Is there anything I need to do?
Yes. You will need to sign new account, advisory agreements, money movement and transfer paperwork in order for us to open accounts, transfer assets and continue managing your portfolio. We will send most of these documents to you for electronic signature, but some may require you print and sign and scan the documents back to us. We will also send you a link to setup online access to your LPL account. Upon receipt of the link (it expires in 72 hours), you will want to set up your password so you can access your online documents going forward.
What if I have questions regarding the documentation I receive? The information used to prepare the documents you receive is information we have in our files. If you have any questions or would like to make updates to any of the information, please let us know. In some cases, as in the case of your years of investment experience and your net worth percentage breakdown, we may round the years or percentages to the nearest 5 or 10 years or percent. If you have any questions, please let us know.
Why did Accardi decide to make a change to LPL?
Because we’re independent, we have choices as to what entities we use to help support us in our efforts to serve you, and we are constantly looking for ways to improve upon all of the services we provide.
Following extensive research and consideration, we are proud to announce that we are replacing First Allied Securities, Inc. (the Broker Dealer firm that provides regulatory compliance and support to Accardi Financial Group) and Pershing, LLC, the custodian that provides clearing services, with LPL Financial (LPL), the country’s largest independent broker dealer firm.
LPL Financial is one of the leading financial services companies and is the largest independent broker/dealer in the nation, representing more than 19,000 independent financial professionals across the country (as reported by Financial Planning magazine, June 1996-2020, based on total revenue). As an LPL Financial professional, we are free to choose the products and services that address your needs because LPL Financial does not offer any proprietary products. This commitment to objective financial advice helps to preserve the integrity of our investment advice. For decades, the firm has served as a partner to financial professionals, supporting them in their goals of helping to protect and grow clients’ wealth. We are excited about our new affiliation, and we’re confident that you’ll be pleased with the range of services you will receive as a result.
We firmly believe they will be valuable partners with us as we move forward.
Will my investments change?
No. Your investments will electronically transfer to LPL. Our advice and how we manage your portfolios will also remain the same. Your annuities will not change either.
Will my brokerage fees change?
You will likely see a different fee schedule for brokerage-related costs, such as trading costs, IRA fees, and Alternative Investment fees. Some account-specific fees may be higher or lower. We believe overall our clients will experience lower total costs.
Will my distributions change?
No. While you will need to sign new paperwork to update your distributions to our new broker dealer, no other changes will occur.
Will my advisory fees change?
Generally no. We have arranged for our portfolios to move to LPL as they are and negotiated similar client level fees.
Will I have to sign new documents?
Yes. You will need to sign new account, advisory agreements and transfer paperwork in order for us to continue managing your portfolio. We will send most of these documents to you for electronic signature, but some may require you print and sign and scan the documents back to us.
Will my statements change?
Yes. Once your account is opened and transferred from Pershing to LPL, you will begin receiving new statements from LPL. For business held direct, the statement will remain the same (from the sponsor or carrier) but the name of the Broker/Dealer will be updated to LPL. As accounts transfer, you will receive statements from Pershing showing your account value is zero and a new statement from LPL showing the value of your accounts. The timing of these statements can be different by a few days.
Will I begin receiving information from LPL?
Yes. Once an account is established at LPL for you, you will begin receiving regulatory and disclosure notifications from LPL regarding the account(s) opened, your document settings, changes made to information on your account, the transfer of assets and more. You can review the information listed and contact us with any questions you may have.
What is SIPC coverage?
For more information regarding SIPC coverage, download this frequently asked questions guide provided by LPL Financial.
How do I get access to my accounts at LPL online?
Our team will help you establish your online access, or, if you’d like to set up access sooner, once one account has been opened for you, you can go to www.myaccountviewonline.com and click Sign Up, enter the information requested and follow the prompts to establish your account.
If I have set up a direct deposit or electronic funds to transfer from my bank account or elsewhere to my Pershing account, do I need to do anything?
If we set the transfer up from Pershing, then the new paperwork we send you will change these instructions. If, however, you set this transfer up directly with your bank, using your banks forms, please contact us and we will discuss what steps should be taken to change the funds transfer to your new LPL account. If you are not sure, feel free to contact us to review the instructions.
The information provided should not be considered specific tax, legal, or investment advice and is not specific to any individual’s personal circumstances. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.
Different types of investments and/or investment strategies involve varying levels of risk, and there can be no assurance that any specific investment or investment strategy will be profitable for a client’s or prospective client’s portfolio, thus, investments may result in a loss of principal. Accordingly, no client or prospective client should assume that the information presented serves as the receipt of, or a substitute for, personalized advice from Accardi Financial Group or from any other investment professional.
You should always seek counsel of the appropriate advisor prior to making any investment decision. All investments are subject to risk including the loss of principal. This material was gathered from sources believed to be reliable, however, its accuracy cannot be guaranteed.
IRA withdrawals will be taxed at ordinary income rates. Withdrawals prior to age 59½ may also be subject to a 10% penalty tax.
Securities and advisory services offered through LPL Financial, a registered investment advisor and member FINRA/SIPC. The investment professionals are affiliated with LPL Financial and are conducting business using the name Accardi Financial Group. Pershing and First Allied Securities are not affiliated with Accardi Financial Group or LPL Financial.