Subscribe Reference Manual

Transcription

1 Contact the Sales Support team for more information at , Option 1 Managing the Brokerage Account... 2 Placing an Annuity Order in a Draft Brokerage Account 3 Placing an Annuity Order in a Pending Brokerage Account... 4 Funding an Annuity Order.. 5 Placing an Annuity Order 7 Pre-Generating the Annuity Paperwork (optional) 8 Finalizing and Faxing the Paperwork 9 Correcting and Cancelling Orders 10 Placing a Subsequent Order.. 11 Linking / Delinking Annuities

2 Placing an Annuity Order in a Draft Brokerage Account 1. Start a brokerage account in COB and save the account as a draft(see COB Quick Reference Guide for more information) 2. Click Trading and then click Annuities in the Menu in NetX Click New Annuity Purchase in a Draft Account link 4. Type in the account number generated by COB and click Ok 5. Choose New Annuity Purchase or 1035 Exchange / Qualified Transfer 6. Enter the information for the Subscribe order (See Placing an Annuity Order for more information) esignature is the recommend account opening method to use for all brokerage paperwork in order to insure the fastest and smoothest process. Once the Brokerage account is submitted, the order is pending review. The Subscribe order would be available under the Annuity Purchase/Insurance Exchange in a Pending Brokerage Account link. All pre-filled information may not be available because this information feeds from a submitted Brokerage account. See Annuity Order in a DRAFT Account and the Annuity Subscribe Road Map for more information 2

3 Managing the Brokerage Account 1. Establish a New Brokerage Account through Client OnBoarding (COB) i. Set up a new COB account with like registration (See the COB Quick Reference Guide for more information) 2. Use an Existing Brokerage Account ii. Verify the account is of like registration iii. Provide updated suitability if the information on file is over 1 year old 1. Information can be called in to the Sales Support Service team or uploaded/faxed in with the paperwork. 2. If no information is received, an reminder may be sent The Brokerage account opening process is separate from the Subscribe order. Beneficiary/Inherited IRAs registrations may not be available on Subscribe for some carriers. 3

4 Placing an Annuity Order in a Pending Brokerage Account 1. Submit a brokerage account in COB (See COB Quick Reference Guide for more information) 2. Click Trading and then click Annuities in the Menu in NetX Click New Annuity Purchase/Insurance Exchange in a Pending Brokerage Account 4. Type in the account number generated by COB and click Ok 5. Choose New Annuity Purchase or 1035 Exchange / Qualified Transfer 6. Enter the information for the Subscribe order (See Placing an Annuity Order for more information) When placing an order in a pending account there is a risk the order may not be able to be reworked if an error is made. esignature is the recommend account opening method to use for all brokerage paperwork in order to insure the fastest and smoothest process. Orders placed in a Pending Brokerage Account cannot be cancelled until the brokerage account is opened. The system will cancel any order placed in a Pending Brokerage Account in which the brokerage account paperwork is not received and/or the account was not opened within 7 calendar days. 4

5 Funding an Annuity Order Single Payment 1. Verify where the money is coming from (View the Subscribe Annuity Fund Matrix for more information) 2. Click on one of the following links on the Annuities Trading screen based on the funding of the initial order a. New Annuity Purchase (Multiple Funding Methods) i. Check or Wire being sent directly to Carrier (outside of Pershing) 1. A copy of the check should be included in the documentation. ii. Carrier Initiated CD Redemption 2. Source of Funds example : Brokered CD iii. Carrier Initiated Mutual Fund Redemption 2. Source of Funds example : Mutual Fund Company iv. Carrier Initiated Transfer from Third Party (not Pershing) 2. Source of Funds examples: Another brokerage firm, Trust Company, 401K, Profit Sharing Plan, Credit Union Retirement Account, etc. v. Funding from Pershing Brokerage Account 1. Exact amount of the trade should be in the brokerage account before submission or a copy of the check should be included in the documentation b. Insurance Exchange Only i. Fixed 2. Source of Funds example: Replacing a Fixed Annuity ii. Variable 2. Source of Funds example: Replacing a Variable Annuity iii. Members Variable 2. Source of Funds examples : Replacing a Members Variable Annuity, Equity Annuities and Life Insurance Companies 5

6 Multiple Payments iv. Fixed Indexed Annuity Contract 2. Source of Funds examples : Replacing an Equity Annuity or Life Insurance Policy c. Subsequent Annuity Purchase i. Used when adding additional money from the brokerage account to an existing annuity linked to the same brokerage account d. Subsequent Annuity Purchase via Insurance Exchange Only i. Used when adding additional money from an insurance exchange (Replacement) to an existing annuity linked to a brokerage account 1. Verify where the money is coming from (View the Subscribe Annuity Matrix for more information) 2. Click the Additional Payments button upon reaching the Payment Summary screen within the order a. Multiple payment methods are allowed 3. Enter in the additional required information 4. Repeat if more payments need to be added to the order Checks will be made payable to Pershing, LLC ONLY when the funding method is Qualified Brokerage Account or Brokerage Account. o Mail these checks to : CUNA Brokerage, 2000 Heritage Way, Waverly, IA Checks will take an overnight cycle before they are available to purchase an annuity. o The preferred methods are to scan the checks or deposit them via mobile deposit Carriers or releasing companies may require the original transfer forms in addition to the electronic copies they automatically receive. Orders placed with multiple payments will not be eligible to be adjusted 6

