Author Archives: Jennette Fraler

Pershing Retirement Account Annual Maintenance Fee Changes

Effective April 1, 2017, there will be increases in the annual maintenance fees for Pershing Retirement accounts. The new fees will vary by plan type.

All clients were notified of this upcoming change on the December 2016 Pershing Account Statements. Below please find a sample of the language included on the statements.

Please see the below changes in the annual fee(s) for your Retirement Account(s), effective April 1, 2017.

For Clients With Traditional IRAs, Roth IRAs, SEP IRAs and Education Savings Accounts The annual maintenance fee for your Retirement Account will increase from $35.00 to $43.50, effective April 1, 2017.

For Clients With Traditional IRAs and Roth IRAs–Mutual Fund Only Accounts – The annual maintenance fee for your Retirement Account will increase from $10.00 to $12.00, effective April 1, 2017.

For Clients With Prototype Simplified Employee Pensions (Prototype SEPs and SARSEPs) Accounts – The annual maintenance fee for your Retirement Account will increase from $50.00 to $58.50, effective April 1, 2017.

For Clients With SIMPLE Plan and 403(b)(7) Custodial Accounts – The annual maintenance fee for your Retirement Account will increase from $50.00 to $58.50 effective April 1, 2017.

For Clients With Qualified Retirement Plans (QRP) Accounts – The annual maintenance fee for your Retirement Account will increase from $50.00 to $75.00 or $125.00 depending on your QRP plan type, effective April 1, 2017.

Our annual disclosure of Pershing related fees is also included on the December 2016 Pershing account statements. As a reminder, the current Pershing Fee Schedule is available on our website at www.tfsweb.com – Securities, Forms, Pershing Forms, Pershing Fee Schedule 2017.

If you have any questions please contact me at 732-758-9300, Ext. 140 or jfraler@tfsweb.com.

Pershing Phased Tax Document Mailing Schedule

Below please find the anticipated mailing dates for Forms 1099 for Pershing Accounts.

Phase 1 – Scheduled Mailing Date: January 31
> Forms 1099 will be mailed for accounts with holdings and income that typically do not require reclassification or additional information from issuers. Generally, this includes accounts holding fixed income (debt) or equity-only investments and options.

Phase 2 – Scheduled Mailing Date: February 16
> Generally, this mailing includes issuers of mutual funds, certain unit investment trusts (UITs), real estate investment trusts (REITs) and certain equities, because the issuer provided their final tax information after the January 31 mailing is prepared.

> Pending 1099 Notices will be mailed for accounts where we are awaiting data from issuers.
The notice will list investments that are awaiting information from issuers or trustees and indicate the possible mail date of an investor’s 1099. This notice, which will be available in
e-Document Suite, will be mailed when issuers of reportable income cannot provide final tax information before the February 16 mailing is prepared. This letter will identify the income impacting the mail date.

> Revision mailing for 1099s sent in Phase One, as required.

Phase 3 – Scheduled Mailing Date: February 29
> Form 1099 mailing will occur for accounts for which we can now include information that was previously pending income reclassifications from issuers of mutual funds, REITs and certain equities, because the issuer or trustee has provided Pershing with final tax information. Generally, this includes remaining mutual funds, REITs and certain equities.1

> Revision mailing for 1099s sent in Phases One and Two, as required.

Phase 4 – Scheduled Mailing Date: March 17
> Form 1099 mailing will occur for all remaining accounts, regardless of whether pending income reclassifications for the account’s income have been received from issuers. Generally, this includes accounts holding complex non-equity securities, such as real estate mortgage investment conduits (REMICs), widely held fixed investment trusts (WHFITs) and some UITs.

> Revision mailing for 1099s sent in all previous phases, as required.

Updated Pershing IRA Documents

Pershing is updating the IRA Custodial Account Agreement, Disclosure Statement and Application. This is due to changing regulatory, legislative and business practices affecting all Traditional, Roth, SEP and SIMPLE IRA accounts where Pershing LLC serves as IRA custodian.

Effective immediately, new IRA accounts should be established using the new IRA custodial account agreements, available on our website www.tfsweb.com, under Securities, Forms, Pershing Forms and in the Marketing Center on NetX360®.

The forms that were updated are:

Traditional IRA Adoption Agreement, SIMPLE IRA Adoption Agreement, Roth IRA Adoption Agreement and Inherited IRA Adoption Agreement.

The updated forms have print dates of 12/15. Old forms will not be accepted after May 1, 2016.

Please make sure to update your forms and processes now.

Updated Pershing IRA/ESA Distribution Form

Pershing is updating the IRA Distribution Form and changing the name to Individual Retirement Account/Education Savings Account Distribution Form. This is due to changing regulatory and business practices affecting IRA distributions, along with feedback from clients.

Form Improvements: The IRA/ESA Distribution form, which is currently available via Resources in Marketing Center of NetX360® , has been updated as follows:

  • Added clarity of instructions, most notably the Tax Withholding Election step
  • Improved explanations of functions within the form
  • Updated acknowledgement language highlighting the one-rollover-per-year limitation

 NOTE: Pershing will accept the existing version of the IRA Distribution form until December 31, 2015.

