ADVISER TRANSITION GUIDE

Size: px

Start display at page:

Download "ADVISER TRANSITION GUIDE"

Evelyn Todd
6 years ago
Views:

1 ADVISER TRANSITION GUIDE

WELCOME At Packerland Brokerage Services, our mission is to promote the independence of financial advisers by assisting their business, not directing it.

2 WELCOME At Packerland Brokerage Services, our mission is to promote the independence of financial advisers by assisting their business, not directing it. We empower independent advisers with resources and education to meet their distinct needs, key regulatory guidance, and higher payouts giving them the confidence to grow and manage their practice. Promoting Independence. Empowering Independents. Welcome to Packerland Brokerage Services! The Packerland Team is dedicated to providing you with the support, guidance, and service that you need at every stage of the process with your move to Packerland Brokerage Services. We know that a timely and smooth transition of your clients accounts is extremely important. Our main goal during the beginning stages of your transition is to help you with a seamless transfer of your business. Every new Representative that joins Packerland has a dedicated transition team. This team will assist you in moving your book of business with as little disruption as possible so that you can focus on your clients strengthening your relationships with them, servicing their financial needs, and communicating the benefits of your transition. CONTACT Scott Zwierzynski Director of Recruiting scottz@pbshq.com Mobile: Having successfully helped Advisers join Packerland Brokerage Services for over 20 years, we are ready to efficiently guide you through your transition period. PAGE 2

3 TABLE OF CONTENTS S TA G E O N E APPENDIX 1 Pre-Registration Transition Team Page 4 Page 8 S TA G E T W O APPENDIX 2 Meet the Team Transition Timeline Page 6 Page 9 S TA G E T H R E E APPENDIX 3 Onboarding Frequently Asked Questions Page 7 Page 10 PAGE 3

STAGE ONE Pre-Registration Packerland s pre-registration approval typically takes 3 5 business days after we receive authorization and production documentation.

4 STAGE ONE Pre-Registration Packerland s pre-registration approval typically takes 3 5 business days after we receive authorization and production documentation. While your file is being reviewed, we will discuss the following items with you: I enjoy working with Packerland because it s a hometown Broker- Dealer where you have full flexibility, and most importantly you are valued as a person. Brian Registered Representative ESTIMATE OF ON-BOARDING FEES YOUR BRANDING & MARKETING "Doing business as" (DBA) or how you brand yourself to the public Website Social media Advertising Prospecting tools YOUR CREDENTIALS Licenses held Professional designations YOUR OFFICE STAFF Registered-staff registration paperwork Non-registered staff fingerprinting instructions PAGE 4

5 Stage 1: Pre-Registration CONTINUED I m so thankful I joined Packerland Brokerage Services. There is not one day that I m sorry I made the move that I did, and the staff that you offer for my resources are fantastic. Your team has been a tremendous asset to me and instrumental in the transfer of my clients. Gail Registered Representative YOUR PRODUCT MIX Direct Business Mutual fund direct accounts Annuities, both variable and fixed, and VULs Group plans, such as 401ks Alternative products, such as REITs & BDCs Custodian of choice Third-party money managers Custodian of choice Investment-style options for each particular manager Brokerage Business Mutual-fund family preference Large holding of individual stocks, bonds, ETFs Options UITs Wrap-fee advisory The AAA Program The Advantage Program Russel Strategies Life Insurance and Other Outside Business Activities Packerland treats life insurance as an outside business activity (OBA), however, there are some items for consideration: Proper disclosure when replacing securities with permanent life OBA disclosure process to keep your U4 current TECHNOLOGY Packerland provides an a la carte structure to ensure you only pay for tools you will use in your practice. Some of the more popular used tools are listed below for your consideration: Data-feed services, such as DST Vision or Pro Account-opening services, such as LaserApp Client relationship databases, such as RedTail or Smart Office Client interface services, such as DST Pro, E-Money, or Client EXP Financial planning tools, such as E-Money AFFILIATION WITH A BANK OR CREDIT UNION Supplemental Representative and Broker-Dealer agreements need to be endorsed to maintain that affiliation upon onboarding NON-COMPETE AND PRIVACY- POLICY LIMITATIONS WITH CURRENT BROKER-DEALER If applicable, we will refer you to expert legal advice to discuss your options PAGE 5

a different Broker-Dealer but I have zero interest in making a change! I am Rep Number 015 I ve been here since the beginning.

