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.
588660 - For investment professional use only.