Brokerage Operations Deadlines
Dec. 29, 2023
Fidelity Clearing & Custody Fee Processing and Balance Reminders – In order for a client to avoid the $35 non-qualified account custody fee, they must have one commissionable transaction settle in 2023 or have a $10,000 balance in the core money market fund on December 29, 2023.
Last trade date for 2023 regular way settlement is December 27, 2023.
Dec. 29, 2023
IRA Distributions
December 29th, 2023 is the last day an EFT can be sent out of an IRA account as a 2023 distribution, if same day settlement is available.
Distributions processed on December 29th as a check, will be reported in the 2024 tax year.
Dec. 29, 2023 & Jan. 1, 2024
Fidelity Clearing & Custody – “Inactivity” Fee Assessed & Charged – Client accounts are assessed for eligibility/waiver of Custody Fee on December 29, 2023 and, if eligible, are charged the fee on January 1st, 2024.
Jan. 5-31, 2024
Securities Liquidations to cover Unpaid Fee Postings – ESI home office will begin the process of liquidating securities to cover unpaid fee postings related to the NFS IRA Custody Fee and non-qualified “Inactivity Fee”. Accounts with eligible securities will have trades placed to cover “debit” balances related to fee postings, as well as applicable transaction charges. Customer confirmations will be marked “To Cover Debit”. Representative’s will be charged the $25.00 service fee if ESI home office has to place trades.
Compliance Deadlines
December 31, 2023 – Deadline for Annual Compliance Meeting completion
February 28, 2024 – Deadline for Firm Element CE completion
Important Dates: 2023 Premiere Select Retirement Account Annual Maintenance Fee Cycle
January 5th, 2023, through January 27th, 2023 – Liquidation/Write Offs – Accounts with eligible securities will be liquidated to cover uncollected fees or written off and charged to the advisor on record (if less than $25).
Holiday Hours
Monday, January 1, 2024 -Markets Closed. ESI Closed.
TC138582(1223)1