Monthly Archives: December 2013

New Account Form Deadline

Just to follow-up with Jennette’s excellent post concerning Pershing forms from last week. After 12/31/13 the only edition of the new account form (NAF) that will be accepted by TFS is the 2-13 edition. All other NAF’s whether for brokerage, direct business or for account updates will be returned to the reps along with all accompanying paperwork and/or checks.

Pershing has made major changes to their NAF, and this version of the NAF is the version everyone needs to use. Previous versions are dramatically outdated and need to be discarded by representatives who are still using them.

Please feel free to contact me with any questions or concerns. djohnson@tfsweb.com

—Dan

Pershing Form Updates – Deadline 12/31/2013

Pershing is redesigning its standard forms inventory as part of an initiative to create a more consistent, professional experience for your clients.

The forms listed below have been updated and are available on both the TFS website under Pershing forms and in the Material Catalog section of Resources via Netx360.

  • Account Transfer Form
  • Corestone Account Agreement
  • Individual Retirement Account Designation of Beneficiary
  • Individual Retirement Account Distribution
  • Individual Transfer on Death Account Agreement
  • Joint Transfer on Death Agreement
  • Joint Account Agreement
  • New Account Agreement
  • Trustee Certification of Investment Powers

We encourage you to begin using the updated forms immediately, however, Pershing will accept the existing forms until December 31st, 2013.  After that date only the new versions of the forms will be accepted.  We will continue to notify you when additional updated forms are available.

Tomorrow's Financial Services, Inc.

Signature Guarantees

Investopedia defines a signature guarantee as “a form of authentication issued by a bank or other financial institution that verifies the legitimacy of a signature and the signatory’s overall request. This type of guarantee is often used in situations where financial instruments are being transferred. In most cases, the guarantor accepts all consequences in the event that the signature is fraudulent.”

What Do You Need To Know About the TFS Guarantee Program?

—TFS will signaturee guarantee (SG) an original document for our clients or pending clients only providing this transaction is for TFS related business. Unfortunately, we cannot SG a request for a client or pending client for a third party.

—We cannot SG a fax or scan. Only original signatures can be guaranteed. Even if the vender is stating they will accept a faxed or scanned signature our bond does not permit us to make this accommodation.

—Our bond limit is $250,000 per transaction. Requests over that amount cannot be honored. For example, John Smith is transferring three accounts into his new brokerage IRA. Each of those three transfers is considered a separate event so the total dollar amount can be over $250,000. However, the combined dollar amount cannot be over $500,000 with no single transfer over $250,000.

—If a SG request is being sent to home office as part of pending business, a copy of the client’s valid driver’s license must be submitted as well. There are no exceptions. If the request is for an existing client, then a copy of the client’s driver’s license is not necessary.

—A SG request must also include Request for Signature Guarantee form. This form is required to be signed by the representative and client.

—TFS home office will not determine if a SG is necessary for a piece of business that has been received by home office. That is the responsibility of the representative and client. If you are unsure a transaction you are processing for a client requires a SG, please contact your manager, OSJ or the vender directly.

If you have any questions, feel free to contact me djohnson@tfsweb.com

—-Dan

The NEW Guarantee Builder – More Than Just Life Insurance

New life insurance products are consistently unveiled by the industry, and over the years, they seem to get better at addressing client needs. There are a number of products to choose from today to provide protection for myriad life events, including:

  • Unexpected death
  • Leaving a legacy
  • Protecting income
  • Being confined to a nursing home
  • Being diagnosed with a terminal illness
  • Having a heart attack, stroke, or cancer
  • Retiring
  • Putting a child through college
  • Estate planning

Recently, some life insurance products have done a tremendous job of offering clients additional protection and flexibility beyond the death benefit. The only problem was that there wasn’t a product that could provide protection against everything listed above and more. Until now.

The NEW Guarantee Builder® Indexed Universal Life Insurance is a truly versatile product. Death benefit guarantees, cash accumulation potential, accelerated death benefit endorsements, and a number of other features offer protection for the client for just about any life event. Here are a few highlights:

Death Benefit Guarantees* – The secondary no-lapse death benefit guarantee can be guaranteed to any age or for life to cover estate planning needs, income replacement, or leaving a legacy.

Cash Accumulation Potential – One of 13 different indexing buckets to choose from, the S&P 500® Annual Point-to-Point has a current cap of 13.5%. Cash can accumulate in the policy to supplement retirement income, help cover college costs, or serve other needs.

Accelerated Death Benefit Endorsements – With the three types of accelerated death benefits, clients can access funds for terminal, chronic, or critical illnesses.

As you build your next case, consider looking at our the North American Guarantee Builder to cover your client’s needs and many more.

For assistance or questions, please call Steven Hipsher @ the TFS Home Office 732-758-9300×165 or email shipsher@tfsweb.com