Friendly Reminders
Variable Annuities:
Clients that intend to complete a rollover, transfer or 1035 exchange to a Variable Annuity through several different transactions (i.e. the client intends to move a portion of the money now into a VA and then move another portion at a later time into the same VA) require suitability reviews to be completed by IPI for the initial as well as any subsequent rollover, transfer or 1035 exchange as these additional exchanges are considered new transactions. Clients must complete the Variable Annuity Disclosure Form for these subsequent rollovers, transfers or 1035 exchanges along with the appropriate VA application for Compliance review and approval before the VA application is sent to the VA Company.
Additionally, the new VA Disclosure Form that went into effect on August 1, 2014. Older versions of the disclosure form will no longer be accepted.
Alternatives:
Remember to use the new Alternative Disclosure Form that went into effect October 1, 2014 as older versions of the form will no longer be accepted.
New Account Forms:
Please do not use whiteout on new account forms or product sponsor applications. If a change is made on these forms, cross out the incorrect information, write the correct information and have the client initial the change to show the client’s acceptance of the change.
Form U-4 Review: On September 25, 2014, you were sent guidance in a Compliance Alert on how to pull your own U- 4 for review and accuracy of the document. Remember it is your responsibility to ensure that the information reflected on your U-4 is correct as you have 30 days from the date an event occurs to notify IPI/IPI Wealth to have the amendment filed timely on your U-4.
Any questions on these items, please feel free to contact Julie Cox or Renee.