Knowledge Check - Liquidations Form 1507 Assessment

CD Liquidate at Maturity

When is the follow up date for this request assuming this request is being sent on the day of maturity?

• Follow up in 5 business days.

• Follow up on 5/26.

• Follow up the next business day.

• Follow up in 10 business days.

Answer explanation

See the Manual Receives Liquidations Form 1507 procedure (iKnow #2917) - Liquidate CD on Maturity Date

Annuity Liquidation

We receive a 1507 with paperwork attached. You determine RJ is the current owner/custodian of the annuity. What do you do?

• Reject the request instructing the branch to work with RJIG to process the request.

• Process the request.

• Re-Index the document to #06062 for Insurance Solutions and notate Scratchpad.

• Forward the request to the annuities desk associates.

Answer explanation

See the Manual Receives Liquidations Form 1507 procedure (iKnow #2917) - Annuity Held Direct.

No Third Party Follow Up

Which application do we use to generate the 'no third party f/u' notice we send to branches.

Answer explanation

See the Manual Receives No Third Party Follow Up procedure (iKnow #2880)

True or False

Movement from BENE IRA to BENE IRA is a death claim; and

Movement from TRAD IRA to BENE IRA is a transfer.

• True

• False

Answer explanation

When we move an account still registered in the name of the decedent at the contra firm to the beneficiary's account here at RJ, we are CLAIMING the decedents proceeds from the other firm.

When the beneficiary has already claimed the account as their own at the contra firm and have re-registered it into a BENE IRA, we then perform a like to like transfer of their BENE IRA at the contra firm to their BENE IRA here at RJ.

Liquidation Policy

The following criteria MUST be met for which of the 3 types of assets we liquidate using the form 1507?

- Client must be owner (no other owner/custodian)

- Must be retirement

- Must be held direct

Answer explanation

See the Liquidation Policy of Account Transfers on RJ Net.

https://rjnet.rjf.com/resourcesandsupport/corporateservices/policies/liquidationpolicyofaccounttransfersrja

Contact Card

How would you process and deliver a request for Regions bank based on the information in the contact cards?

Evaluate responses using AI:

OFF

Answer explanation

1. If you have pulled the request from the queue and it does not have an original document stamp, you would review the request for processing and reject requesting the original document be sent to the home office for processing. If you pull the request from the queue and an original document stamp is present, proceed to step 2.

2. Review the document for accuracy. Make Scratchpad notes and indicate 'no third party f/u'.

3. Email the designated group/associate assigned to pull originals from that location. Including instructions and supporting documents to accompany the request.

4. Deliver to the address in the contact cards as this is the back office that processes liquidations.

5. Next business day, once overnight package has been delivered, send a 'no 3rd party f/u' notice to the branch.

6. Approve request in system.

Letters of Acceptance (LOA)

In the LOA Cover Letters database, which transaction type would you select for a SEP IRA in the name of the decedent moving to a BENE IRA for the beneficiary?

Evaluate responses using AI:

OFF

Answer explanation

See the Account Transfers Verification Reference Chart (iKnow #3047)

Original Documents

Who do you email to overnight an original document that was received in Southfield?

• AT Department Inbox

• AT Mail Desk

• Martha Moustakakis

• Christa Rydlewski

Answer explanation

See the Manual Receives Original Document Request (iKnow #2739)

Mutual Fund Liquidations

Your client has an individual account held at Janus Henderson. They would like to liquidate funds JUCSX, JACAX, and JGMAX and bring the proceeds into their TOD account here at RJ. How would you advise this client?

Evaluate responses using AI:

OFF

Answer explanation

See the Liquidation Policy of Account Transfers via RJ Net.

https://rjnet.rjf.com/resourcesandsupport/corporateservices/policies/liquidationpolicyofaccounttransfersrja

Follow Ups

List at least two of the questions you should ask when conducting a follow up for a request when the cash has not yet been received.

Evaluate responses using AI:

OFF

Answer explanation

See the Manual Receives Liquidations Form 1507 procedure (iKnow #2917) under Follow-up