Updates Due to Policy Change: The Substantially Equal Series (SES) and Permanent Disability request reasons have been removed from the revised form. You can continue to select both SES and permanent disability request reasons by using the existing distribution form until December 31. As of January 1, 2016, we will no longer report asset movement requests with these codes for tax purposes.

Additionally, the ability to select these request reasons via the Asset Movement feature in NetX360 will be disabled at a future date. This policy change will impact accounts that Pershing serves as a custodian/non-bank trustee and accounts where Pershing acts as servicing agent. The removal of these options does not prevent investors from requesting an exception to the early withdrawal penalty via IRS Form 5329.

Please look for a future communication with more details regarding this policy change.

IMPORTANT INFORMATION REGARDING REALTY CAPITAL AND SC DISTRIBUTORS

Dear Friends,

In the wake of an ever expanding wave of regulatory scrutiny surrounding American Realty Capital, Realty Capital Securities, and its founder Nicholas Schorsch, TFS Securities, Inc. has decided effective immediately, to suspend sales in products distributed by Realty Capital Securities, and their subsidiary SC Distributors.  Products affected by this change include Carter Validus Mission Critical REIT II and Sierra Income Fund.

http://www.investmentnews.com/article/20151112/FREE/151119971/massachusetts-galvin-charges-realty-capital-securities-with-proxy

http://www.investmentnews.com/article/20151116/FREE/151119942/ar-capital-to-stop-creating-new-nontraded-reits-close-existing#.VkoEGv9nTa4.mailto

Unlike many of our competitors, TFS Securities, Inc. has never approved or offered programs offered by ARC, RCS, or its affiliates.  TFS Securities, Inc. has performed extensive Due Diligence and approved agreements for the sale of the Carter Validus and Sierra programs when they were distributed by SC Distributors.  Last year, SC Distributors was acquired by Realty Capital.

While these investment funds are completely separate entities that are unaffected by the dynamics of the distributor, we feel that it is prudent to move onto the sidelines while these issues are worked out.  TFS has always taken an ultra-conservative position regarding DPPs, LPs, REITs, and BDCs.  This industry has enjoyed a 5+ year window of explosive capital raised and deployed into real estate, initially at discounts from appraised value and extremely attractive CAP Rates.  As with any other cycle, the deeper we get into that cycle, the selection of bargains are no longer as plentiful.

As always, we encourage you to focus diligently on client suitability and concentration guidelines.  Anyone with business in hand should submit this business in person or via overnight mail to be received at TFS no later than Thursday Morning 11/19.  Please understand that this is not a fire sale, nor an invitation to run out and force through a lot of business under the deadline.  This type of activity will be heavily scrutinized and will not likely be approved.

As always, your cooperation is greatly appreciated.  Please direct any questions to me at 732-758-9300  x 145 or via email at tphyland@tfsweb.com.

Respectfully,

Tom

Thomas P. Hyland

President

437 Newman Springs Road
Lincroft, NJ 07738
732-758-9300 Extension 145
800-833-1862 Extension 145

732-576-4501 FAX

TPHyland@tfsweb.com

Visit us on the web at WealthTFS.com

Securities Offered Through TFS Securities, Inc. Member FINRA & SIPC

Investment Advisory Services Offered Through TFS Advisory Services                                                                                                                                                                                                             SEC Registered Investment Advisor

Mortgages Offered Through TFS Mortgage Corporation, Inc.
Correspondent Residential Mortgage Lender, NJDOBI

Registered Mortgage Broker, NYS Banking Department

Licensed Mortgage Broker, FL Office of Financial Regulation

Company NMLS ID 51460; Personal NMLS ID 52474

Insurance Products Offered through TFS Insurance Agency, Inc.

TFS Securities, Inc. does not accept and can not act upon any time sensitive trading instructions through email and/or voice mail messages. This includes but is not limited to transaction orders, fund transfer instructions, etc.

Notice: All email and instant messages (including attachments) sent to or from TFS Securities, Inc. personnel may be retained, monitored and/or reviewed by TFS Securities, Inc. and its agents, or authorized law enforcement personnel, without further notice or consent.

This email and any files transmitted with it are confidential and intended solely for the use of the individual(s) to whom they are addressed. Any and all other distribution or copying of this communication are strictly prohibited. Please notify the sender immediately if this message is received in error.

No binding contract can be established by any e-mail exchange.  All contracts have to be approved by the President.

Advisors:  Click Here to Learn More About TFS!

 

Clients:  Click Here to learn about our exciting new Wealth Management Platform

 

Pershing’s NetX360® Mobile App – Now Free of Charge!

We are excited to announce that Pershing’s NetX360® Mobile App is now free of charge for all users.

In today’s marketplace, it is critical that you stay connected. NetX360® Mobile enables you to conduct critical business operations while you’re on the move—wherever you are.* This intuitive app helps you stay on top of the latest market developments and updates. It also provides access to essential activities that support your business and enables you to stay productive while on the go.

