter of Acceptance, Waiver and Consent in which she was fined $5,000
and suspended from association with any FINRA member in any capacity for 30 days. The
fine must be paid either immediately upon X’s reassociation with a FINRA member
firm following her suspension, or prior to the filing of any application or request for relief
from any statutory disqualification, whichever is earlier. Without admitting or denying
the findings, X consented to the described sanctions and to the entry of findings
that she effected wire transfers totaling $13,400 from a firm customer’s account to an
unrelated third-party account after receiving fraudulent emails from someone purporting
to be the customer. X received emails from a hacker purporting to be the customer
who requested the customer’s account balance and then sent fully executed letters of
authorization (LOAs) that fraudulently authorized wire transfers to an account at a third party bank. The findings stated that X did not authenticate the customer’s signature
contrary to firm policies and procedures, which required registered representatives and
associated persons to speak to the customer prior to effecting a transfer of funds to
an outside account. X processed the transfers and falsely indicated on the firm’s
internal system that she spoke with the customer and verified the customer’s identity.
The findings also stated that after the customer discovered the improper wire transfers on
her account, she contacted X. While X and the customer were discussing the
fraudulent wire transfers, X received another request from the hacker, requesting a
third transfer of $7,350. The hacker attached an executed fraudulent LOA to the request.
X did not respond to the request and contacted her firm’s office management team
and advised them of the previous transfers. The firm credited the customer’s account for
the full amount of the transfers. The findings also included that X caused her firm to
maintain false books and records related to the wire transfers.”

With the current trend of email hacking on the rise, it is more and more likely that you will encounter a similar case like this if you haven’t already. Take the time to call your client — protect the client, yourself and the firm.

Tomorrow's Financial Services, Inc.

FINRA updates forms for Private Placements of Securities

FINRA Updates Form for Filing Private Placements of Securities Pursuant to FINRA Rules 5122 and 5123

Executive Summary

FINRA has updated the form that firms must use to file offering documents and information pursuant to FINRA Rules 5123 (Private Placements of Securities) and 5122 (Private Placements of Securities Issued by Members). The updated form, which is available in the FINRA Firm Gateway, includes six new questions, which are further described in this Notice. FINRA also has updated the Private Placement Form Frequently Asked Questions (FAQ).

Questions concerning this Notice should be directed to:

  • Joseph E. Price, Senior Vice President, Corporate Financing Department, at (240) 386-4642; or
  • Lisa Jones Toms, Senior Director and Counsel, Corporate Financing Department, at (240) 386-4623.

http://www.finra.org/industry/regulation/notices/2013/p325360