Author Archives: Tammy Case

Suspension Lifted on Sales of Carter Validus Mission Critical REIT II and Sierra Income Fund

Dear Friends,

Back on November 16, 2015, in the wake of an ever expanding wave of regulatory scrutiny surrounding American Realty Capital and its founder Nicholas Schorsch, TFS Securities, Inc. decided unilaterally to suspend sales in in Carter Validus Mission Critical REIT II and the Sierra Income Fund.  These products were distributed by SC Distributors, who had been previously acquired by the ARC  / RCS companies.

Since that time, the majority of their original investors and board members of SC Distributors came together , to “repurchase” the firm from RCS.  Since that time, we have watch the operations and transition very carefully, and feel comfortable that things are back to “business as usual” with SC Distributors.

Consequently, effective immediately, TFS Securities, Inc. hereby lifts this previous suspension, and re-establishes our selling agreement for the distribution of these products.  Appropriately licensed advisors can begin to discuss this products, where appropriate, with suitable and qualified investors.

Please be advised that all current forms and paperwork must be utilized in consummating the sale, and no subscriptions will be accepted with paperwork dated before May 9, 2016.

Any questions can be directed to Thomas P. Hyland, President at tphyland@tfsweb.com

 

Respectfully,

 

Thomas P. Hyland
President

TFS WMT LOGO
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

Licensed by the Pennsylvania Department of Banking, Loan Correspondent

 

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
437 Newman Springs Road
Lincroft, NJ 07738
732-758-9300 Extension 145
800-833-1862 Extension 145
732-576-4501 FAX
TPHyland@tfsweb.com

 

 

 

NEW ACCOUNT FORM MANDATE

Effective July 1, 2015 the April 2015 version of the New Account Form will be the only version of the New Account Form [NAF] that will be acceptable for new brokerage business, direct business and account updates.

Pershing has updated the NAF to comply with recent Internal Revenue Service mandates. In order for TFS to comply with these IRS mandates we must only accept the 4/15 version of the NAF.

All other versions of the New Account Form received after 7/1/15 will be returned to the representative with the accompanying paperwork and/or checks unprocessed. This is not something TFS desires; however, this new IRS mandate is something we all must comply with.

You can view the updated New Account Form on our website at www.tfsweb.com and the form will be available on LaserApp later this week.

OBA Change of Procedure

Effective immediately, Thomas P Hyland will be approving all new and updates to Outside Business Activities. Please continue to submit OBA forms through the proper channels to your manager, but keep in mind this new step may result in additional queries from TFS Compliance or Tom himself.

Representatives should also take note that this new approval process may cause delays in approvals. Representatives should use good judgment when it comes to the timeliness of OBA submissions. All Outside Business Activities must be approved prior to engaging in the OBA. Failure to fully comply with this policy will result in immediate and swift disciplinary action.

Please direct any questions regarding this new procedure to myself or your designated Compliance Liaison.

—-Dan

djohnson@tfsweb.com nolivo@tfsweb.com alopez@tfsweb.com

TFS ALTERNATIVE INVESTMENT DISCLOSURE (UPDATED)

This is an update to the initial form and field notification from last Spring. Also, several managers and representatives have asked that the initial bulletin be resent

PS, the old form will still be accepted, but only the revised version is available on TFSWEB.com

—-Dan

TFS Securities, in an effort to serve our clients and remain fully compliant with Federal and State regulations concerning Alternative Investments, has just published a new supplemental disclosure for Alternative Investments. This new disclosure is very important because the additional disclosure seeks to further clarify the client’s investments objectives, and how investing in a particular AI is suitable.

The AI Disclosure must be completed fully and signed by both the investment professional and client(s.) The AI Disclosure is to be included with all initial and supplemental investments into Alternative Investments effective Monday, June 9th regardless of a client’s prior Alternative Investment experience. Paperwork received without the AI Disclosure beginning June 9th will not be considered in good order. Alternative Investments is a major regulatory concern and we appreciate, as always, your full attention and cooperation to help insure our client’s investment choices are the best choices for them.   

I’ve included a link to Forms section of tfsweb.com. The AI Disclosure is found under the Broker Dealer section. Remember our forms are password protected so you must be logged into the TFS website in order to access the form. Please feel free to contact me with questions.

—Dan

http://www.tfsweb.com/securities/forms.aspx

YEAR-END ADVERTISING REQUIREMENTS

It’s that time of year again. Time to get your advertising submitted for annual review. The items that needed to be reviewed are business cards, letterhead, faxes and email signatures.

*Please note* this is annual review. Even if your advertising was approved during the year, you are required to submit it once again in order to fulfill your year-end obligations.

How Do I Submit?

Please photocopy the applicable pieces and submit with an Advertising Approval form, which can be found on the TFS web, to your OSJ or supervising principal. Also, please print a copy of your email signature to send to your OSJ, forwarding an email will not suffice. FINRA requires us to have a copy of your email signature on file with your approved advertising.

Pieces that are not submitted per the guidelines above willl not be considered not in good order. The representative and their manager shall be notified. Sole responsibility for having their advertising approved is that of the representative. Failure to have advertising approved by 12/31/14 could result in a Letter of Caution being generated. We ask for your full cooperation. It will be greatly appreciated if you can assist with getting this task completed as promptly as possible.