6 STAGE TWO Meet the Team Packerland s experienced Transition Team prepares you for a successful move. Before you make the switch, you will connect with the Packerland staff who will be active in your transition on the following items: It seems as though I am approached on a weekly basis to change to a different Broker-Dealer but I have zero interest in making a change! I am Rep Number 015 I ve been here since the beginning. I have enjoyed and continue to enjoy working with Packerland Brokerage Services...they care about ME! At another BD, I would simply be a number at Packerland Brokerage Services, I am Billy V. William Registered Representative TECHNOLOGY Technology partners set-up and support Form filling Websites Social media Financial planning software Client account data transfers DIRECT BUSINESS Policies and procedures Forms Account-opening process Broker-Dealer transfer process Your product mix and needs BROKERAGE OPERATIONS Account-opening process ACAT procedure Ticket charges and brokerage fees Hilltop Securities Representative and client-facing technology Bond and trading desks COMMISSIONS AND OPERATIONS Weekly commission schedule Payout grid COMPLIANCE Advertising and website approvals Social media Correspondence standards Compliance support and education LICENSING Final calculation of onboarding fees Registration packet review U4 update procedure Fingerprint log-in and venue location Resignation procedure Form ADV part 2, if applicable PAGE 6

I transferred to Packerland Brokerage in 1999 and have been extremely happy working with them. They are a brokerage firm that truly cares about their Reps and provides so much above and beyond.

7 STAGE THREE Onboarding WELCOME! Packerland Brokerage is ready to kick-off an efficient, seamless transition for you and your business! Beginning on day one, the following departmental transition procedures will take place to establish you as a Packerland Representative. I transferred to Packerland Brokerage in 1999 and have been extremely happy working with them. They are a brokerage firm that truly cares about their Reps and provides so much above and beyond. I strongly recommend them to any Rep looking for something better! I am so thankful to be part of their firm. Carolyn Registered Representative LICENSING Gets approval from FINRA and your home state Gains approval for non-resident states Submits all appointment applications to the appropriate insurance carriers TECHNOLOGY Provides you with Packerland website log-in credentials Assists with client paperwork for transferring accounts Provides you with a Packerland address, or works with you to activate a customized domain name with our servers If applicable, activates your thirdparty technology accounts, such as LaserApp and DST If using LinkedIn, Twitter, or Facebook, works with you to install the archiving tool DIRECT BUSINESS Reviews how to submit business Reviews Customer Account Form (CAF) guide Identifies forms needed by business type BROKERAGE OPERATIONS Reviews how to submit business (ACAT process) Establishes and provides Hilltop Securities codes and credentials Sets-up broker interface and provides log-in info COMPLIANCE Evaluates your website content and disclosure updates Reviews proper filing, correspondence, and recordkeeping (office files and blotters) COMMISSIONS Establishes direct deposit authorization of commissions Reviews commissions processing Reviews voluntary technology deductions PAGE 7

APPENDIX 1 Brian Nancy Chad Elizabeth Laurie Brad John Scott Transition Team All of us

great one! Meet the Packerland Transition Team and learn how they will assist you!

access Submitting business ACAT transfers COMMISSIONS Nancy, Senior Commissions

deductions LICENSING Laurie, Licensing Specialist State licensing and insurance

Business opportunities and solutions Business plans and growth plans Succession

approvals Social media Compliance support and education DIRECT BUSINESS Elizabeth,

Account Form (CAF) guide TECHNOLOGY John, Director of Finance and Operations Email

of Recruiting Scott will ensure your transition is a smooth one with each department.

8 APPENDIX 1 Brian Nancy Chad Elizabeth Laurie Brad John Scott Transition Team All of us at Packerland Brokerage Services are committed to making your decision to join us a great one! Meet the Packerland Transition Team and learn how they will assist you! BROKERAGE OPERATIONS Brian, Brokerage Operations Manager Hilltop Securities program access Submitting business ACAT transfers COMMISSIONS Nancy, Senior Commissions Specialist Direct deposit authorization Commissions processing Voluntary technology deductions LICENSING Laurie, Licensing Specialist State licensing and insurance appointments FINRA exams SALES AND EDUCATION Brad, Director of Sales and Education Business opportunities and solutions Business plans and growth plans Succession planning COMPLIANCE Chad, Compliance Officer Advertising, correspondence, and website approvals Social media Compliance support and education DIRECT BUSINESS Elizabeth, Direct Business Manager Submitting business Forms needed by business type Customer Account Form (CAF) guide TECHNOLOGY John, Director of Finance and Operations setup and support Website access Technology Partners TRANSITION MANAGER Scott, Director of Recruiting Scott will ensure your transition is a smooth one with each department. He helped you make the decision to join Packerland Brokerage Services and will always be a resource for you! PAGE 8

APPENDIX 2 Transition Timeline SIX WEEKS BEFORE TRANSFER Step 1 Hold conference call with Packerland Transition Manager and select a transition date Step 2 Begin contacting clients and preparing

