General Questions/Answers

Transcription

1 General Questions/Answers 1. If the client s address or changes, can I submit the change on this site? You cannot change client information through the Folio site, but the client may do so by logging on to folioclient.com and editing their account settings. Please note that the client cannot change a Social Security Number, username, client name, or date of birth. 2. Some prospective clients are not comfortable providing their social security number and/or their date of birth. Can I just put random numbers in these areas and then change them when they become a client? A future release will support the ability to generate an Investment Policy Statement without the need to enter a client s personal information. At this time, however, the system expects real client information so fake information should never be entered. 3. After I make money available for withdrawal, how long do I have to wait before I can request the funds? Most trades have a T+3 settlement period, so the withdrawal request may be set for the settlement date. The projected daily cash availability is shown on the right side of the withdrawal screen to advise when the funds should be available. 4. Can I split a sale? Split business is allowed but only at a 50/50 split. A split code must be requested, by completing the Multiple IAR Fee Allocation Form, and created prior to submitting business. When completing an application for split business, please use your agent code number and the splitting agent s code number, which results in a 10- digit code number. Please note that it does not matter in which order the code numbers are listed. 5. Can I print my Advisor ADV Part 2B from the system? A Representative s ADV Part 2B is not loaded into Folio's system, so you are responsible for providing a copy of it to your clients. 6. Can you update the app so I can prefill it with as much information as possible before I meet with the client? A future release will support the ability to save partial client personal information so an advisor can complete what he/she knows and then fill in the remainder of the information with the client. Currently all information is required before you continue to the application documents. 7. The system demo did not show transfer forms. Are they part of this process? Transfer forms are not required to open an account. To fund an account by transfer, go to the Account Options drop down menu for the account, select Transfer Account, and then follow the instructions to enter the transfer.

2 8. For an IRA account or transfer brokerage accounts, is there a place to upload a copy of the client s statement? If a client s statements are required for Suitability review, you can upload them using Synergy. If the documents are for a transfer request, they can be ed or faxed along with the transfer request to Folio. 9. How do I know the completed client application has been sent? Once all the information is complete, you will receive a confirmation that the account has been set up. You can track the status of the application(s) awaiting signatures or firm review from the Accounts: Status widget on the dashboard in Folio. 10. How do I upload documents to Folio? At this time only the paperwork to open an account can be uploaded to Folio. However, future releases will allow for additional documents to be uploaded. To upload your client's document follow these steps: 1. Go to your client's account 2. Click Items for Attention under more info 3. Click upload below the document shown (The system expects the attachment to correspond to the document shown on screen.) 4. Go to the next Item for Attention until all documents are uploaded 5. TFA will receive the application once all the documents have been signed digitally or have a corresponding upload. 11. Why doesn t my client's account show Place an Account Trade? If Place an Account Trade is not shown as the default choice in the Account Level drop down list, you will need to choose Strategy Selection from the drop down menu and then step through a series of screens that will ask you to pick a strategy and subscribe your client's account. The strategy does not have to be different from the client s current allocation. After the client's account is subscribed, you will see the Place an Account Trade screen and this option also is available in the Account Level drop down menu. 12. How does the client receive a copy of the paperwork? The complete signed record is available in Synergy and the branch manager can provide it to the client. However, if they wish to print a copy that does not have their signatures, they can review the Account Set Up video to learn how to download and print the document. 13. How do I change the Strategy allocation for an existing account? Click on the client's name, select the Account Level drop down menu, and click Strategy Selection and then "Go." 14. If I have clients who are already on the platform but want to add new accounts, how I do so without having to enter all of their information as if they're new clients? To create a new account for an existing client, you should select Create Account (Beta) from the Account Options drop down menu, which is located next to the existing client record.

3 15. Is a Branch Office Manager s (BOMs) review and approval required for an application? If so, how is this review and approval completed? BOM review and approval is not required. The completed application is sent directly to Synergy from Folio. 16. Can a client withdrawal/move funds from his/her account or is this something I, the advisor, must do? Clients cannot move money in the account. It must be done by the client s advisor. 17. Is there a report similar to the quarterly statement on Advisorlynx? Monthly statements are currently available on the site and can be accessed from the Account Options drop down menu located next to the client record. An additional valuation report will be included in a future release. 18. If a client is paying with cashier's check, is a wet signature needed on the transfer forms? The cashier's check should be forwarded to Folio for deposit. Non- ACAT transfers will require a wet signature from the client. 19. Can I use an ipad with the Folio system? You can currently open an account using an ipad and other mobile devices. 20. Can the BOM or the advisor access the files after an account is open? Yes, these documents are available in Synergy 21. Do all account setups require an to be sent to the client for an electronic signature? No. If the sign now option is selected, the client can sign while with the advisor. If the print option is selected, the forms must be manually signed and uploaded. 22. On Advisorlynx, I know where to find model fact sheets and composite performance sheets. Where can I find these on the Folio site? Fact sheets can be found on Folio's site in the strategy selection application section. Once the Advisorlynx site is disabled, composite reports and fact sheets will be available on MyWFG.com. 23. How do I add one- time funds to a client s account? How do I set up an electronic deposit? Instructions for each deposit method may be found on the Transfer Money system. Click the client's name, select the Account Level drop down menu, and then select Transfer Money. Then you select the deposit type to view the instructions or enter the deposit information. 24. How do I set up regular payments, e.g. monthly, quarterly? Systematic deposits and withdrawals may be set up in the Transfer Money system. Click the client's name, click the Account Level drop down menu, and select Transfer Money. Auto buy or sell requests should be set up through the Transfer Money system, as well.

4 25. Is the Required Minimum Distribution (RMD) automatically debited from the client s account? The RMD is not automatically taken out of the client's account. The client needs to provide instructions on how to take the RMD amount. The annual RMD amount can be found by accessing the client's Statement's and Tax Records center. Electronic Funds Transfer (EFT) 1. For withdrawals, should I first place the trades then make the EFT request separately? As long as there is cash in an account, a withdrawal can be made without selling securities. If the withdrawal amount exceeds the available cash in the account, you must place a trade to generate the required cash. In this instance, you should first place a sell order large enough for the withdrawal and make sure to leave approximately 1 to 2 percent in cash to pay for fees. After you have placed the sell order you can request the withdrawal any time after the settlement date. 2. If my client withdraws the cash in his/her account via an EFT, will the system automatically generate a trade to replenish the cash? In this instance, you will need to place a trade to replenish the cash. We recommend keeping 1 to 2 percent in cash to pay fees. 3. How long does it take for an EFT link to be established? The link is established instantly. 4. Do I need a copy of a voided check in order to establish an EFT Link? A copy of a voided check does not have to be provided to establish the link. 5. In the past when an EFT was linked with a savings account it required a letter from the bank. Is this still needed? A letter from the bank is no longer required to link to a savings account. Systematic Investments & Withdrawals 1. Do systematic investments/withdrawals need to take place on the 15 th or the 20 th of the month? You can now establish systematic investments/withdrawals on whatever date best suits your client. New Account Set- Up 1. During the enrollment process I often pause to discuss things with clients. How long does it take for the site to time out? The site automatically logs you out after 90 minutes of inactivity. 2. Is there a client login instruction page that I can print out? Instructions for password creation and account access are ed to the client once the account has been created.

5 3. How do I upload a statement? Statements cannot be uploaded into the Folio system at this time. Account statements needed to complete a transfer should be ed to support@folioinstitutional.com. Withdrawals 1. Can a client withdraw all of his/her funds but keep the account open? Yes, when a client makes a full withdrawal of his/her funds the account automatically stays open.