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CUSTODIAL UPDATES

FIDELITY

Money Movement Enhancements

Fidelity has updated its policy regarding creating first-party standing instructions. They have also updated their Standing Payment Instructions Form to incorporate the changes. Important changes to note include:

  • To set up EFT instructions, a voided check, statement or deposit slip with all account owners’ names will be required.
  • Any third-party standing instructions will require an attestation signature from AEWM.
  • The previous version of the form will be accepted until Aug. 2.

View the correspondence with full details HERE.

View the new form HERE.

 

FDIC Announcement

As a reminder, we have implemented a change to the default core account for clients’ cash at Fidelity. The new default will be the Fidelity Bank Deposit Cash Sweep Program option. The core transaction account is used by Fidelity for processing cash transactions and for holding uninvested cash related to the account. Fidelity sent a letter to your clients on June 13.

  • The Bank Deposit Cash Sweep Program will allow your uninvested funds to be protected by FDIC insurance.
  • Funds will be transitioned automatically at no cost to the advisor/client.
  • This change is completely optional but needs to be completed by Aug. 2.

CLICK HERE to view a sample of the communication.

 

As always, please reach out to your AE Wealth Support team at 866.363.9595 for further details.

588660 - For investment professional use only.

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