Skip to main content
Operations

In Case You Missed It: Streamlining IRA – Beneficiary Distributions

By July 30, 2024No Comments

ESI is now part of a pilot program to improve the efficiency of the beneficiary claim and re-registration process for Premiere Select IRA Accounts.

Over the past few years, ESI Operations has consistently provided feedback to National Financial Services (NFS) regarding the need for a more streamlined process to facilitate IRA Beneficiary Distributions. We are pleased to announce that ESI is now participating in a pilot program aimed at more efficiently handling the Beneficiary claim/re-registration process for Premiere Select IRA Accounts.

To this end, we have introduced the Premiere Select Inherited IRA Application and Full Distribution Request form found in Merrill. This new 10-page form consolidates three previously separate processes, significantly reducing the paperwork required for IRA Beneficiaries.

Here are the key functions of the new form:

  • Establish an IRA-BDA Account: The suitability and account characteristics sections have been removed, greatly simplifying the account-opening process.
  • Liquidate Assets in the New BDA Account: By completing this form, the IRA Beneficiary authorizes NFS to place trades on their behalf. Once the new BDA account is funded via journal entry, NFS will liquidate eligible securities in full. Please note that certain securities that cannot be sold through the form will require further instructions.
  • Distribute the Account in Full: Full distribution instructions can be provided on page 8. Payments can be issued via check, EFT, or Bank Wire.

We believe this streamlined process will greatly benefit both advisors and beneficiaries by reducing complexity and increasing efficiency.

Instructions for Docupace Submission

A new Maintenance kit has been created for this form in Docupace. In the Account Options section, select “PREMIERE SELECT INHERITED IRA APP AND FULL DISTRIBUTION REQUEST”. The work item will be populated with the required forms (the new “short form” and the ESI Customer Agreement and Disclosures).

Please note that this form should only be utilized for IRA Beneficiaries that wish to distribute their account in full as part of the transfer process. Customers that wish to maintain a Premiere Select IRA-BDA account should follow normal paperwork submission procedures.

TC143404(0724)1