1) True or False: Service professionals are NOT empowered to add full trading authorization (FTA) or limited trading authorization (LTA) on individual, joint tenants (JTTEN), trusts, and business entity accounts in ServiceWorks. a) True b) False 2) Which BETA screen should be used to update the beneficiary on a retirement brokerage account? a) TODB b) MDRO c) IRAS d) DEMO 3) What is the process for adding a POA to a custodial account? a) Submit an F1C along with the POA document- If the POA document is more than 5 yrs. old, F109 is needed. b) Submit a new account application along with the POA document. c) Submit a certification of opinion letter, F1C, and a POA document. d) POA cannot be added to custodial accounts. 4) An advisor calls in on a closed IRA account and wants it reopened. What steps are required to reopen the account? a) Contact the Account Transfers Service Support team to have them update the account. b) Contact Retirement Services first, then New Accounts can reopen the account. c) Send an email to your management team. d) Advise that once IRA accounts are closed they cannot be reopened. 5) John Doe Trust has John Doe and Jane Doe as co-trustees. Jane wants to resign from this trust and John will be the only trustee going forward. What paperwork is required to update this trust account with LPL? Select all that apply. a) F29-signed by John Doe only b) Letter of resignation from Jane c) F1BN/F1AN d) Death certificate e) All the above. f) A, B, and C only.  6) True or False: Upon the death or resignation of the custodian on a UTMA account, a new custodian must be appointed by the minor if they are at least 14 years old. a) True b) False 7) True or False: I can add a POA to a guardianship or conservatorship account. a) True b) False 8) Thomas and Monica had a joint tenant with rights of survivorship account, but Thomas recently died. Monica wants to add their son Mike as the new primary on the account. What steps are required to make this update? Select all that apply: a) Use a new account application to open a new joint account for Monica and their son, Mike. b) Use a New Account Application to replace Thomas with Mike as the primary on the existing account. c) CM204 Journal Form d) Submit a copy of Thomas' death certificate. e) All the above. f) A, C, and D only. 9) What happens when the account holder on a conservatorship account passes away? a) We require assets to move into an estate account for the deceased account holder unless otherwise specified by a court certified document. b) The Financial Advisor can appoint a new account holder by submitting a death certificate along with a new account application. c) Journal the funds into an individual account for the guardian. d) Account goes directly to escheatment. 10) Which of the following forms is used to add margin to an existing trust account? a) F7 must be on file; Advisor then submits the applicable margin agreement. b) F700 must be on file; Advisor then submits the applicable margin agreement. c) F29 must be on file; Advisor then submits the applicable margin agreement. d) F21 must be on file; Advisor then submits the applicable margin agreement. 11) What is required to establish and manage a small-valued estate? Select all that apply. a) Create an estate account for the decedent. b) Open an account for the administrator/beneficiary listed in the small estate affidavit. c) Submit an official copy of the death certificate. d) Journal the assets from the decedent's account to a new account for the beneficiary. e) All the above. f) B, C, and D only. 12) In order for a margin balance to be transferred to another account, what needs to take place? a) Contact the Margin Department via ext. 6515 b) A case to the Move Money Specialized Team c) A new margin agreement must be signed and submitted for each new account the client requests margin on. d) The existing margin agreement can map over to each new account.

NADB: Updates Certification Practice

by
Print
Embed

Leaderboard

Visual style

Options

Switch template

Continue editing: ?