Make Your Transfers Seamless
Did you know that submitting a recent account statement with your Transfer of Assets (TOA) request can significantly speed up processing and reduce Not in Good Order (NIGO) delays?
With more reps leveraging Docupace for electronic document processing, we’ve noticed fewer statements being included—leading to avoidable slowdowns. While not always required, providing a statement allows our TOA specialists to verify accuracy and keep your transfers moving swiftly.
Even if a statement isn’t submitted, you as the rep must review one before completing a TOA. By submitting a TOA Form, you are confirming that you’ve reviewed the statement following our Statement Review Checklist—helping to ensure a smooth and hassle-free experience.
Less friction, faster results—include your statement and keep your TOAs on track!
Statement Review Checklist for Transfers of Assets (TOA)
Purpose: Use this checklist to review account statements before submitting a transfer request to ensure compliance, accuracy, and efficient processing.
- Account Verification
✅ Confirm account holder(s) match the transfer request
✅ Verify account number and registration type (individual, joint, trust, IRA, etc.)
✅ Ensure the account is active and not restricted (e.g., legal holds, deceased status)
✅ Fraud Prevention & Identity Confirmation (statements confirm the ownership and account details to help prevent fraudulent transfers)
- Asset Verification & Transferability
✅ Ensure listed assets are eligible for transfer
✅ Identify non-transferable assets, such as:
- Proprietary mutual funds or products restricted to the delivering firm
- Annuities or direct-held investments requiring additional paperwork
- Fractional shares (may be liquidated)
- Options positions require specific approval at the Registered Rep and account level
Prohibited & Restricted Securities
🚫 Check for prohibited securities, which cannot be transferred:
- Marijuana-related securities
- Leveraged or inverse ETFs
- Microcap/illiquid or worthless securities (penny stocks, pink sheets)
- Non-approved cryptocurrency securities or tokenized assets
⚠ Alternative Investments:
✅ Identify hedge funds, private equity, REITs, LPs, structured products, or other alternatives requiring special handling or additional paperwork. You should check with the Brokerage service desk to see if specific AI positions are eligible to be transferred for servicing.
- Cash & Margin Balances
✅ Verify cash balance and determine if a residual sweep is needed
✅ Identify margin balances or outstanding loans
✅ Confirm if the account has a debit balance (client must cover before transfer)
- Cost Basis & Tax Reporting
✅ Confirm cost basis is available (especially for non-retirement accounts
✅ Ensure cost basis and tax lots are available for taxable accounts
✅ Identify any unrealized gains/losses or wash sale implications
- Account Features & Restrictions
✅ Check for the following:
- Collateralized accounts (e.g., pledged securities)
- Restricted stock (SEC Rule 144 or insider holdings)
- Securities subject to transfer limitations (e.g., annuities, alternative investments)
✅ Verify any held-away assets (Annuities, DRS/DWAC positions, direct-held mutual funds)
- Additional Considerations
✅ Ensure any open trade orders are addressed before submitting transfer
✅ Confirm dividends, interest, or other expected distributions won’t be impacted
✅ Ensure corporate actions (splits, mergers, dividends) are accounted for
✅ Annuity statements are required to be provided for review on any Annuity Surrender
Summary
By carefully reviewing account statements before submitting a Transfer of Assets (TOA) request, you help ensure a smoother process, reduce delays, and minimize Not in Good Order (NIGO) items. Adhering to the Statement Review Checklist will help maintain accuracy and compliance while improving the client experience.
We appreciate your attention to these important steps. If you have any questions or need further guidance, please reach out to Brokerage or Advisory Teams (accordingly) at 1-800-344-7437.
Thank you for your cooperation and commitment to a seamless transfer process.
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