Bolton Global Capital Transition Guide

Transcription

Bolton Global Capital Transition Guide
Contents
Transition Timeline
Staff Contact Information
Structuring Your Business
Practice Management
Technology
Operations
Trading and Commissions
Compliance
Bolton Global Capital, Inc. - Transition Guide
Introduction
We are pleased to welcome you as a Bolton Global Capital affiliate!
Our experienced transition team and knowledgeable staff will take the time to introduce
you to the many facets of our business. Please use this guide as a reference as you acquaint
yourself with the features and benefits of affiliation with our firm. In addition, this
document will also address your technology and business needs and compliance
requirements for your office as you begin the process of transitioning your practice.
We understand that each business situation is unique and will spend time addressing your
individual needs and concerns. As always, do not hesitate to contact us for whatever you
require, both during and after your transition.
Sincerely,
Ray Grenier
CEO
Transition Checklist
- 5 WEEKS
- 1 WEEK
Submit Pre Hire Form to Bolton Global Capital (BGC)
for background check
Develop a plan and schedule for face to face meetings
with key customers
Review of contract paperwork and agree to terms with
BGC
Print forms and cover letter for each customer
Develop a company name and alternatives for brand
identity, logo, etc.
DAY OF RESIGNATION
Identify office space, business address and telephone
numbers
Submit official resignation to current firm and send a
copy to the Compliance Department
Address whether incorporated business is a suitable
structure
Compliance will send back a U-4 for review, signature
and return to Compliance
Begin discussing potential plans with major clients
- 4 WEEKS
Arrange for an attorney to incorporate legal entity, if
necessary
Forward new logo to BGC for printing on customer
statements
Download Transition Software to prepare account
transfer paperwork.
Discuss details on assets subject to potential transfer
issues.
Determine computers and office equipment needs
Order office equipment, furniture, telephone system
and internet access
Hire an office assistant
Print stationary and business cards for new entity
Contact BGC for to obtain user IDs and passwords for
required technology, including, NetX360, Advisor
Exchange and email.
Start contacting customers with account documentation
(ONLY after tendering resignation)
+ 1 WEEK
Forward account transfer paperwork to the home office
for review and processing
All accounts will be opened by Bolton staff. Reps will
be contacted promptly for any missing information or
paperwork.
Bolton staff members will conduct on-site training and
technical support for NetX360, Advisor Exchange,
Trading and Email
Set up email disclosures and voicemail messages
Send fingerprint cards to Home Office for all registered
and non-registered office personnel
Complete and return all required Compliance
paperwork
- 3 WEEKS
SUPPORT CONTACTS
Fill in Reg S-P compliant customer data into
Transition Systems
- 2 WEEKS
For questions related to each area, please contact:
TECHNOLOGY
Matt Beals - [email protected]
Develop a cover letter to be sent with account transfer
paperwork
Fill in Reg S-P compliant customer data into Transition
Systems
TRANSITIONS:
Katherine Sargent - [email protected]
Home Office Staff Contact List
CHIEF EXECUTIVE OFFICER
Grenier, Ray
(978)779-5361 x 2213
[email protected]
ACCOUNTING:
Rouleau, Sam
(978)779-5361 x 2231
[email protected]
PRESIDENT, GENERAL COUNSEL
Preskenis, Steve
(978)779-5361 x 2219
[email protected]
TECHNOLOGY:
Beals, Matt
(978)779-5361 x 2225
[email protected]
CHIEF FINANCIAL OFFICER
Hayes, Gene
(978)779-5361 x 2220
[email protected]
OPERATIONS:
Aguerrebere, Jennifer
(786) 693-7831
[email protected]
BUSINESS DEVELOPMENT
Orokos, Al
(732)718-3098
[email protected]
Beaulieu, Rene’
(978)779-5361 x 2229
[email protected]
Sargent, Kathy
(978)779-5361 x 2212
[email protected]
TRADING
O’Connor, Phil
(978)779-5361 x 2218
[email protected]
Grenier, Phil
(978)779-5361 x 2214
[email protected]
Bourdeau, Chris
(978)779-5361 x 2244
[email protected]
SUPERVISION
Fremault, Ronnie
(978)779-5361 x 2242
[email protected]
COMPLIANCE/LEGAL
Mahle, Jane
(978)779-5361 x 2234
[email protected]
Chouinard, Scott
(978)779-5361 x 2224
[email protected]
Hayes, Tom
(978)779-5361 x 2240
[email protected]
Dasaro, Meredith
(978)779-5361 x 2210
[email protected]
Hager, Zack
(978)779-5361 x 2235
[email protected]
Masucci, Lady
(978)779-5361 x 2249
[email protected]
Rozas, Larry
(786)693-7830
[email protected]
Whipple, Mili
(978)779-5361 x 2248
[email protected]
Main Phone Number
(978)779-5361
Toll Free Phone Number
(800)649-3883
Trading Phone Number
(800)649-4554
Operations Fax Number
(978)779-5356
Compliance Fax Number
(978)779-0473
Trading Fax Number
(978)779-0152
Legal and Accounting Fax
(978)779-6861
Address: 579 Main Street
Bolton, MA 01740
Web Address - www.boltonglobal.com
Bolton Global Capital, Inc.
Structuring Your Business
Incorporating Your Business
Tax and Accounting Services
Renting Office Space
Furnishing Your Office
Hiring Support Staff
Health Insurance and Fringe Benefits
Incorporating Your Business
Bolton Global Capital provides consulting and legal assistance to help you navigate the process of
incorporating your business. Below is a guide outlining some of the benefits and obligations
associated with the available corporate structures. In choosing a corporate structure, you will want
to take into account the following:
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Your vision regarding the size and nature of your business
The level of control you wish to have
The level of structure you are willing to deal with
The business' vulnerability to lawsuits
Tax implications of the different ownership structures
Expected profit (or loss) of the business
Whether or not you need to reinvest earnings into the business
Your need for access to cash out of the business for yourself
Sole Proprietorships
These firms are owned by one person, usually the individual who has day-to-day responsibilities
for running the business. Sole proprietors own all the assets of the business and the profits
generated by it. They also assume complete responsibility for any of its liabilities or debts. In the
eyes of the law and the public, you are one in the same with the business.
Advantages of a Sole Proprietorship
• Easiest and least expensive form of ownership to organize.
• Sole proprietors are in complete control, and within the parameters of the law, may
make decisions as they see fit.
• Sole proprietors receive all income generated by the business to keep or reinvest.
• Profits from the business flow directly to the owner's personal tax return.
• The business is easy to dissolve, if desired.
Disadvantages of a Sole Proprietorship
• Sole proprietors have unlimited liability and are legally responsible for all debts against
the business. Their business and personal assets are at risk.
• May be at a disadvantage in raising funds and are often limited to using funds from
personal savings or consumer loans.
• May have a hard time attracting high-caliber employees or those that are motivated by
the opportunity to own a part of the business.
• Some employee benefits such as owner's medical insurance premiums are not directly
deductible from business income (only partially deductible as an adjustment to income).
Federal Tax Forms for Sole Proprietorship (only a partial list and some may not apply)
• Form 1040: Individual Income Tax Return
• Schedule C: Profit or Loss from Business (or Schedule C-EZ)
• Schedule SE: Self-Employment Tax
• Form 1040-ES: Estimated Tax for Individuals
• Form 4562: Depreciation and Amortization
• Form 8829: Expenses for Business Use of your Home
• Employment Tax Forms
Partnerships
In a Partnership, two or more people share ownership of a single business. Like proprietorships,
the law does not distinguish between the business and its owners. The partners should have a
legal agreement that sets forth how decisions will be made, profits will be shared, disputes will
be resolved, how future partners will be admitted to the partnership, how partners can be
bought out, and what steps will be taken to dissolve the partnership when needed. Yes, it's hard
to think about a breakup when the business is just getting started, but many partnerships split up
at crisis times, and unless there is a defined process, there will be even greater problems. They
also must decide up-front how much time and capital each will contribute, etc.