You have a virtual office at your fingertips. With a few simple clicks, you can track your practice through the NetX360 Mobile dashboard and gain actionable intelligence into what’s happening in the market and with your clients’ accounts. With NetX360 Mobile, you can:

  • Access your clients’ account profile, balances, holdings and activity while you’re out of the office
  • View the balances, holdings and activity for any households you have created
  • Review market value, money funds, equity and cash available for a selected household
  • Find your clients’ contact information, view their address or even engage with them
  • Stay ahead of market shifts by absorbing real-time information and access to your watch lists
  • Be notified of time-sensitive needs via alerts and identify items that need immediate attention
  • Trade equities, ETFs and mutual funds

How to Use NetX360 Mobile

  1. Download NetX360 Mobile to your device from the Apple® App Store on your iPad® or iPhone®; from the Microsoft® Windows Store on your Windows® 8 Pro tablet, or from Google Play™ on your Android™ Smartphones.
  2. Open the NetX360 Mobile app from your mobile device and enter your NetX360 user ID and password.

NetX360 Mobile helps extend your NetX360 desktop to your mobile device. In today’s marketplace, accessing important account information when you are away from the office is critical. To learn more about NetX360 Mobile, please visit the Mobile Center in NetX360 under the Tools menu or speak to Jennette Fraler at jfraler@tfsweb.com.

Anytime, anywhere—that is the power of mobility*. That is the power of NetX360 Mobile.

* Subject to system availability and an internet connection.

© 2015 Pershing LLC. Pershing LLC, Member FINRA, NYSE, SIPC, is a wholly owned subsidiary of The Bank of New York Mellon Corporation (BNY Mellon). Trademark(s) belong to their respective owners. For professional use only. Not for distribution to the public.

Training on the New NetX360 – Monday 04/27/2015 10:00am

We are excited to announce that we have a few seats available for training on the New NetX360 on Monday 4/27/2015, 10:00am-12:00pm, at the TFS Home Office.

This training event is Reservation Only. Seating is limited so please RSVP to Lisa Avilio-Meyer at lmeyer@tfsweb.com or 732-758-9300 Ext. 175 to reserve your seat today!

The training agenda will include an introduction to the New NetX360, Quick Tips , Navigation Tutorial, Question and Answer Session and much more information!

We hope to see you at this valuable training session!

 

Immediate Action Required: 5/3/2015 Deadline – Your Migration to the New NetX360®

We are nearing the end of the NetX360® migration. There are only 2 weeks remaining until the previous version of NetX360 is no longer accessible. Carefully review the information below to assure that you are prepared for the transition.

System Access

If you have not installed the new NetX360, do so immediately by visiting netx360.com/download. If you participated in pre-testing, you should first uninstall any prior versions of NetX360. Once installed, you can access the new version of NetX360 using your existing NetX360 user ID and password.

You will also need to begin using the new NetX360 as much as possible to perform your daily tasks. You only can access both applications simultaneously until May 3rd, 2015, after that, the previous version of NetX360 will no longer be accessible.

Training: Pershing is hosting several training sessions to help you become proficient with the new NetX360. Please attend one of these training sessions as soon as possible. For details of NetX360 training sessions, please log on to NetX360 and click on the Resources Tab, Learning Center, Client Training Services. We encourage you to watch the Self Learning Course located on the right hand side of the screen titled “New! Transitioning to the New NetX360″. Also, please access the “e-Learning Calendar” for training sessions that are held almost daily for the New NetX360.

Please submit any questions regarding the NetX360 migration process to Jennette Fraler at jfraler@tfsweb.com. Thank you again for your support during the migration process. For more information on NetX360, you may visit pershing.com/netx360.html or pershing.com/netx360.

2nd Notice – Action Required: Your Migration to the New NetX360®

As communicated last week, Pershing is retiring the existing Pershing professional platform and migrating to a new and improved version of NetX360®.

We hope you have installed the new NetX360 and have explored the application. If not, you can install it by visiting netx360.com/download.  Once installed, you can access the new version of NetX360 using your existing NetX360 user ID and password.

We encourage you to begin using the new version of NetX360 as much as possible to perform your daily tasks. You can access both applications simultaneously until the end of April, 2015. After May 3rd, 2015, the previous version of NetX360 will no longer be accessible.

Pershing is hosting several training sessions to help you become proficient with the new NetX360. Please attend one of these training sessions as soon as possible. For details of NetX360 training sessions, please log on to NetX360 and click on the Resources Tab, Learning Center, Client Training Services. We encourage you to watch the Self Learning Course located on the right hand side of the screen titled “New! Transitioning to the New NetX360″. Also, please access the “e-Learning Calendar” for training sessions that are held almost daily for the New NetX360.

Please submit any questions regarding the NetX360 migration process to Jennette Fraler at jfraler@tfsweb.com. Thank you again for your support during the migration process. For more information on NetX360, you may visit pershing.com/netx360.html or pershing.com/netx360