1) Which of the following tasks can be updated in BETA and ServiceWorks by a Level 1 New Accounts Service Professionals? a) Closing an account b) Updating account holder information c) Adding notes to an account d) Adding and Removing Beneficiary Information e) Options B,C and D are correct f) Options A, B and D are correct 2) True or False: Financial Advisors use the Account Conversion Tool to convert existing advisory accounts into brokerage accounts. a) True b) False 3) Which of the following account types require a manual account opening? a) Joint b) Individual c) Foreign d) LLC 4) True or False: Unlike a traditional account conversion, dormant account conversions are completed by the LPL back office, not by advisors. a) True b) False 5) Which of the following corrections to an Account Application can be taken over the phone by a Service Professional? Select all that apply. a) Phone Number b) Residential Address c) Source of Wealth d) Employment Information e) Options, A,B,C and D are correct f) Options A, B and D are correct 6) Sophia recently opened a brokerage, non-retirement account. Unfortunately, the social security number on the form was incorrect. What can Sophia do to update her paperwork? a) Sophia can update the account information in Account View b) Sophia can correct the errors on the form, add her initial and date next to the correction, and return the paperwork to LPL for processing c) Sophia can update the Social Security Number over the phone with a Service Professional d) Sophia is required to open a brand new account 7) True or False: A trust account can only have 2 trustees. a) True b) False 8) Which of the following updates are Level 1 New Accounts Service Professionals empowered to complete? Select all that apply. a) Log Brokerage New Account Applications b) Update beneficiary changes c) Log Transfer on Death (TOD) Agreements d) Close accounts e) Options, A,B and C are correct f) Options A, B and D are correct 9) True of False: The F1AR form is used to open an Advisory Retirement account. a) True b) False 10) Which of the following is NOT considered an entity? a) Trust b) Estate c) Individual d) Corporate

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