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CUSTODIAL UPDATES

FIDELITY UPDATE

On July 11, AE Wealth Management updated the Asset Movement Authority (AMA) levels on all client accounts from Level 2 to Level 1 (first and third party). This was completed after Fidelity reviewed each AMA level and deemed that AMA Level 2 constituted custody of client funds.

This new level of AMA will still allow for first-party checks to the client’s address of record without standing instructions being completed. In addition, if a standing payment instructions form is completed, the below transactions can still occur without gathering a client signature for each transaction.

  • First-party EFT or bank wires
  • Third-party EFT or bank wires
  • Third-party checks
  • Third-party journals

For full details, read Fidelity’s Asset Movement Authorization document HERE.

 

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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