Service and Paperwork Updates

Scottrade® Advisor Services is always striving to improve the client experience by making the paperwork process as efficient as possible for RIAs and their clients. Adding services, reducing inconsistencies and consolidating forms are part of this effort. This list is a summary of recent additions and enhancements over the past several months to our universe of services and forms:

  • An advisor signature is no longer required on the Scottrade Advisor Services Brokerage Applications (IRA and Non IRA) and the Investment Advisor Account Access and Advisory Fee Authorization form. In addition, each of these forms now include a Proxy Authorization section for client voting designation. 
  • Scottrade Bank Accounts now available to Advisor Services Clients. Clients may open and fund multiple Scottrade bank accounts through a single online apply process. Instructions are available for clients by accessing the banking tab after logging in at Scottrade.com. There are no monthly maintenance fees.
  • Per Stirpes Beneficiary Designation now available for IRA accounts. As a result, the following forms are updated: IRA Brokerage Account Application; IRA Beneficiary Update; Inherited IRA Beneficiary Update 
  • Linking of trust accounts. The trustee is now able to link the trust account to personal accounts such as Individual and IRA as either primary or secondary accounts, even if the grantor and trustee are different. Accounts are eligible for linking as long the accounts being linked to the trust only belong to the trustee. Formerly, linking of a trust account to any of the trustee’s personal accounts was not possible if the grantor and trustee were different. The advisor may link these accounts by completing the Account Linking Request form
  • The Scottrade Advisor Services Options Application has new predefined selections for years of experience and financial data. 
  • The Scottrade Advisor Services Qualified Plan Certification has a new optional advisor attestation section in lieu of the IRS Determination Letter. The client still has the option to provide the letter. 
  • Authorization to remove worthless securities. Advisors and clients may initiate any requests to remove worthless securities at their discretion via the Request to Remove Worthless Securities form, which may now be signed by the advisor on behalf of their client for added convenience.

The following enhancements are focused on the making the money movement process more efficient for RIAs and their clients:

  • Mobile Remote Deposit Capture. 75R clients are now able to use the Scottrade smart phone mobile application to deposit checks into their Scottrade brokerage accounts. Visit Mobile Remote Deposit Capture for details.
    • Consolidated IRA Distribution Request form. Supplemental forms including Authorization to Wire, ACH Distribution Request or Alternate Payee/Address Authorization are now built into the IRA Distribution form. This consolidated form is available for both Traditional (including Rollover, SEP, SIMPLE and Roth) and Inherited IRA Distribution Request forms. Both forms contain new standing authorizations to transfer funds permissions for ACH, check, wire or journal transactions. 
  • Standing Authorization for non-IRAs. By completing the Standing Letter of Authorization to Transfer Funds, the client can permit the advisor to request check, wire or journal transactions in non-IRA accounts as needed or on demand. 
  • Advisor capabilities on platform. Advisors can request recurring check distributions from non-IRA accounts through the platform. 
  • Multiple ACH-out capabilities. The list of scenarios in which assets can be transferred from Scottrade IRA and non-IRA accounts to receiving institutions is available in the ACH-out Reference Guide. Clients should complete an ACH Distribution Request or an IRA Distribution Request to take advantage of this functionality.
  • Indefinite renewal of scheduled withdrawal requests for non-IRA accounts. Clients should complete the Recurring Withdrawal Request Authorization if they wish to continue their monthly/quarterly withdrawals from non-IRA accounts indefinitely. Completion of this form negates the need for annual repapering of the request.