December 10, 2021
As described in our prior communications to you, Accardi Financial Group has decided to replace our broker dealer, First Allied, with LPL Financial (“LPL”) beginning on October 2, 2020. At the same time, we will be moving accounts custodied with Pershing from Pershing to LPL.
We decided to align with LPL, the largest independent broker dealer in the industry (as reported by Financial Planning magazine, June 1996-2019), so we can focus our time and efforts on our mission of providing you with the best possible financial advice.
And you can rest assured that your current Accardi advisory team will continue to advise you and service your accounts after the transfer to LPL, just as they always have done.
While many of the benefits of these changes will happen behind the scenes, we believe you will notice some direct benefits to you, the client, specifically in the areas of account brokerage costs, client statements and online account access.
The Next Steps
Starting today, we will update our account agreements with you so that we can continue to provide you with ongoing advice and management of your accounts. This account agreement update is very important, and we’ve made the process simple for you.
You’ll receive several emails from DocuSign for your electronic signature and emails from us with documentation you will need to print, sign and scan back to us. Some of these emails may arrive in your inbox as “via DocuSign” from one of our of our external partners at Lucia Capital Group, the firm that is helping us to expedite this process. The important part is you need to review and sign those as soon as possible, because we can’t open, transfer and manage your accounts at LPL until we have your signature.
For succession planning purposes, we will be setting up your accounts with Joe, Damon and Danielle as the joint advisors on the accounts, so you may see that information on the paperwork and on future account statements.
Transfer of accounts
While some accounts (the ones at Pershing) will usually transfer within a week or two after you sign your paperwork, other accounts directly held with a mutual fund, annuity company, or other insurance company may take several months before updating the broker dealer from First Allied to LPL. Additionally, any alternative investments held directly with the product sponsor will be transferred into an LPL account, and this transfer may take several months to complete. While the transfer may take some time, it will NOT impact any of your underlying investments. For accounts directly held, the services you receive from that mutual fund or annuity company or other insurance company will not change. Please note that any costs or fees that may be charged to you in the transfer will be credited back to your LPL account once the transfer is complete.
We appreciate the fact that any time accounts are transferred, you may want to track them. Of course, we will be tracking them for you, but you’ll be able to do so as well with online access to your LPL accounts via their website and app called MyAccount View. It’s similar to the way you may have done it through the Pershing website, NetXInvestor. 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 MyAccountViewOnline.com and click Sign Up, enter the information requested and simply follow the prompts to establish your account.
For your brokerage accounts, you will receive two account statements for the month your account is transferred — one from Pershing and one from LPL. Additionally, sometime in early 2022, you’ll be getting two different tax documents for each non-qualified account that you have — one from Pershing, and one from LPL. So make sure you have both sets when you do your taxes next year. For your accounts directly held, you will continue to receive statements from the mutual fund, annuity company or other insurance company.
We’ve created a Frequently Asked Questions page and have answered the most common questions there. Please take a few moments to review the additional information.
We’ll have more to come over the coming months, but for now, that’s about it. If you have any questions at all, please reach out to Joe, Damon or Dannielle directly. We thank you as always for your continued trust and confidence in all of us here at Accardi Financial Group.
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.
Insurance services offered through LPL Financial or its licensed affiliates. CA Insurance Lic. #0518721
Joe Accardi, Founder & CEO, Damon Accardi, President, and Danielle Accardi, CEO are registered representatives with, and 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, a separate entity from LPL Financial. Pershing and First Allied Securities are not affiliated with Accardi Financial Group or LPL Financial.