7 Placing an Annuity Order (See the Quick Reference Guide: Placing an Annuity Order for more information) 1. Click Trading in the Menu and then click Annuities 2. Verify the correct brokerage account is displaying 3. Click on the correct link according to the funding method being used (See Funding an Annuity Order) 4. Fill in and answer all required fields marked with an asterisk (*) a. Click Next after each page is complete 5. Verify the information is correct by clicking on the Verify button a. Red Exclamation points = An error was made and needs to be viewed i. Click on the link to view and correct the error b. Yellow Exclamation points = Important information i. Double check this page for accuracy if needed 6. Click Submit a. This assembles the paperwork and does not fully submit the order b. STOP here if you are waiting for the funds or Pre-Generating the Paperwork 7. Click Submit a. The order is now fully submitted for approval and no changes can be made without cancelling the trade. At any time during the process, you can click Close and Save to save all your work and return to it in Work in Progress later. Do not submit any order that is funded from the brokerage account that does not have the funding available upon submission. Orders not funding within 7 business days will be cancelled. CBSI will automatically adjust any order UP by 10% or less if there are additional funds available in the Brokerage account. o To opt out of this process, mark the corresponding box on the Carrier Cover Sheet 7

8 Pre-Generating the Annuity Paperwork (optional) 1. Enter the order as indicated in the Placing the Annuity Order section 2. Close and Save the order after clicking the first Submit button 3. Navigate to the Annuities screen and click Work in Progress 4. Click the Print Icon on the correct order to pull up the documentation 5. Print all paperwork a. Annuity Application Kit - Carrier Forms b. Distributor Forms Broker/Dealer Forms c. Transaction Summary This is not a required form and is for informational purposes 6. Sign all required documents 7. Click on the Work in Progress link 8. Click Edit next to the correct order 9. Review all the necessary screens and click Verify 10. Click Submit and then click Submit again to fully submit the order for processing 11. Upload/Fax all required paperwork under the correct cover sheets (See Finalizing and Faxing the Paperwork) The transaction reference number will need to be written on the fax cover sheets or new cover sheets will need to be printed after submission, as this number ties the paperwork to the correct order. The cover sheets have additional instructions to help minimize errors. 8

9 Finalizing and Faxing the Paperwork 1. Print the Annuity Application Kit a. This will pop up automatically at the end of the order b. These forms may change depending on the carrier and the order selection 2. Print the Distributor Forms a. This section will have 2 Cover Sheets, the Annuity Checklist, and the Annuity Determination form (Rep Notes) for all Variable Annuities b. Only the Carrier cover sheet will populate for Fixed and Indexed Annuities 3. Sign all required documentation 4. Upload the documents into NetX360 or fax them to the brokerage fax number a. Carrier Cover sheet followed by all carrier forms under the Annuity Application Kit b. Broker/Dealer cover sheet followed by the Annuity Checklist and the Rep Determination Notes The CBSI Account Application, Adoption Agreement, and any other brokerage account forms are not part of the Subscribe order and should be faxed separately or placed on top when faxing to to ensure faster processing All annuity paperwork can be sent in one fax; however, it is important that all paperwork is under the correct cover sheets Additional information and adjustment options are available on the Carrier Cover Sheet It is a best practice to always send in all the paperwork that was produced from the order. Do not upload or fax any paperwork without submitting a Subscribe Order first. 9

10 Correcting and Cancelling Orders Correcting Orders in Document Required 1. Navigate to the correct Brokerage account 2. Click on Work Corner from the Service and Operations tab in the Menu 3. Click on the arrow (>) in front of Annuity Order 4. Click on Go to Work List under the Document Required line 5. Find the corresponding Brokerage account and click Take Action 6. View the Audit Trail to review the additional documentation or information requested a. This information will also be available via (a copy of the is imaged in the Brokerage account) 7. Upload/Fax all requested documents with the corresponding cover sheet to Click Document Sent 9. Type in any comments necessary and then click Document Sent again to submit the order back for processing Cancelling an Order 1. Navigate to the correct Brokerage account 2. Click on the Order/Trade Status tab 3. Click on the correct annuity trade 4. Click Cancel Selected Order on the bottom of the screen 5. Finish the cancelation process 6. Click Rework Order to open the cancelled account back up and correct or change some of the information a. When resubmitting an order, the system considers this a new order and a new transaction reference number will be assigned with new cover sheets available that need to be included when re-faxing or uploading the documents. Alerts will need to be established in order to receive notification when a Subscribe trade is not in good order. (See Setting Up Alerts) Orders placed in a Pending Brokerage Account are not always able to be reworked and corrected upon cancelation The system will cancel any order placed in a Pending Brokerage Account in which the brokerage account paperwork is not received within 7 days 10

11 Placing a Subsequent Order 1. Click on Trading in the Menu and then click Annuities 2. Click on the corresponding link, depending on the funding (see Funding an Annuity Order) a. Subsequent Annuity Purchase b. Subsequent Purchase via Insurance Exchange Only 3. Fill in and answer all required fields marked with an asterisk (*) a. Click Next after each page is complete 4. Verify the information is correct by clicking on the Verify button a. Red Exclamation points = An error was made and needs to be viewed i. Click on the link to view and correct the error b. Yellow Exclamation points = Important information i. Double check this page for accuracy if needed 5. Click Submit Some Carriers have a minimum amount that can be added electronically. Generally, no documentation is required by the back office for subsequent orders. (Compliance may ask for an updated annuity checklist for replacement orders) 11

12 Linking / Delinking Annuities 1. Click on Trading in the Menu and then click Annuities 2. Click on the Networking / De-networking Annuity / Life Contracts link 3. Click the corresponding radio button, depending on which action is being taken a. Link Brokerage Account (Add) b. Change Brokerage Account c. Remove Brokerage Account 4. Fill in and answer all required fields marked with an asterisk (*) 5. Click Submit Annuities may be linked to a Mutual Fund Only Brokerage Account. 12