Advantages of a Partnership
• Partnerships are relatively easy to establish; however time should be invested in
developing the partnership agreement.
• With more than one owner, the ability to raise funds may be increased.
• The profits from the business flow directly through to the partners' personal tax returns.
• Prospective employees may be attracted to the business if given the incentive to become
a partner.
• The business usually will benefit from partners who have complementary skills.
Disadvantages of a Partnership
• Partners are jointly and individually liable for the actions of the other partners.
• Profits must be shared with others.
• Since decisions are shared, disagreements can occur.
• Some employee benefits are not deductible from business income on tax returns.
• The partnership may have a limited life; it may end upon the withdrawal or death of a
partner.
Types of Partnerships that should be considered:
1. General Partnership
Partners divide responsibility for management and liability as well as the shares of
profit or loss according to their internal agreement. Equal shares are assumed
unless there is a written agreement that states differently.
2. Limited Partnership and Partnership with limited liability
Limited means that most of the partners have limited liability (to the extent of
their investment) as well as limited input regarding management decisions, which
generally encourages investors for short-term projects or for investing in capital
assets. This form of ownership is not often used for operating retail or service
businesses. Forming a limited partnership is more complex and formal than that
of a general partnership.
3. Joint Venture
Acts like a general partnership, but is clearly for a limited period of time or a single
project. If the partners in a joint venture repeat the activity, they will be
recognized as an ongoing partnership and will have to file as such as well as
distribute accumulated partnership assets upon dissolution of the entity.
Federal Tax Forms for Partnerships (only a partial list and some may not apply)
• Form 1065: Partnership Return of Income
• Form 1065 K-1: Partner's Share of Income, Credit, Deductions
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Form 4562: Depreciation
Form 1040: Individual Income Tax Return
Schedule E: Supplemental Income and Loss
Schedule SE: Self-Employment Tax
Form 1040-ES: Estimated Tax for Individuals
Employment Tax Forms
Corporations
A corporation chartered by the state in which it is headquartered is considered by law to be a
unique entity, separate and apart from those who own it. A corporation can be taxed, it can be
sued, and it can enter into contractual agreements. The owners of a corporation are its
shareholders. The shareholders elect a board of directors to oversee the major policies and
decisions. The corporation has a life of its own and does not dissolve when ownership changes.
Advantages of a Corporation
• Shareholders have limited liability for the corporation's debts or judgments against the
corporations.
• Generally, shareholders can only be held accountable for their investment in stock of the
company. (Note however, that officers can be held personally liable for their actions,
such as the failure to withhold and pay employment taxes.)
• Corporations can raise additional funds through the sale of stock.
• A corporation may deduct the cost of benefits it provides to officers and employees.
• Can elect S corporation status if certain requirements are met. This election enables
company to be taxed similar to a partnership.
Disadvantages of a Corporation
• The process of incorporation requires more time and money than other forms of
organization.
• Corporations are monitored by federal, state and some local agencies, and as a result
may have more paperwork to comply with regulations.
• Incorporating may result in higher overall taxes. Dividends paid to shareholders are not
deductible from business income; thus it can be taxed twice.
Federal Tax Forms for Regular or "C" Corporations (only a partial list and some may not apply)
• Form 1120 or 1120-A: Corporation Income Tax Return
• Form 1120-W Estimated Tax for Corporation
• Form 8109-B Deposit Coupon
• Form 4625 Depreciation
• Other forms as needed for capital gains, sale of assets, alternative minimum tax, etc.
Subchapter S Corporations
A tax election only; this election enables the shareholder to treat the earnings and profits as
distributions and have them pass through directly to their personal tax return. The shareholder,
if working for the company, and if there is a profit, must pay him/herself wages, and must meet
standards of "reasonable compensation". This can vary by geographical region as well as
occupation, but the basic rule is to pay yourself what you would have to pay someone to do your
job, as long as there is enough profit. If you do not do this, the IRS can reclassify all of the
earnings and profit as wages, and you are liable for all of the payroll taxes on the total amount.
Federal Tax Forms for Subchapter S Corporations (only a partial list and some may not apply)
• Form 1120S: Income Tax Return for S Corporation
• 1120S K-1: Shareholder's Share of Income, Credit, Deductions
• Form 4625 Depreciation
• Form 1040: Individual Income Tax Return
• Schedule E: Supplemental Income and Loss
• Schedule SE: Self-Employment Tax
• Form 1040-ES: Estimated Tax for Individuals
• Other forms as needed for capital gains, sale of assets, alternative minimum tax, etc.
Limited Liability Company (LLC)
The LLC is designed to provide the limited liability features of a corporation and the tax
efficiencies and operational flexibility of a partnership. Formation is more complex and formal
than that of a general partnership.
The owners are members, and the duration of the LLC is usually determined when the
organization papers are filed. The time limit can be continued, if desired, by a vote of the
members at the time of expiration. LLCs must not have more than two of the four characteristics
that define corporations: Limited liability to the extent of assets, continuity of life, centralization
of management, and free transferability of ownership interests.
Federal Tax Forms for LLC
Taxed as partnership in most cases; corporation forms must be used if there are more
than 2 of the 4 corporate characteristics, as described above.
*Source: SBA.gov Business Planner
Tax and Accounting Services
Bolton Global Capital provides detailed month end and mid-month commission accounting reports
for all transactions both within Pershing accounts, and for accounts held directly with mutual fund
and annuity companies. These reports will assist you in keeping track of income received through
investment activities as well as certain expenses such as E&O insurance, state registration fees and
technology fees. To account for your business expenses not captured in these reports, it is helpful
to consider the following:
Using an Accounting Software Package or Hiring an Accounting Professional
There are a variety of software packages that can simplify bookkeeping functions for your practice.
Some of the commonly used programs are; Quickbooks, Peachtree and Quicken. New business
owners may choose to keep track of the finances themselves, or work with a professional.
When hiring an accounting professional, a new entity should decide between a part time
bookkeeper or a full time accounting professional. A bookkeeper's services make sense during
start-up when full time services may not be required.
Renting Office Space
Temporary Office Space
There are a variety of temporary and virtual office solutions that you may consider when first
becoming an independent advisor. These solutions allow you make a professional presentation to
your current and prospective clients without committing to a lease, or incurring the expenses of
renting an entire office.
Companies provide virtual office solutions that can include:
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Fully furnished, professionally equipped offices
An on-site receptionist to answer calls and greet clients
Mail forwarding and handling service
Flexible term options —day, week, month, or longer rentals available
Meeting rooms and videoconferencing studios
Printing, word processing and scanning
The cost of these office complexes can range from $100 to $1,500 per month depending on the
level of service and amount of office space required to support your operation. Many quality
regional and local providers are available in your geographic area. National Providers of these
virtual office solutions include:
Regus Office Solutions
800-OFFICES or www.regus.com
DaVinci Virtual Office Suites
888-V-OFFICE or www.davincivirtual.com
Alliance Business Centers
800-869-9595 or www.abcn.com
Instant Offices
866-918-4640 or www.instantoffices.com/executive-suites-usa.aspx
Longer Term Leasing
When renting space for a longer term (a year or more) some important considerations are:
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Availability of high speed internet and Ethernet connections
Office location
Parking availability and accessibility for clients
Adequate space for staff, office work, client meeting areas and files
Furnishing Your Office
Bolton Global Capital has a partnership with WB Mason that provides access to discounted office
supplies and furniture. WB Mason provides free next day delivery on any size order, next day pick
up of returns and dedicated, local customer service. Their products include:
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Office Supplies
Furniture
Storage Solutions
Printers
Toner Cartridges, etc...
