Knowledge Check - Manual Delivers - Annuities

If documentation fails to provide Raymond James account number, what system should be accessed to verify the Account Number?

• PowerPact

• SIS

• POV Contract Viewer

• Client Center

Answer explanation

POV Contract Viewer displays both the contract number and Raymond James customer account number.

TRUE OR FALSE:

If the account has transferred out in full via ACATS or manually, and is currently closed the processor does not need to assess fees

• TRUE

• FALSE

Assuming the paperwork is in good order, if the RJ account is a Direct Custodial account what action is needed?

• Verify if RJ is remaining B/D

• Request B/D change form instead of ownership change form

• Reject request back to the contra firm as the client (not Raymond James) is currently the owner on the annuity

If Raymond James is remaining broker/dealer re-index to _____ using direct account number provided. 

If Ownership paperwork is received on an RJ custodial account, the annuity is currently linked to it, and there’s no clear indication RJ is/is not remaining broker-dealer, what action is needed from the processor?

If Ownership paperwork is received on an RJ custodial account and the paperwork is in good order but there is only $200 remaining in the clients account would this be considered a "Full" or a "Partial?"

• Partial

• Full

Select all that apply: Which is NOT required to be listed on a Custodian Ownership Change request?

• Last 4 digits of SSN

• Beneficiary Information

• New Owner

• • Verify Client Signature and that the signature is dated within the past 6 month

TRUE or FALSE:

If the ownership is changing to another third-party custodian, or there is proof of a broker/dealer change to a contra firm and the account is not already closed, then the account value must be greater than or equal to the amount of transfer fees due.

• True

• False

If account does NOT meet the minimum requirements for fees and is still open what action should be taken?

• Grant the exception to waive the fees

• reject the request back to the contra firm via Bounce Back letter stating fees due. 

• Suspend request to branch letting them know there are insufficient funds

• If the client has another account request the cash be transferred to cover the fees