In March, Equity Services, Inc. delivered an updated Brokerage Client Transaction Fee Schedule to all customers within their Q1 statement. The schedule reflected the new NFS Paper Statement Fee ($5/quarter), which will be live in Q3 of this year. Additionally, a statement message will be printed on all NFS monthly statements from May-September that communicates the implementation of this new monthly charge and provides instructions for enrolling for electronic document delivery. We have also added the myOnline Brokerage Central link to our public website to provide additional resources for customers wishing to enroll in eDelivery and avoid the $5.00 quarterly fee for paper document delivery.
The paper surcharge fee goes into effect in the third quarter of this year. The first fee will be reflected on the September 30th account statement. Clients will need to sign up for electronic delivery by approximately September 15th to avoid the fee. Please note, this date is still subject to change and NFS could modify the date by plus or minus a few business days as we near the live date. It is strongly recommended that clients who intend to opt for eDelivery to avoid the fee do so now.
You can easily generate a Click-to-Agree email to your client to enable them to enroll with the click of a button. In Wealthscape, click on Menu – Service – Service & Workflow – Document Delivery Instructions. Simply input the customers email address and click “Set all documents to eDelivery”. The document status will display as “pending eDelivery” until the customer completes the “CTA” process. We have also created an “E-Delivery Enrollment Report” that can be viewed within Wealthscape Reports to provide a snapshot of your book of business and their current document preferences.
A field notice will be delivered in the future that further outlines some of the operational logistics around the Paper Surcharge Fee. It is strongly recommended that representatives review this document in full once distributed. Please feel free to contact the service desk at 1-800-344-7437 with any questions in the meantime.
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