Fresh Updates for May: 05.05.23

Updates for 05.05.23

This week’s update includes the following:

eQuipt for New Accounts

  • The ability to open Joint Accounts with Rights of Survivorship for clients in Louisiana
  • Updated Pershing Transfer Form questions
  • Fixed a required question related to opening Trust Accounts with multiple trustees that resulted in NIGOs for some individuals

Read more to learn the details of each update.

Update: Open Joint Accounts with Rights of Survivorship for Clients in Louisiana

You can now open Joint Accounts with Rights of Survivorship for clients residing in the state of Louisiana. Previously, Louisiana did not allow for this tenancy clause, but now the state allows it. Currently, this is available for Brokerage and Non-Brokerage account types at Pershing and only Non-Brokerage account types at NFS.

Update: Updated Pershing Transfer Form Questions

Pershing recently updated their Transfer Form. So, now when you open a Pershing account funded via a Transfer funding method of Bank Retirement Plans/CD, you will see the information needed to complete the newly updated Pershing Transfer Form question.

Page #1 of the Funding Process:

Page #2 of the Funding Process:

Fix: Opening Trust Accounts with Multiple Trustees Question that Resulted in NIGOs for Some Individuals

Before this update, some individuals were not able to answer this required question, “The Trust Agreement explicitly authorizes each of the above Trustees to act individually without the approval of the other Trustee(s),” when opening Trust accounts with multiple Trustees. The individual was able to proceed but the question remained unanswered and did not populate on the Trustee Certification of Investment Powers (TCIP). This resulted in NIGO situations that required further action and intervention by the Financial Professional. This situation is fixed.

See you again soon!

Stay tuned for more eQuipt updates this spring.

All the best,

The eQuipt Team