9 APPENDIX 2 Transition Timeline SIX WEEKS BEFORE TRANSFER Step 1 Hold conference call with Packerland Transition Manager and select a transition date Step 2 Begin contacting clients and preparing client master list for conversion Step 3 Review forms needed for account transfers Step 4 Begin preparing client paperwork for transition FOUR WEEKS BEFORE TRANSFER Step 1 Complete and return all licensing and registration paperwork Step 2 Hold conference call to review Direct Business account paperwork and procedures Step 3 Hold conference call to review Brokerage Operations procedures Step 4 Hold conference call to review Technology needs TWO WEEKS BEFORE TRANSFER Step 1 Obtain Compliance approval on all marketing materials business cards, letterhead, website, etc. Step 2 Compose your resignation letter and submit a copy to Packerland s Licensing Department Step 3 Participate in "Making Business Easy" training Learn how to submit direct business Learn how to submit brokerage business - a demo on brokerage platform software Learn how the Sales Department can enhance your practice Learn how to use technology to improve your practice Step 4 Hold conference call with Transition Manager to ensure all items have been addressed leading up to your transfer day TRANSFER DAY Step 1 Submit resignation letter to Broker- Dealer Step 2 Packerland submits your Form U4 to FINRA and will assign you a Representative number and a branch number Step 3 Set-up your new compliant address with Packerland s Technology Department and review Packerland s website with your new access information Step 4 Send all transition forms to your clients for signature Welcome aboard! PAGE 9

APPENDIX 3 Frequently Asked Questions Q1. How long does it take to transfer my licenses to Packerland once I resign from my current Broker-Dealer? A1. Typically, the transfer occurs over a few hours.

10 APPENDIX 3 Frequently Asked Questions Q1. How long does it take to transfer my licenses to Packerland once I resign from my current Broker-Dealer? A1. Typically, the transfer occurs over a few hours. Q2. How often do you pay commissions? A2. Weekly. If we receive a commission in good order by Wednesday, 12 p.m. central, it will be in your checking account on Friday. Q3. Can I use a DBA name? A3. Absolutely! Packerland is a big proponent of enabling advisers to build their own brand. Q4. What is the standard account transfer turnaround time? A4. Timing varies based upon the nature of the account being transferred. For example, ACATs from other clearing firms typically take 3-5 days. As a part of the transition process, our team will work with you to prepare for account transfers before joining Packerland. Q5. Can I complete forms online? A5. Yes. Through either fillable PDF or Laser App. Q6. Does Packerland offer E&O insurance? A6. Yes. All Packerland advisers participate in Error and Omissions insurance. Q7. Do you have a paperless business submission? A7. Packerland accepts , fax, postal, and parcel delivery. continued > PAGE 10

11 Frequently Asked Questions CONTINUED Q8. What Technology is available? A8. Far too many items to list here. Packerland respects that there are many technology solutions and we don't believe our advisers would enjoy a one-size-fits-all model; therefore, we promote an a la carte strategy to ensure you have the tools to meet your needs. Q9. Are consolidated statements allowed? A9. Yes. This is accomplished mostly through DST Vision and other approved data aggregation resources. We will work with you to find a compliant solution. Q10. Do you have a succession planning program? A10. Yes. We provide our advisers access to a low-cost turn-key process that has proven successful for other Packerland Reps. Q11. Do you have an encryption method for Reps to use? A11. Yes, and it is simple to use and is integrated within our webmail system. Q12. Is there a requirement to use particular types of client database or financial planning or other software? A12. While we will ask to vet your process through our Compliance Department to ensure you are safekeeping the appropriate data, there are no strict requirements. Q13. What wrap account(s) do you have on the platform? A13. Multiple solutions here. If you are not inclined to charging a client a management fee AND ticket charge, we have an excellent solution for you. Q14. How would you describe the Packerland culture? A14. Rep-centric. We can say this because we are a privatelyheld corporation with half of our board members being Registered Representatives themselves. This means we are free of the complications that revolve around having an insurance parent company, and the disconnect that occurs when leadership has no sense of what it is like to sit down with a client. The board has established a very friendly culture, and it has remained that way for over 20 years. PAGE 11

12 CONTACT: Scott Zwierzynski, Director of Recruiting P M

OUR SERVICES & SUPPORT YOUR AFFILIATION FEE INCLUDES (not limited to):

UNPARALLELED SUPPORT TO HELP BUILD LEGACIES OUR SERVICES & SUPPORT YOUR AFFILIATION FEE INCLUDES (not limited to): TECHNOLOGY STACK 3 Redtail CRM (Client Relationship Management) 3 Riskalyze (Risk Tolerance/Planning/Investment