SYSPURCH Assessment

1.

The following do not require the shareholder signature:**Check all that apply**
- A.
  
  Increasing amount
- B.
  
  Restarting/stop draft
- C.
  
  Changing date
- D.
  
  Decreasing amount
Correct Answer(s)
B. Restarting/stop draft
C. Changing date
D. Decreasing amount

Explanation
The following do not require the shareholder signature
• Decrease amount
• Restarting/stop draft
• Changing date
• Defer or change frequency
• Move to new account or fund (same owner)

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2.

We require the signature of the shareholder in order to increase an amount?
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
We require the bank owner's signature to increase amount - if a joint bank account one
bank account owner’s signatures is required.

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3.

A request to establish a SYSPURCH on a zero balance fund is okay if the following items can be located in AWD or TA:**Check all that apply**
- A.
  
  Pending trade with incoming money
- B.
  
  Telephone Purchase-ACH
- C.
  
  GPURCH option on account
- D.
  
  TOP (transfer of assets) clone in AWD
Correct Answer(s)
A. Pending trade with incoming money
C. GPURCH option on account
D. TOP (transfer of assets) clone in AWD

Explanation
An AIS request for a Retirement, Non Retirement, or 529 Plans may be established on a zero
balanced fund if there is a pending trade, GPURCH option, a TOP (Transfer of Assets paperwork
on file) or NRTOP (Non Retirement Transfer Paperwork) on file in AWD. If none apply suspend your SYSPURCH for 5 days and provide comments “Waiting for account to be funded.” If the fund is not funded within 5 days you need to fax the
request back to the advisor with the following comments: “A systematic purchase cannot be used
to initiate a purchase into a zero balance fund.

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4.

We cannot setup SYSPURCH on the following:**Check all that apply**
- A.
  
  IRA or IRA Rollover accounts if the shareholder is over 70 1/2
- B.
  
  Roth accounts
- C.
  
  Non-Retirement accounts
- D.
  
  Matrix level 3 accounts
Correct Answer(s)
A. IRA or IRA Rollover accounts if the shareholder is over 70 1/2
D. Matrix level 3 accounts

Explanation
Social Codes 710, 734, 758, 759, 930, 940, 953, 959, 975 & 985. These are beneficiary accounts
that would not be receiving contributions so they would not be eligible for AIS. The only type of
purchase that may be going into these Social Codes would be a “direct rollover” from an eligible
retirement plan.
AIS are not allowed on an IRA or IRA Rollover if the shareholder is over 70 ½.
AIS are not allowed on fund 350,370, Coogan & Matrix Level 3 accounts.

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5.

When stopping and moving a SYSPURCH monthly Indicators should be moved over to new fund/account?
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
When moving the AIS to a new fund the N should stay N, Y should stay Y, D should stay D and B
can carry over as either B or Y.

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6.

When setting up a SYSPURCH for a MAP account we should place the systematic on which fund:

Correct Answer
751
651

Explanation
651/751 is the only fund we can place a systematic on in a MAP account.

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4
7.

In the following request the shareholder is asking to establish a SYSPURCH for a future date. What would be the best Start Date for this systematic?
- A.
  
  5/1/20XX
- B.
  
  6/01/20XX
- C.
  
  6/30/20XX
- D.
  
  6/29/20XX
Correct Answer
B. 6/01/20XX

Explanation
A start date for future changes should give enough time for the change to take affect. It is best practice to use the first day of the month the change/setup is to take affect.

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8.

What is the minimum amount a SYSPURCH should be established for?
- A.
  
  $25
- B.
  
  $150
- C.
  
  $50
- D.
  
  None of the above
Correct Answer
C. $50

Explanation
The minimum to establish a systematic is $50 dollars. This includes if the systematic was previously stopped at $25 and they are wanting to restart it. This too must be restarted as $50.

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9.

When stopping and moving a Systematic Purchase, we are okay to grandfather amounts less than $50?
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
As long as systematic was not stopped previously or the amount is not changing, otherwise, we will require systematic to meet the $50 minimum.

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10.

We are okay to take a starter check or deposit slip to add a bank to shareholder account?
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
We can only take a pre-printed, voided check or letter from a bank on bank letterhead with a signature from a bank representative.

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Syspurch Assessment

The following do not require the shareholder signature:Check all that apply

We require the signature of the shareholder in order to increase an amount?

A request to establish a SYSPURCH on a zero balance fund is okay if the following items can be located in AWD or TA:Check all that apply

We cannot setup SYSPURCH on the following:Check all that apply

When stopping and moving a SYSPURCH monthly Indicators should be moved over to new fund/account?

When setting up a SYSPURCH for a MAP account we should place the systematic on which fund:

In the following request the shareholder is asking to establish a SYSPURCH for a future date. What would be the best Start Date for this systematic?

What is the minimum amount a SYSPURCH should be established for?

When stopping and moving a Systematic Purchase, we are okay to grandfather amounts less than $50?

We are okay to take a starter check or deposit slip to add a bank to shareholder account?

Syspurch Assessment

The following do not require the shareholder signature:**Check all that apply**

We require the signature of the shareholder in order to increase an amount?

A request to establish a SYSPURCH on a zero balance fund is okay if the following items can be located in AWD or TA:**Check all that apply**

We cannot setup SYSPURCH on the following:**Check all that apply**

When stopping and moving a SYSPURCH monthly Indicators should be moved over to new fund/account?

When setting up a SYSPURCH for a MAP account we should place the systematic on which fund:

In the following request the shareholder is asking to establish a SYSPURCH for a future date. What would be the best Start Date for this systematic?

What is the minimum amount a SYSPURCH should be established for?

When stopping and moving a Systematic Purchase, we are okay to grandfather amounts less than $50?

We are okay to take a starter check or deposit slip to add a bank to shareholder account?

The following do not require the shareholder signature:Check all that apply

A request to establish a SYSPURCH on a zero balance fund is okay if the following items can be located in AWD or TA:Check all that apply

We cannot setup SYSPURCH on the following:Check all that apply