Tag Archives: pershing

Pershing: NetXInvestor Update Effective 04/24/2014

As previously communicated, Pershing is in the process of changing NetXView to NetXInvestor.

Beginning on April 24th, 2014, clients will be redirected to NetXInvestor when they log in to NetXView. Please remind your clients to save the new internet address, www.netxinvestor.com, to their favorites for future use.

If your clients are not currently enrolled in e-delivery, please encourage them to sign up today!

 

Pershing 2013 Tax Season Overview

Pershing has created detailed communications which provide information relative to the 2013 Tax Season.

To access Pershing’s 2013 Tax Season Overview, please log on to NetX360 and go to Resources, Communications and in the Search box type 2013 Tax Season Overview and click go.

Next, click on the first item that appears to view the communications. Within this document you will find links to notices that include information on 1099 Mail Dates, Various Tax Reporting Tools, Sample Tax Statements and the 2013 Tax Handbook.

Please take advantage of this valuable information today!

 

Pershing Mailing Schedule for 2013 Tax Reporting

To ensure that clients receive accurate information as early as possible, Pershing utilizes a phased mailed schedule for tax reporting documentation.

Below is a brief overview of the scheduled mailing dates and a description of the mailing event.

Phase 1 – Scheduled Date: January 31, 2014 – Mailing Event: Form 1099 for accounts with no income reclassifications.

Phase 2 – Scheduled Date: February 18, 2014 – Mailing Event: Form 1099 for accounts that previously had pending income reclassifications, but Pershing has now received final tax information, Pending 1099 mailing for accounts that are awaiting data from issuers and revised 1099s from Phase 1.

Phase 3 – Scheduled Date: February 28, 2014 – Mailing Event: Form 1099 mailing for accounts which were pending information from the issuers as well as revised documents for accounts within the Phase 1 and Phase 2 mailings.

Phase 4 – Scheduled Date: March 17, 2014 – Mailing Event: Form 1099 mailing for all remaining accounts, regardless of whether pending income reclassification information has been received from the issuers, including revised documents for all previous phases.

For more detailed information please log on to NetX360 and go to Resources, Resources Home and type in Phased Mailing Schedule for 2013 Client Tax Reporting and click go. You will be able to view an Advisor based document with more detailed information.

Pershing’s NetXInvestor: Effective 02/28/2014

Effective 02/28/2014, all clients who have access to myedocumentsuite.com or NetXView will now be directed to Pershing’s new site www.NetXInvestor.com.

Pershing has combined all of the existing sites for a new consolidated investor experience.

One of the great features of the new site is the ability for clients to reset their passwords directly through a “forgot password” link.

Other updates include simplified screens, one-click access throughout the site and new search features within several screens.

Please encourage all of your clients to sign up for NetXInvestor as soon as possible to start taking advantage of this updated service!

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: 2013 Required Minimum Distributions

As we approach the end of 2013, please continue to process all remaining 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.

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.

Pershing: Next Day Settlement

Many Mutual Fund companies now settle T+1 (trade date plus one).

While this is an advantage when selling to send clients cash, this may be a disadvantage when buying because the cash to pay for a trade must be there the day after the trade is placed, instead of three days later as it was in the past. If an account does not have sufficient cash to cover the trade the account may be charged interest or face a margin violation. Continue reading