For more information, call Jamie Sommers at WB Mason at (888) WB-Mason x8528, or via email at
[email protected] and mention Bolton Global Capital.
Jaime will set up your office with a web log-in and catalogue information to help you get started.
Many of our preferred technology solutions listed in the ‘Technology’ section of this guide are
offered at discounted pricing.
Alternatively, you may contact Kathy Sargent in the Home Office at (800) 649 3883 x 2212 or via
email at [email protected].
Hiring Support Staff
Bolton Global Capital’s staff includes experienced hiring consultants who can provide you with
hands-on assistance when deciding to hire support staff. Our consultants will assist you in
advertising the new position, reviewing resumes, evaluating candidates and interviewing.
We will work with you on-site and participate in the interview process, to ensure that your staff is
meeting your needs and assisting you in meeting the expectations of your valued clients.
To discuss issues related to hiring support staff, contact Kathy Sargent [email protected]
at 800 649 3883 x 2212.
Health Insurance and Fringe Benefits
NAIBD Health Insurance
Through our membership with the National Association of Independent Broker Dealers, Bolton
Global Capital reps can access individual and family health insurance, health savings accounts and
short term medical coverage. To obtain more details as well as an instant quote, please visit the
following website:
https://www.ahix.com/home
Health plan quotes can be obtained from many other independent services, including the
following:
www.healthinsurance.org
www.healthinsurancerates.com
www.uhc.com
healthcarequotes.com
www.ehealthinsurance.com
www.aetna.com/index.htm
Practice Management
Branding Your Practice
Website Development – Template
Website Development – Custom
Printed Materials – Stationery, Brochures and Newsletters
NETX360 Marketing Resources
Customizing Client Statements
Branding Your Practice
Creating a consistent brand for your practice is extremely important in developing a professional
image in the eyes of current and prospective clients. We provide services that will help you create
and maintain your brand across all of your communication mediums, including printed marketing
materials, website and stationary. Our marketing team is in close touch with the compliance
department, simplifying or automating the submission of documents and web materials, and
ensuring that standard disclosures are included on all relevant documentation.
Logo Design
The first step in this process is to create your logo. You will work with graphic designers to create
your customized logo. These designers will present you with a series of options; after your revisions,
you will have a logo which represents your firm’s style and brand.
Alternatively, some of our advisors choose to use online services which may be able to design your
logo at a significantly reduced cost. Some samples of these service providers include:
www.logoloft.com
www.logomaker.com
www.logoyes.com
Website Development – Free Template
Bolton Global Capital provides a template website which can be live in as little as three business
days. The features available through our free website template include:
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Company profile and mission statement
Quotes, news and market data
Listing of products and services
Client online access portal
Forms and documentation
To see a sample of the free template website, go to:
http://brickell.deltaequitytemplate.com/
Website Development - Premium Template
The features available through our premium website template include:
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Company profile and mission statement
Quotes, news and market data
Listing of products and services
Online newsletters and articles
Client online access portal
Forms and documentation
Financial planning calculators
A list of sample websites of our affiliates for your review include:
www.fnbwm.com
www.bainbridgefs.com
http://careauinvestmentgroup.com/
To complete a template website, you will be sent a login to your online workbook which allows you
to work on your website at your own pace. Many of the components of this website, such as market
data and news, and calculators, are already constructed for you. All of these components are fully
customizable. The information you will be asked to provide is the following:
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A description of your firm, members, history and investment philosophy (template
copy is available for your reference.)
Any photos or graphics which represent your firm
A list of your services
Any links to external web resources which you would like to provide to your clients
The process typically takes four to six weeks, depending on how quickly you are able to complete
the above portions of your website.
Website Development – Custom
A custom website is a more involved and expensive process; however, the website will be a more
unique visual representation of your firm. Turnaround time is about 16 weeks for a custom website
and our marketing professionals will help you every step of the way.
Printed Materials – Stationery, Brochures and Newsletters
Once you have established your brand, creating professional stationery, brochures and newsletters
is very simple. You can introduce clients to your firm, provide details on your investment strategy, or
highlight a product or service for your clients. Custom-printed quarterly newsletters can be
delivered to your office, or you can elect to send an e-newsletter directly from our web platform.
To begin branding your practice, contact Kathy Sargent at (800) 649-3883 x 2212 or
[email protected].
Sample Client Transition Letter
Below is a sample letter which can be used to explain the benefits of your new affiliation to your
clients.
Client Name
Client Address
Dear _____________:
I am pleased to announce that I have established a new relationship to custody my client
accounts through The Bank of New York Mellon's clearing firm, Pershing, LLC. I anticipate
that this affiliation will provide several benefits to my clients including:
1) Affiliation with the nation's oldest banking concern, The Bank of New York Mellon,
founded by Alexander Hamilton in 1784 and a world leader in custody of client
assets.
2) Clearing through the world's largest correspondent clearing firm, Pershing, LLC.
3) Generally lower fees and expenses for maintaining and servicing your account.
4) No proprietary products or investments which might compromise objectivity
5) Secure internet account access from around the globe
6) On-line banking, cash management bill payment and investing through a single
account
7) Excess account protection against financial institution failure
Through this new affiliation, I will be in a position to provide independent advice with a more
favorable cost structure and greater flexibility to service to my clients. Bolton Global Capital,
Inc., a FINRA member firm, will be my new broker dealer.
Please sign the enclosed documents where indicated, and return the forms to me in the
enclosed envelope. If you have any questions regarding my new affiliation with the Bank of
New York Mellon and Pershing, LLC., please give me a call at (xxx) xxx-xxxx.
Sincerely,
Investment Advisor
Marketing Support Available through NETX360
In NETX360, under the “Resources” tab, you will find a collection of marketing materials, as well as
learning opportunities. Below are a number of sections that will be helpful in managing your
practice, discovering new products and services and marketing these products to your clients:
Material Catalogue
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Search a database of fact-sheets, guides, forms and articles
Order professionally printed marketing materials at no charge
Add frequently used materials to your favorites list
Some of the marketing materials and brochures available through the material catalogue have the
following titles:
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BNY Mellon at a Glance
Pershing Facts and Figures
Retirement Plan Services
Wealth Management Services
Fixed Income Solutions
How to Read Your Account Statement
Learning Center
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E-Learning
Webcasts
Podcasts
Regional Workshops and Conferences
Themed seminars to help you build your knowledge and target products to specific
clients
Practice Management Center
Provides a series of targeted marketing ideas to help you:
• Develop a marketing plan
• Conduct a direct mail campaign
• Generate publicity
• Contact clients using sample letters and brochures
• Host a seminar using a customizable kit
• Assess client service and identify areas for improvement
• Build your advisory practice
• Increase operational efficiency
Client Statement Customization
Clients’ statements can be customized in a variety of ways to add your logo or a statement message.
To make any of these changes, email the details to [email protected].
To Change the Way Your Name or Firm Name Appears on the Statement
Email the details to [email protected]
Timeframe: The name change must be submitted by the last business day of the month to appear
on that month’s statement.
To Add a Logo to the Statement
Email your logo to your account manager. All logo files must meet the following criteria:
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Black and white bitmap only
.PCX or EPS file format
300 DPI resolution
3.25 x .65 inches
Logos appear at the top center of the customer statement.
Timeframe: The logo must be submitted to Pershing by the 1st of the month to appear on that
month’s statement.
To Add a Statement Message
You may add a message to your client statements regarding developments with your firm, products
and services you wish to highlight, or a market commentary. To add a statement message, email
your message to your account manager.
Timeframe: The statement message must be submitted to Pershing by the 15th of the month to
appear on that month’s statement.
Technology
Technology Requirements and Recommendations
Email Setup
Broker Workstation – NetX360
Real-Time Quote Packages
Home Office Communication - Bolton Global Capital Advisor Exchange
Client Transition Management System
Technology Requirements and Recommendations
In order to properly run all of the applications you will need to conduct your business at Bolton
Global Capital, your systems will need to meet the following minimum hardware and software
requirements:
Hardware
Processor: Intel i3 (or equivalent AMD Athlon CPU) at 2GHz or higher
Memory: 4GB of RAM (8GB+ recommended)
Storage: 80GB hard drive (150GB+ recommended)
Connectivity: Broadband internet access
Software
Windows 7 (Professional or Home Premium)
Anti-virus and Anti-spyware Software (MANDATORY):
Norton Antivirus (Endpoint Protection, Internet Security, Norton 360)
BitDefender Antivirus
Kaspersky Antivirus
Vipre Antivirus
-Other software packages can be allowed after proper review by Bolton
Global Capital staff
Firewall Software
ZoneAlarm Pro
Symantec Endpoint Protection
Outpost Firewall Pro
Microsoft Office 2007 or 2010 including Word, Excel, Outlook and PowerPoint
Other Recommended Hardware
Printer
Monochrome
HP LaserJet P3015
Color
HP Color LaserJet CP2025dn
Scanner
Fujitsu ScanSnap S1300 or S1500
Label Printer
Dymo LabelWriter 450 Turbo
Preferred Vendor
Newegg.com – Recommended for all hardware and software purchases
(www.newegg.com).
Email Setup
Bolton Global Capital provides email addresses for all registered and non-registered personnel in
your office, free of charge. We suggest that you use this email address for any and all of your Bolton
Global Capital business related matters. If you wish to use your own email, please see the ‘Using
Your Own Email Provider’ section below for details. It is mandatory that all email addresses you use
for Bolton Global Capital business are linked to Bolton Global Capital’s servers for archiving
purposes.
Acquiring an Address:
Bolton Global Capital will provide each broker and sales assistant with an email address. Once your
email is created, we will contact you to provide you with essential setup information regarding your
new email address.
Using Bolton Global Capital’s Email System:
1. go to http://mail.utopiasystems.net.
2. At this page, click on ‘Outlook Web Access’.
3. Log in using the username and password provided to you when you are
contacted by Bolton Global Capital. (Note: your username is the same as
your email address)
4. If you need help setting up your email in Microsoft Outlook or a thirdparty email software system, contact Matt Beals.
Using Your Own Email Provider:
We do allow reps to use their own email provider. However, as stated below, any email you use for
Bolton Global Capital business must be linked to our servers. Contact Matt Beals to establish this
link.
Email Disclosure:
All of your outgoing email messages must contain Bolton Global Capital’s email disclosure, which
can be found within the ‘Compliance’ section of this booklet, under ‘Disclosures’. If you wish, you
may add contact information and approved titles and logos above this disclosure. If you are unsure
how to set up a signature on your email, contact Matt Beals.
Email Review:
All email sent from and received by your address is reviewed by Bolton Global Capital’s supervision
department. Please be mindful of this as you send and receive email. For this reason, it is
mandatory that any and all email addresses you use for Bolton Global Capital business are linked to
Bolton Global Capital’s servers for archiving purposes.
For assistance with email set up, contact Matt Beals at (978) 779-5361 x2225
NetX360
NetX360 is a Windows-based account management program that allows you to:
1. Efficiently access client account information
2. Enter and review orders
3. Get real-time quotes
4. Obtain the latest news and investment research
Obtaining a NetX360 User ID
In order to use Pershing’s NetX360, you first need to obtain a unique user ID and password.
To obtain a user ID, contact Chris Bourdeau at (978) 779-5361 x2244.
NetX360 Research
Bolton Global Capital is able to offer you a large array of research products through NetX360.
These services include BNY Jaywalk Consensus, S&P Stock Reports, Morningstar Fund analytics and
ETF research, Thompson Stock Reports, Credit Suisse Research, and many others. To inquire about
or sign up for any of these services, contact Chris Bourdeau at (978) 779-5361 x2244.
Entitlement Latency
Some NetX360 features, entitlements, and data access requests take time to go into effect. As a
general rule, such requests will take 24-48 hours to complete, so please plan accordingly.
For assistance with NetX360, contact Chris Bourdeau at (978) 779-5361 x2244, or the
NetExchange help desk at (888) 878-3142
Downloading NetX360
The NetX360 Windows application serves up data securely from Pershing’s servers without
storing this data on your computer, thus reducing the risk of a security compromise. You may
install NetX360 free of charge on as many of your personal computers as you need.
Open a web browser (Internet Explorer, Firefox, etc.). Go to www.drivehq.com and enter the
following user name and password:
User Name: deltaequity
Password: delta5
Once logged in, click on NETX360.msi to download the installation file. Once the download is
complete, run the file.
(Note: If you receive a notification that you need to install Microsoft .NET 2.0, go to
http://www.microsoft.com/Downloads/details.aspx?familyid=79BC3B77-E02C-4AD3-AACFA7633F706BA5&displaylang=en to download and install the program.)
NetX360 Entitlements and Cost
Standard Entitlements
Cost: $75/month per advisor
$25/month per sales assistant
Includes:
Access to all customer account data, holdings information and activity
Client monthly and quarterly statements, confirmations and tax statements
Trading resources for all types of securities
Order status information
Commission summary information
eAnalytics Reporting System
Market Overview Data
Delayed Quotes
ETF Center (Powered by Morningstar)
Retirement Center
Tax Center
Financial Calculators
Price, Volume and News Alerts sent via email or to any electronic device
Depository Receipt (ADR) Research and Data
Money Market, Currency and Interest Rates
Corporate Annual Reports, SEC Filings and Investor Relations Research Tools
Free marketing materials, product education tools and e-learning
Customization of screens, quotes, alerts
Additional Premium Content
Premium content can be added a la carte. Details are listed on the attached sheet.
Real-Time Quote Packages
Bolton Global Capital offers you several options for real-time quotes and news, both within
and outside of NetX360:
In NetX360
o Limited Real-time Quotes: $10/month for 500 quotes, $.02/quote thereafter
o Unlimited Real-time Quotes: $165/month
o Streaming Real-time Quotes (Market Q): $185/month
One of the benefits of real-time quotes in NetX360 is the ability to view your account
holdings in real time and trade with real-time data in the same screen.
Outside NetX360
Outside of NetX360, we offer the Quodd Equity+ system as a more cost effective solution
for streaming quotes and news. The one caveat of Quodd Equity+ is that it doesn’t directly
integrate with NetX360 account data.
Quodd Equity Features:
o
o
o
o
o
o
o
o
Real-time Charts
Real-time News
Zacks Earnings Data
Company Profiles
Fundamental Data
Level 2 Quotes
Mobile Accessibility
Fully Customizable Layouts
Pricing for Quodd Equity+
o Non-licensed User: $77.50/month
o Licensed User: $170/month
Optional Services:
o
o
o
o
o
Time, Sales & Quotes (with 20-day history & filtering): $25/month/user
Options Streamer: $15/month
Options Montage (Regional Options): $15/month
NASDAQ Level 2: $25/month
VWAP (with 20-day history & filtering): $25/month/user
Bolton Global Capital Advisor Exchange
Bolton Global Capital Advisor Exchange is Bolton Global Capital’s online system used to
distribute information, such as forms, commission statements and home office messages
to our branch offices.
How to Log In
To log into Bolton Global Capital Advisor Exchange, open Internet Explorer,
1. Go to http://fa.boltonglobal.com.
2. Once the login prompt comes up, use the same username and password that you
use to retrieve your email. (Note: your username is the same as your full email
address)
System Features
Bolton Global Capital Advisor Exchange offers you a variety of tools and reports to help you
manage your business. Within this system, you will find:
o
o
o
o
o
o
o
o
o
o
Commission Reports
Holding Reports (Research data matched to your current holdings)
Performance Reports
Research
Interactive Forms
Compliance Manuals
Communications from the Home Office
Calendar of Events
Broker Forums
RSS News Feeds
Be sure to log into Advisor Exchange often, as it is constantly being updated with new and
relevant information.
For assistance with Advisor Exchange contact Matt Beals at (978) 779-5361 x2225.
Client Transition Management System
Client Transition Management System is a software system for completing the paperwork to
transition client accounts.
Using the Transition Management to Aid in the Transition Process
Using the Transition Management System, brokers can quickly enter client profile data and easily
print out all of the necessary new account and other such forms needed in the transition process.
Client data can be loaded by the financial advisor or converted in bulk into this system; after which
new account and transfer paperwork can easily be generated.
You can send the forms to your printer or view them as PDF documents on your screen. You can also
email the completed forms to your clients.
Note: The process of gathering all client data must follow Regulation S-P, as set forth by the Security
and Exchange Commission - http://www.sec.gov/rules/final/34-42974.htm). For further details on
account opening documentation, please see the ‘Operations’ section of this guide.
Information Needed for New Customer Accounts
Information permitted under Protocol
Name
Address
Phone number
Email address
Account title
Information now regarded as proprietary
Account number
Tax ID number
Date of Birth
Other information which may be known by the financial advisor
Income
Net worth
Liquid net worth
Employer name and address
You should not take or copy any company records in generating any transition paperwork.
For detailed instructions, and a tutorial, contact Kathy Sargent at (978) 779-5361 x2212 or Leslie
Breeze at x2221.
NetX360 Content Description
Content Item
Market Data
Charts - Intraday and
Historical
Real-time Charts
Quotes - Delayed
Quotes - Real Time
Quotes - Unlimited Real
Time
Quotes - Streaming Real
Time
Time and Sales
Historical Pricing
NASDAQ Level II Quotes
News
BusinessWire
Dow Jones Advisor Pro
Dow Jones News Service
PR Newswire
Reuters News and
Commentary
Research
Annual Reports
Argus Research
Description
Monthly Pricing
Create impressive charts on over 10,000 stocks and mutual funds that can be
$10
compared to other securities or indices.
Powered by Comstock, Interactive Charting allows financial professionals to
$30
conduct technical analysis of securities in real time. Users have the ability to
create customized as well as comparative charts based on time, frequency,
style, and scale. Entitlement to Streaming Real-time or Unlimited Real-time
Quotes is also required.
Unlimited access to delayed stock, mutual fund, option, and index quotes from
Free
all major U.S. exchanges on a 20 minute delayed basis.
Symbol look-up is included in this service.
Obtain real-time stock, option, and mutual fund quotes. Snapshots of up to 20
$10 for 500 RT quotes
symbols can be created, tracked, and compared.
plus $0.02 per quote
thereafter
Obtain real-time stock, option, and mutual fund quotes. Snapshots of up to 20
$45
symbols can be created, tracked, and compared.
NetX360 for Windows offers streaming quotes that dynamically update with the
$65
real time current market price for equities. There is no need to continuously
refresh your screen to get the latest data. View streaming quotes for the market’s
most actives, the winners and losers on a percentage or dollar basis, or set up a
QuoteTrackTM, and monitor more than 40 stocks at a time on up to 40 separate
QuoteTracks.
Request Time and Sales, and Time and Quote information for equities. Last sale,
$25
bid, and ask information is available on a tick-by-tick basis across all exchanges
for up to 20 days
View Historical Prices for individual equities and indices for up to 10 years or
$5
more (depending on availability) from a single source, eliminating the need for a
third-party solution.
This service will provide a real-time streaming view of the depth of the market by
$50
showing all bids and offers, among all market makers and electronic
communication networks for NASDAQ and OTC BB securities.
Symbol-specific, full -text corporate news releases, the majority of which are
business or financial announcements that publically held companies are required
to disclose. (Included with Dow Jones Business News and Reuters News.)
Included with Reuters
entitlement
Focused set of news stories designed specially for the unique needs of financial
advisors, including real-time financial market updates from the North American
equity markets, in-depth coverage on tax legislation, estate planning and
personal finance. Includes news from The Wall Street Journal, Barron’s,
SmartMoney, WSJ.com and The Securities Industry News.
This is the premier professional level service that makes all of the Dow Jones
Broadtape stories available in real-time. This service provides over 3,000 items
a day from Dow Jones, The Wall Street Journal, Barron’s and Smart Money.
Users can search for stories by ticker symbol or by topic.
Symbol-specific, full-text news releases from public and private companies and
organizations. (Included with Dow Jones Business News and Reuters News.)
$30
Notes
Requires Unlimited Real
Time or Streaming Real
Time quotes entitlement.
Separate exchange fees
apply.
apply
apply
Requires Unlimited Real
Time or Streaming Real
Time quotes entitlement
includes $30 Nasdaq fee,
requires Unlimited Real Time
or Streaming Real Time
quotes entitlement
$100
Included with Reuters
entitlement
Keep up to date with the latest market headlines and news stories. Select
headlines and full stories by category or symbol. Prospects may only view
headlines. This service includes PR Newswire and Businesswire
$20
Bay Tact Corp. fulfills the Annual Report requests. They distribute annual reports
for over 3,000 publicly held companies via the Public Register's Annual Report
Service (PRARS).
Independent equity research on over 700 domestic companies. Six point stock
analysis system incorporating Industry Analysis, Growth Analysis, Financial
Strength Analysis, Management Assessment, Risk Analysis, and Valuation
Analysis.
Free
Level One: $20/user
Level Two: $40/user
Level One package includes: Analyst reports, Market Watch, Weekly Staff
Report, Vickers Weekly Insider Report
Level Two package includes: Analyst reports. Morning Call, Weekly 'Best of'
Report, Vickers Insider Action Watch List, and Model Portfolios.
Pershing LLC Confidential
9/14/2009
Page 1
Content Item
Description
BNY® Jaywalk Consensus
Metrics
The Bank of New York’s independent equity research consultancy, has a global
network of over 150 Independent Research Providers (IRPs), each providing
research free from investment banking conflict. NetX360 will offer the BNY
Jaywalk Consensus recommendations, which are the average of all current
recommendations by IRPs on a given security. The service includes: Current
Jaywalk Consensus, Number of IRPs, Consensus 90 days ago, and the overall
breakout of Very Positive, Positive, Neutral, Negative, Very Negative ratings.
Available on a universe of over 4,900 equities.
The Bank of New York’s independent equity research consultancy, has a global
network of over 150 Independent Research Providers (IRPs), each providing
research free from investment banking conflict. NetX360 will offer the BNY
Jaywalk Consensus recommendations, which are the average of all current
recommendations by IRPs on a given security. The service includes: Current
Jaywalk Consensus, Number of IRPs, Consensus 90 days ago, and the overall
breakout of Very Positive, Positive, Neutral, Negative, Very Negative ratings.
Available on a universe of over 4,900 equities. Includes link to one page PDF
representations of Consensus Metrics.
BNY® Jaywalk Consensus
Complete
Monthly Pricing
Credit Suisse Research
Credit Suisse Research covers 98% of the S&P 500 Each research report is
indexed by Title, Time of posting, Analyst, Securities covered, and Number of
Pages. The reports are available to view or download in PDF format. Following
are some of the reports available: Intraday Research, Research Notes, Credit
Suisse Tech Daily, First Edition - U.S. Alert, Morning Summary Notes, and
Portfolio Manager's Weekly.
Market Edge™ Full Service Offers quantitative or "technical" analysis that measures market risk--how
investors and traders are actually trading. The core of Market Edge research,
Second Opinions are Buy-Hold-Sell opinions on nearly 5,000 stocks representing
over 90% of the daily volume on the NYSE, AMEX and NASDAQ markets.
Includes Smart Chart interactive charting.
$10
$15
No. of users
1-100 $75
101-350 $65
351+ $50
$20
Market Edge Second
Opinion™ Reports
Second Opinions are Buy-Hold-Sell opinions on nearly 5,000 stocks representing
over 90% of the daily volume on the NYSE, AMEX and NASDAQ markets.
Includes Smart Chart interactive charting.
$10
Standard & Poor’s Stock
Reports
And StockScan
Access in-depth facts, figures and projections for thousands of companies.
You’ll receive key statistics to give you a definitive picture of a stocks overall
value plus Wall Street consensus opinion, industry analysis and news. This
service also includes complimentary access to StockScanTM, a research tool to
identify equities matching specific user defined criteria.
MarketScope is an on-line, real-time investment information service, providing
daily information on over 9000 corporations. It includes timely analysis of stocks
and industry developments, exclusive recommendations that meet specific
investment and portfolio criteria, penetrating comments on current stock, bond
and currency market activity, and Wall Street Consensus earnings estimates for
approximately 6000 companies.
MarketSelect offers key highlights from S&P Equity Research. It provides
access to stock reports for S&P's top STARS-ranked companies, based on
S&P's Stock Appreciation Ranking System (STARS). With MarketSelect,
financial advisors can access news and analysis, recommendations and portfolio
strategies, current opinions and stock picks.
Morningstar Fund Analytics offers comprehensive statistical and analytical
information for more than 22,000 open mutual funds and 650 closed end ETF's
from the top analysts at Morningstar™. Detailed investment detail reports,
interviews and profiles of fund managers, news, tips from the top newsletters,
and a tool to create hypothetical professional investment illustrations are just a
few of the available features.
$20
Standard & Poor's
Marketscope
Standard & Poor's
MarketSelect
Morningstar Fund Analytics
The Rankings Service
View research that applies a unique method to mutual fund coverage. This
service tracks the performance of the fund manager over the span of the
manager’s career instead of tracking fund performance. The service includes
lists of the top 100 fund managers, top 10 managers by 15 different fund types,
and fund manager profiles, all updated daily.
Thomson Company Reports View the latest insider activity and institutional holdings on thousands of
companies. Fundamentals, key ratios, and First Call earnings estimates are also
provided on each company.
Tools
9/14/2009
Notes
$50
$18
$20
$30
$10
Page 2
Content Item
Description
NaviPlan Standard Financial Assessment
Use the Finanical Assessment to gain deeper insights into a client's or
prospect's current financial situation and priorities. Provides the user the ability to
quickly complete a needs analysis that identifies the client's current financial
priorities and clearly illustrates what is required to meet goals.
NaviPlan Standard Level 1 with Lockwood
Models & Methodology
Monthly Pricing
Build personalized financial plans to meet you clients' investment goals, such as
saving for college tuition, planning for retirement, making major purchases, and
estate planning. Includes asset allocation, multiple ‘what if’ scenarios, simple
insurance analysis and client reporting. Includes Access to the Financial
Assessment level. Uses Asset Allocation Models, Risk Tolerance Scoring and
Asset Class Mapping from Pershing's Managed Account partner Lockwood
Financial Services, Inc.
NaviPlan Standard Level 1 with Ibbotson
Models & Methodology
Uses Asset Allocation Models, Risk Tolerance Scoring and Asset Class Mapping
from Ibbotson Associates.
NaviPlan Standard - Full
with Lockwood Models &
Methodology
Increased level of detail including Monte Carlo simulation, detailed asset
allocation, estate planning, cash flow and net worth analysis, detailed insurance
analysis, increased client reporting options. Includes access to Financial
Assessment, Level 1, Level 2 and Level 3 planning. Uses Asset Allocation
Models, Risk Tolerance Scoring and Asset Class Mapping from Pershing's
Managed Account partner Lockwood Financial Services, Inc
NaviPlan Standard - Full
with Ibbotson Models &
Methodology
Naviplan Extended with
Lockwood Models &
Methodology
Enables investment professionals to build advanced financial plans for their highand ultra-high-net-worth clients. NaviPlan Extended is renowned in the industry
for enabling detailed cash flow based planning and comprehensive analysis of
incomes, expenses, assets and liabilities, stock options, federal and state taxes,
and lifetime estate planning strategies. Uses Asset Allocation Models, Risk
Tolerance Scoring and Asset Class Mapping from Lockwood Financial Services,
Inc
Naviplan Extended with
Ibbotson Models &
Methodology
Price, Volume and News
Alerts
Broker's Ally Pro
FundScan
Lipper Analytical Data
NetExchange Mobile
Offers clients customized wireless alerts and notifications. Price, volume, and
news alerts can be sent to pagers, PCS cellular phones, and e-mail addresses.
Midday portfolio updates, end of day portfolio valuations, and market updates
can also be sent to these devices.
Available for download via CD, this tailored version of software includes 30
customizable data fields designed specifically for Pershing correspondents. This
integrated database and word processing system enables users to manage
customer and prospect relationships in one place.
Access detailed profiles on thousands of mutual funds. Also use FundScan to
search for funds that meet a specified criteria.
A custom NetExchange wireless application that includes the ability to view
pertinent account information, enter trades, retrieve quotes, track portfolios, and
obtain news. This service is available for Palm VII, Palm V with an Earthlink
wireless modem, and Web Enabled Cellular Phones.
9/14/2009
Notes
No. of Users
1-49 $57
50-500 $44
501-1500 $41
1501-3,500 $40
3,501-7,500 $38
7,500 + $35
No. of Users
1-49 $57
50-199 $54
200500 $52
501-1500 $50
1501-3,500 $48
3,501-7,500 $47
7,500 + $46
No. of Users
1-49 $67
50-199 $65
200500 $63
501-1500 $60
1501-3,500 $59
3,501-7,500 $58
7,500 + $57
No. of Users
1-49 $66
50-199 $62
200500 $58
501-1500 $56
1501-3,500 $54
3,501-7,500 $52
7,500 + $50
No. of Users
1-49 $77
50-199 $72
200500 $69
501-1500 $66
1501-3,500 $65
3,501-7,500 $63
7,500 + $60
No. of Users
1-49 $97
50-199 $89
200500 $83
501-1500 $79
1501-3,500 $77
3,501-7,500 $73
7,500 + $69
No. of Users
1-49 $108
50-199 $100
200-500 $94
501-1500 $90
1501-3,500 $88
3,501-7,500 $84
7,500 + $80
Free
Alerts based on user's
entitlements (Real Time
quotes and News require
separate entitlements and
separate fees apply)
$2.50
(plus one-time $30
setup fee)
Included with BNY®
Jaywalk Consensus
Metrics
$10
Page 3
Content Item
Description
The Retirement Center
The Retirement Center is free of charge and is designed to help investment
professionals provide additional customer service relating to Retirement
products. There are calculators to assist you in evaluating which type of IRA will
provide the greatest amount of after-tax income at retirement, as well as tools to
evaluate the benefits of converting (or not converting) Traditional IRA funds to a
Roth IRA. There is Required Minimum Distribution (RMD) calculator, and other
wealth-forecasting tools to assist with planning an investor's retirement needs.
Free
Intuit Tax Center
A year-round informational Web site that provides useful tax tools and timely tax
information from the experts that create TurboTax® products. The Tax Center
includes access to tax planning and preparation articles and tips, tools that help
estimate taxes, analyze and compare 401(K) plans, analyze stock options and a
15% discount on TurboTax federal products.
