Account Opening Confirmations
SEC Books and Records Rule 17a-3(17) requires an account record to be sent to a client for verification within thirty (30) days of an account being opened. The rationale for the account record being sent is for the client to review the information in case any correction to the information initially submitted is needed. If applicable, the client would then return the account record with correction(s) to be made to the account. Any returned account records to an advisor should then be forwarded on to Operations for processing.
An Account Opening Confirmation will be used for the account record. A hyperlink below is provided for you to access the IPI Account Opening Confirmation. A link for the Confirmation is also included on the Advisor Site under Broker/Dealer Documents.
The method in which IPI will fulfill the account record requirement is through our advisors completing the IPI Account Opening Confirmation and then sending the document with the client’s New Account Form on to IPI for the account to be opened. The IPI Account Opening Confirmation will be a requirement for all accounts and investments opened with an IPI RBC New Account Form or an IPI New Account Form. The information to be included on the fillable form will be information gathered from the client on the New Account Form, which will include: the Account Title; Account Type/Product Sponsor (i.e. RBC; Direct Business Mutual Fund Name; Alternative Product Name, etc.); Client’s Contact Information; Employment Information; Annual Income; Net Worth; Investment Objective and Risk Tolerance.
Please note that IPI will bear the cost of sending the Account Opening Confirmation to your clients. The only requirement of advisors is to complete the Account Opening Confirmation and forward it to IPI along with the applicable New Account Form. The completion and submission of this form will be a requirement to open all IPI New Account Forms and IPI RBC New Account Forms effective February 10, 2014.
If you have any questions, please contact Renee Emrick.
IPI Account Opening Confirmation can be accessed at: