ESI Operations is committed to streamlining new business submissions and supporting your operational efficiency. As part of this effort, we’re excited to announce an enhancement to the Asset Movement Authorization (AMA) process for Brokerage and Illuminations IRA accounts.
What is Asset Movement Authorization?
ESI Brokerage accounts are custodied through National Financial Services, LLC (NFS), which also serves as the IRA custodian. As custodian, NFS typically requires a One-Time Distribution Request (OTR) Form for IRA distributions and must review each transaction.
However, when a client adds Asset Movement Authorization (AMA) to their account, they can request distributions without submitting the OTR form—provided the distribution uses an already established method. Examples include:
- First-party checks to the client’s address of record
- Standing payees previously authorized using the Standing Payment Instructions Form
This added flexibility benefits both Registered Representatives (RRs) and clients by reducing paperwork and processing time. As a result, ESI has been including the AMA form in new account kits for some time.
What’s New?
We’ve now embedded the AMA option directly into the new IRA Application for Brokerage and Illuminations accounts.
- When opening a new account via Docupace, the AMA option will be selected by default.
- If AMA is not desired, RRs can simply deselect the checkbox during the application process.
The standalone AMA form has been removed from new account kits but remains available for adding AMA to existing accounts.
If you have questions, please contact the Brokerage or Advisory Services Teams.
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