Statements and Confirmations

Transcription

1 Statements and Confirmations Overview Client Statements are distributed monthly for active accounts and quarterly for inactive accounts. An active account is defined as one having activity other than sweep money market transactions. The period listed on the statement begins with the date the last statement was produced and ends on the last business day of the month a statement is produced. The statements are trade-date based, so any activity processed on trade date during the statement cycle will be reported. Please refer to excerpts of sample statement. Contents Who to Contact 1 Statements 2 Distribution 2 Personalization 2 Householding 2 Account Summary Statement 3 Securities Pricing 5 Returned Mail/Lost Accounts 5 Statement Messaging 5 Confirmations 6 Confirm Messaging Error! Bookmark not defined. Duplicate Confirmations 6 Who to Contact If you have any questions about the information or procedures outlined in this document, please call your RBC Advisor Services Client Service Representative (CSR) at (866) Statements and Confirmations 1

2 Statements Distribution Statements are generated and mailed to principal and interested parties over a 6-day period following the last business day of the month. Off-line On-line Advisor Advisors can receive statements for their accounts in electronic format for a fee. Advisors have online access to confirms, statements, tax documents and account documentation via the RBC AS Document Retrieval System (PostEdge). Client A printed original version of the account holder statement will be mailed to the principal on each account. A printed copy of the account holder statement will also be mailed to each interested party listed for each account. Clients can access confirms, statements and 1099s via the RBC application. Personalization Advisors have the ability to customize certain items on their month end statements, such as including their Firm logo. This is accomplished by completing the Statement Questionnaire during the integration phase and firm setup process. Householding Statement householding allows multiple related client statements to be mailed in the same envelope to one address. The statements must be coded with the same IA number and the same address to qualify for householding. Householding also provide a summary page for the enclosed statements, summarizing the change in account value for each account in the household during the statement period. Upon request, RBC AS can provide a list of accounts to each Advisor Firm that are potential candidates for householding. If these reports are returned by the 10 th business day of the month, they will be coded for the month s statement run. Those reports received after the deadline are processed on a first-come, first-serve basis. Householding is not required nor is it invoked without consent from the Advisor Firm. Statements and Confirmations 2

3 Account Summary Statement The Account Summary Statement will provide summary information for accounts that have been linked via House householding as mentioned above. It displays the Firm logo and the client s mailing address. On the Account Summary Statement is a list of each account with the current and previous period balances as well as the change in account value. These are also summed at the household level. The following notifications are mailed to clients: Form Description Suppress Option Truth-In-Lending (382 Letter) Mailed to clients after accounts are opened. SEC Rule 17a3, 4 Mailing Verification of Address Change Mailed to clients after accounts are opened, and when the client address changes. Mailed to clients upon address change to account. Trade Confirmation Mailed to clients upon each trade execution. Client Statement RBC AS Audit Letter Independent Audit Letter Mailed to clients monthly for active accounts or quarterly for inactive accounts. Included annually in their statement package regarding accuracy of client information. Included annually (currently in June) to randomly selected clients in their statement package regarding accuracy of client information IRS B tice Mailed to clients when IRS notifies us that the tax ID number on an account with reportable payments is Statements and Confirmations 3 Proxy tices Mailed to clients when voting option applies. n-trade Confirmations Prospectus Mailed to clients each time wire transfer of funds is distributed from account. Mailed to clients when investing in new purchases of mutual funds, money funds or new issues. Reorganization tice Mailed to clients when reorganization occurs. 1099,1099-R, 1042-S Mailed to clients when reportable activity occurs in taxable account, custodial retirement accounts, and foreign accounts.

4 different from IRS records. Required Minimum Distribution (RMD) Form 5498 Rollover Certification Applies to retirement accounts only: Mailed to clients prior to an RMD. Applies to retirement accounts only: Mailed to clients, summarizing contributions or rollovers to retirement plans. Applies to retirement accounts only: Mailed to clients when necessary to request additional instructions on contributions. Statements and Confirmations 4

5 Securities Pricing Pricing for securities is received from independent pricing services whose updates affect all RBC Capital Markets accounts. Certain securities do not have readily ascertainable pricing (i.e. private placements) and must be priced manually. 1. Manual pricing requests can be made to RBC Advisor Services at (866) A notification from the issuer of the security on their letterhead stating the fair market value of the security at a particular point in time is typically required. RBC AS cannot take verbal requests; supporting documentation to price securities on the system is required. Pricing changes affect all holders of the security regardless of firm. If the price of a manually priced security changes, it is the responsibility of the Advisor Firm to notify RBC AS of any material change, using the procedures mentioned above. Returned Mail/Lost Accounts Client statements are sometimes retuned to RBC AS as undeliverable. These statements are returned for various reasons including: moved no forwarding address, incorrect address, addressee unknown, etc. At least once a month, Client Reporting will send the statements that have been returned to RBC AS and the Advisor Firms. In addition to the statement, there will be a memo to the operations contact at the Advisor Firms that includes the RBC AS lost client policy as well as instructions on who to contact to update the addresses. After three consecutive statements being returned, the account will be coded as LST (LOST) and the process of turning the account over for escheatment will begin. The Advisor Firm will also lose access to the account only Advisor Firm users with firm-wide access will be able to view accounts coded as Lost. Statement Messaging One message per Advisor Firm can be accommodated on the client statement. Two additional messages can be accommodated on the Account Summary Statement (for accounts that are househeld). Please contact RBC AS for additional details relating to deadlines, submission and specifications. Messages must be received in their final, approved form no later than the 5 th day of the month, or the following business day if the 5 th falls on a weekend or holiday, and should be sent to RBC AS at rbcadvisorservices@rbc.com. If messages are unreadable or too long, they will be returned for revision. Statement messages can be up to five lines long using 5 ½ margins, Times New Roman italic 10-point font. Statements and Confirmations 5

6 Confirmations The written acknowledgment provided by a broker/deal indicating that a trade has been completed. This includes details such as the date, price, commission, fees and settlement terns of the trade. Duplicate Confirmations To code an account to receive a duplicate confirmation, send a completed Authorization for Account Administration form (A_LLA) or a client-signed LOA, to include the account number and additional address, to RBC AS via fax. Statements and Confirmations 6