Provide a wide range of financial calculators to your NetExchange site. Through
a referral agreement, FinanCenter brands the calculators according to your
preferences and Pershing then integrates the calculators seamlessly into your
NetExchange site.
Free
Financial Calculators from
FinanCenter
Monthly Pricing
Notes
Free
Morningstar Advisor
Workstation Enterprise
Edition
Diagnose and resolve diversification issues, search and present security
research, create hypothetical illustrations, and help plan for your clients’ futures.
This premier offering gives you research, portfolio tools, and planning
®
Morningstar Advisor
functionalities for a wide range of security types including open-end funds, closedWorkstation Enterprise
end funds, exchange-traded funds, stocks, variable annuity/life products and 529
®
Edition
plans. Real-Time Pershing Holdings integration included.
This configuration of Morningstar’s Advisor Workstation includes the Sales,
Advisor Workstation
Clients and Portfolios & Research Modules
Configuration 1
Advisor Workstation
This configuration of Morningstar’s Advisor Workstation includes the Sales,
Configuration 2
Clients and Portfolios, Research and Planning (Goal Planner) Modules.
This option is available to either Advisor Workstation configuration and includes
Separate Accounts Universe access to research on over 2,500 Separate Accounts.
This option is available to either Advisor Workstation configuration and includes
Full Equity Research Opinion Reports on more than 1,000 equities. This
functionality is in addition to the Investment Detail report available on over 6,500
Full Equity Research Option equities as part of both configurations.
Additional Products/
Functionality
E-Documents - Confirms
Customers can enroll to access online trade confirmations and statements. For
and Statements
NetExchange Client only, customers will receive E-mail when the confirmation is
available.
EDocument Express
This service is designed to help you monitor and maintain your client's account
documentation. E-Doc Express is a CDrom that provides fast access to your
customers' statements, confirms and tax documents, with accurate searching
capability and the ability to print all documents.
Equifax Decision Power &
RDC
Packages
Basic Package (also called
"Package of Optional
Services")
Analysis Package
Mutual Fund Research
Package
Equifax Decision Power is designed to assist you in complying with the new,
more comprehensive "Know Your Customer" requirements of The USA
PATRIOT ACT of 2001. The Equifax Decision Power tool is specifically designed
for the brokerage industry and combines credit information, advanced risk
modeling, and fraud assessment tools.
RDC is a solution intended to help our IBD's comply with regulatory
requirements of AML laws and the USA Patriot Act. It enables organizations to
manage risk of Money Laundering, Fraud, Terrorist Financing, Organized Crime,
Corruption, Senior Political Figures, Regulatory and Suspicious Activity
Reporting, Sanctions and Embargos.
Reuters News and Commentary
500 Real-Time Quotes ($0.02 per real-time quote thereafter)
BNYJaywalk + One Page Report
Intraday and Historical Charts
MarketEdge Full Service
Standard & Poor's Stock Reports
Thomson's Company Reports
Morningstar Fund Analytics
The Rankings Service
$191
$208
$42.50
$30
Free
$45/month
$75/quarter
$95 semi-annual
$125 annual
$1.00-2.50 per
Transaction
(plus $2,500. one time
setup fee)
$40
$40
$40
Investment professionals
can subscribe to CD's on a
monthly, quarterly, semiannual, or annual basis OSJ
orders are available on a
Refer to Equifax Pricing
Schedule for details
NPNX administrator must
turn on "Package of Optional
Content" and Real-Time
Equity Quotes
turn on "Analysis Package"
turn on "Mutual Fund
Research Package"
Note that pricing reflects the standard product pricing for NetX360 and this document was created for reference purposes only.
The official product pricing is part of the NetX360 pricing agreement for each Pershing Introducing Broker Dealer.
9/14/2009
Page 4
Operations
Important Operations Contacts
Establishing a Brokerage Account
New Account Paperwork
Account Transfer Procedures
Account Fees
Processing Guide
Processing Timeframes
Moving Assets To or From Existing Accounts
Account Maintenance
Client Online Access (NetExchange Client)
Performance Reporting (PES)
Client Checking (Corestone)
Combined Mailing (SelectLink)
Bolton Global Capital, Inc. – Operations Guide
Operations Team Contacts
800-649-3883 Option #1
[email protected]
Account Managers
Aguerrebere, Jennifer
(786) 693-7831
[email protected]
Rozas, Larry
(786)693-7830
[email protected]
Beaulieu, Rene’
(978)779-5361 x 2229
[email protected]
Whipple, Mili
(978)779-5361 x 2248
[email protected]
Dasaro, Meredith
(978)779-5361 x 2210
[email protected]
Other Helpful Contacts
Hager, Zack
(978)779-5361 x 2235
[email protected]
Masucci, Lady
(978)779-5361 x 2249
[email protected]
Customer Service Issues
Matt Beals x2225
Kathy Sargent x2212
Margin Issues
Primary Contact: Phil O’Connor x2218
Escalation: Ronnie Fremault x2242
Options Accounts
Jane Mahle x2234
Please Note – Advisors are assigned to one of the above individuals, who will function as an account manager.
All service requests will flow through the assigned account manager. A backup Account Manager will be
available to assist in the event an office’s account manager is not in the office.
Establishing a Brokerage Account - Required Forms by Account Type
To establish your client’s brokerage accounts held through Pershing, LLC., the following documents
will be required.
The most current versions of all forms are found on:
Advisor Exchange (https://boltonglobal.spsecuresite.com/default.aspx)
Bolton Global Capital’s website (http://boltonglobal.com/investment-clients/investment-forms/)
Scanned or faxed copies of all documentation are acceptable, with a few exceptions, as listed on
page five.
Individual Cash Account
New Account Form
Joint Cash Account
New Account Form for each owner/associated person
Joint Account Agreement
Margin Account
New Account Form(s) as dictated by the account type
Margin Agreement
Option Account
New Account Form(s) as dictated by the account type
Option Agreement (Supply customer with OCC Disclosure Booklet)
Bolton Global Capital Option Risk Disclosure Form
Client AND Rep signature required on both forms
Trust Account
New Account Form with Trust information
New Account Form for EACH Trustee/associated person,
Trustee Certification of Investment Powers
Relevant Pages of the Trust Documents
Note: The documents produced (which may or may not be limited to cover,
signature and authority pages) must contain information that identifies the
trustee, the successor trustee, the settler, designated authority and signature
pages. While it is considered a best practice to receive the entire trust so as to
be certain to capture all the required information, the full document is not
required at account opening. However, Pershing LLC and Bolton Global Capital
reserve the right to request the entire trust.
POA Account
New Account Form for client
New Account Form for the POA
POA paperwork dated within 2 years
*If the POA paperwork is not dated within 2 years, we need a notarized letter or
Pershing affidavit signed by the client, or the POA if they are unable to sign, stating
that the POA is still “in full force and effect.”
