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.
—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.