Direct Change of Broker/Dealer Procedure

Recently there has been a rash of Change of Broker/Dealer submissions that have either included too much information or not enough information, so it’s a good time to review what is and not necessary.

1) A New Account Form if the client is new to the B/D or if the information has not been updated in the last 3 years. A NAF is necessary for each registration type being processed.

2) A completed Change of Broker/Dealer and/or Representative Authorization form. Most vendors have their own form, which is acceptable to use in place of the TFS form. Submitting both forms is not required. The vendor form is acceptable providing the client and representative sign the form, and client’s account number and social security number are on the form.

3) A recent statement from the vendor.

HELPFUL TIP

—Separate forms may not be required for each account. Accounts can be grouped providing the registration and vendor is the same. For instance Mary Smith has 3 IRA accounts with Franklin Templeton. All 3 accounts can be listed on the same form.  (Please remember to write each account number on the form or else the vendor will reject the request.) Also, Mary and John Smith have 1 account with Franklin Templeton and 1 account with Lord Abbett. 2 forms must be a submitted in this case.

 

 

Exciting News at TFS

September 17, 2014

Dear Loyal TFS Associates,

There is some exciting news here at TFS. As we continue to grow, TFS remains committed to providing the highest level of support and service in all areas of the business to both our clients and advisors.

We are very pleased to announce the addition of Nicole Olivo to our Operations and Compliance team. Nicole joins us effective September 15, 2014. Nicole will be responsible for Internal Audits, monitoring Risk and Controls, and implementing Regulatory Policies and Procedures. Nicole brings over thirteen years of compliance experience to our team and will work closely with Anthony Lopez and myself to insure great success here at TFS.

We are also very pleased to announce the return of John Moon to our Operations team. John will start with us on September 22, 2014. John has been with TFS since 1998 and has extensive back office experience as well as sales experience as a Financial Advisor. We are extremely excited to have John back with us in order to assist in providing top level service to you and your clients.

We regret to inform you that Thomas Asciutto, Compliance Coordinator will no longer be working with TFS effective September 12, 2014. While this is a loss to the company, we wish Tom the best of luck in his future challenges. Tom was a pleasure to work with and a valued member of our compliance team. Tom’s duties will be assumed by Nicole Olivo, and we are extremely confident that Nicole will resume where Tom left off and will grow as a tremendous asset to TFS.

Please help me welcome both Nicole and John with your usual grace and courtesy. It’s great to have them as part of the TFS Family, and we look forward to their contributions to the success of TFS.

Respectfully,

Tammy S. Case
Vice President

Emergency Maintenance of Hosted Exchange 2007

EMERGENCY MAINTENANCE ON EMAIL EXCHANGE SYSTEM

As part of our efforts to continually improve our product offerings, Rackspace will be performing an emergency maintenance on our Hosted Exchange 2007 email platform. This maintenance window is scheduled to start August 5th, 2014 and will be ongoing for the next few weeks. We will remove this alert once the maintenance has completed.

During the maintenance, we will be performing mailbox moves for a small number of mailboxes. Users being moved will experience interruptions of connectivity to their Exchange 2007 mailboxes via POP/IMAP/SMTP/RPC over HTTPS and Outlook Web Access protocols.

We ask that you be patient during this process. If you do experience an interruption, wait a few minutes and try again. This will avoid an overwhelming number of calls to corporate.

Thank you for your patience and we apologize in advance for any inconvenience.

Best Regards,

Tammy Case, CCO

Tomorrow's Financial Services, Inc.

Be Vigilant of Fund Transfer Request via e-mail

Hacking an e-mail account is a common thing now days. We need to be alert of Fund Transfers request via e-mail. It can inflict financial damage to the firm and the registered representative, this is something that can be avoided.

Reg. Rep. X (CRD #1234567, Registered Representative, Edison, New Jersey) was fined

$7,500 and suspended from association with any FINRA member in any capacity for 10

business days. The fine shall be due and payable on Reg. Rep. X  return to the securities industry.

The sanctions were based on findings that Reg. Rep. X falsely attested that she had confirmed

a request for a fund transfer with a customer and as a result, caused her member firm’s

books and records to be inaccurate. The findings stated that Reg. Rep. X processed the fund

transfer request that she thought a customer had sent, but the transfer request was

actually sent by an imposter who hacked into the customer’s email. In order to finalize

the transfer of funds, and to accommodate what she believed in good faith to be the

customer’s wishes, Reg. Rep. X provided a false attestation in her firm’s electronic wire transfer

system. In reliance upon Reg. Rep. X’s attestation and the information the imposter provided, the

firm wired the funds from the customer’s account to the account the imposter specified.

The imposter requested a second transfer and at that point, Reg. Rep. X and the adviser she

assisted became suspicious. Reg. Rep. X and the adviser brought the incident to a branch manager

after they determined the signature on the letter of authorization (LOA) did not match the

customer’s signature on file. As a result, the firm investigated the incident and terminated

Reg. Rep. X based on her false attestation. Reg. Rep. X initially represented that she mistakenly checked

the box attesting that she had spoken with the customer and later volunteered that she did

so knowingly.