Transfer on Death Accounts (can only be individual or joint)
New Account Form for each owner
Joint Account Agreement (if required)
TOD Form (individual or joint, form varies based on account type)
Corporate Account
New Account Form with company information
New Account Form for each authorized individual
Corporate Resolution
Copy of the Articles of Incorporation
Non-Profit Account
New Account Form with Non-Profit’s information
Non-Corporate Resolution
Copy of the Articles of Association
Traditional IRA
New Account Form
Traditional IRA Adoption Agreement
Must include beneficiary name and date of birth
Roth IRA
New Account Form
Roth IRA Adoption Agreement
Must include beneficiary name and date of birth
SEP IRA
New Account Form
Traditional IRA Adoption Agreement
Section III must have SEP IRA checked
Must include an Employer Tax ID Number
SEP Form 5305
Simple IRA
New Account Form
Simple IRA Adoption Agreement
Section III must be filled out
Simple Form 5304
Partnership Account
New Account Form for each owner/associated person
Partnership Account Agreement
Partnership Documents
Estate Account
New Account Form with estate information
New Account Form for each executor/executrix/personal rep
Copy of death certificate
Copy of court appointment of executor - Must be dated within 60 Days
Notarized Affidavit of Domicile - Must be dated within 60 Days
Journal Request Form Signed by the Executor
Spousal Beneficiary IRA
Assets can be moved directly to an existing IRA for a decedent’s spouse
To move assets into the spouse’s existing IRA, we would need:
Copy of the death certificate
IRA Asset Movement Form signed by the beneficiary
To open a new IRA for the spouse, we need:
New Account Form
IRA Adoption Agreement
Copy of the death certificate
IRA Asset Movement Form signed by the beneficiary
Beneficiary IRA (for a non-spousal beneficiary)
New Account Form for each beneficiary
IRA Adoption Agreement for each beneficiary
Copy of the Death Certificate
IRA Asset Movement Form signed by the beneficiaries
UGMA or UTMA
New Account Form for child
New Account Form for custodian
*See UGMA-UTMA state chart for age of majority and availability
Converting an UGMA or UTMA when the child has reached the age of majority
State issued proof of age (birth certificate or driver’s license)
New Account Form for child with updated personal information
A letter from the custodian releasing custody of the account
Retirement Plans with Pershing as Custodian
(Includes Money Purchase Plans, Profit Sharing, and Individual 401(k) Plans)
New Account Form for the plan
New Account Form for the participant
Appropriate Pershing Prototype Plan Document/Adoption Agreement
Retirement Plans with a Third Party Custodian
New Account Form for the plan
New Account Form for the plan trustees
Appropriate Plan Document/Adoption Agreement
Trustee Certification of Investment Powers
International Clients
New Account Form
W8 Form dated within 90 days
A copy of a government issued ID (does not have to be a US ID)
If mailing and legal address are in different countries: A Letter of Explanation as to why they
have a different mailing and legal address (family in another country, work visa, postal
concerns in their home country, etc…)
International Corporation
New Account Form with company information
W8 Form dated within 90 days
Articles of Incorporation
Corporate Resolution
A list of all shareholders, directors and associated persons of the company
A copy of the passports of all above listed individuals
If mailing and legal address are in different countries: A Letter of Explanation as to why they
have a different mailing and legal address (family in another country, work visa, postal
concerns in their home country, etc…)
New Direct Business Accounts (For funds held at mutual fund company)
Change of Broker/Dealer Form
Signed New Account Form for each account owner
Fund Application
Direct Business Trade Blotter
Prospectus Receipt and Replacement Form
*For annuity applications, please call Operations at 800-649-3883, Option 1
Transferring Existing Direct Business Accounts (For funds held at mutual fund company)
Change of Broker/Dealer Form
Signed New Account Form for each account owner
Establishing a Brokerage Account – Forms Requiring Original Signatures
The following forms must be sent to Bolton Global Capital with original client signatures (scanned,
faxed or copied forms are not accepted):
•
•
•
•
Stock power and related documents required for Physical Certificate deposit
ACH authorization (with an original voided check)
Non-ACAT transfer paperwork including mutual fund or annuity transfers for accounts
which are held directly at the fund or insurance company
Any documentation requiring a medallion signature guarantee (sometimes required by
annuity companies or other delivering firms. This is not something required by Bolton
Global Capital.)
All other forms may be scanned or faxed to our office
Processes Requiring Client Signature (Faxed copy is accepted)
The following forms may be submitted via fax, but require the client signature:
•
•
•
•
•
•
•
•
•
•
•
Wire transfer request form
ACAT transfer form
Any asset movement request
New account forms
Joint account agreements
Designation/change of beneficiary
Change of broker/dealer for direct business
Margin paperwork
Corestone application
Options paperwork
NetExchange Client e-Delivery
Process that can be Initiated Without Client Signature
The following processes can be initiated without a client signature. (Note that some processes,
such as ACH, require a client signature for a one-time set up prior to use.)
•
•
•
•
•
Retail account check requests, if check is being sent to the client and address of record
ACH requests, if Ad Hoc ACH is established on the account
Change of reinvestment options
Systematic buy or sell within an account
NetExchange client online account access (User ID set-up only. Does not include edelivery)
Establishing a Brokerage Account – Transferring Brokerage Business
Most incoming account transfers can be processed using the account transfer form. This form
must be signed by the client and accompanied by a current statement for the delivering account,
dated within 90 days. Transferring accounts are frozen for the time it takes to complete the
transfer. Clients should discontinue trading and check writing in the delivering account once the
transfer process is initiated.
Types of Transfers
ACAT Transfer
An ACAT transfer will automatically move all in-kind assets in one brokerage account, to
another which results in a shorter transfer process. ACAT transfers are generally received
within approximately 3-5 business days. Account registrations must match exactly,
otherwise, we require an LOA signed by all parties involved.
If there is a residual balance in the delivering account, due to dividends and interest
paid into the account after the transfer date, an automatic sweep will remain active
for six months.
To transfer Qualified Retirement Plans, a copy of the plan is required. The Trustee(s)
of the plan will sign the transfer paperwork
Non-ACAT Transfer
A non-ACAT transfer is used for mutual fund, insurance and annuity firms, banks and
Limited Partnerships (Non-NSCC firms.) Because these companies do not participate in the
ACAT system, the transfer requests are processed manually. Non-ACAT transfers may be full
or partial.
Original client signatures are required
The Delivering Firm Contact Information (right side of Page 1) must be completed
Section 4 on page 2 must be completed listing the exact quantity and positions to be
transferred
Direct Mutual Fund Transfer
A Direct Mutual Fund transfer is a transfer in-kind of a mutual fund position held directly at
the fund company.
Original client signatures are required
Section 4 on page 2 must be completed listing the exact quantity and positions to be
transferred
DRS/DRIP Transfer
A DRS/Drip transfer is a transfer of a position held directly at the transfer agent.
Establishing a Brokerage Account – Account Fees
Below is a list of the setup or annual fees which would be charged to a client’s account.
Annual Account Fee
$25 per year
Outgoing ACAT Fee
$95
IRA Annual Fee
$50
IRA Termination Fee
$95
Brokerage Checking Annual Fee
Silver
$25
Silver Plus
$50
Gold
$100 annual fee – First year’s fee is waived
Platinum
$150 annual fee – First year’s fee is waived
Outgoing Fed Wire Fee
$35
Overnight Check Fee
$12
Paper Statement
$1 per statement*
Paper Confirmation
$1 per confirmation*
*Will be waived if client signs up for electronic document delivery in NetExchange Client
Processing Guide - Operations Processing Timeframes
These processing times are average based on the volume of processing in the back office. If you have any
paperwork which requires our immediate attention, please contact us so we can expedite your request.
This chart reflects the processing times for paperwork received in good order. If we receive paperwork with
missing or incomplete information, processing may be delayed.
Documents
New Accounts
Check, ACH and Fed
Wire Requests
Processing Timeframe
If received prior to 3:00pm EST,
best efforts are made to open
the account same day.
If received by 12:00pm EST,
processed same day
Incoming Checks
If received after 12:00pm EST,
processed next day
Processed daily at 12:30
ACATs and Account
Transfers
1-2 Business days for an ACAT
to be initiated
Margin Paperwork
Non-ACAT Transfers are
initiated within 1-2 business
days
Processed daily
Options Paperwork
Processed daily
Systematic
Distributions and
Contributions
3-5 Business days
(Processed bi-weekly)
Corestone Set up
Processed daily
Notes
After 3:00pm EST, turnaround is generally
within 24 hours.
If funds must go out that day and it is past
12:00pm EST, please contact Bolton Global
Capital Operations
All requests are reviewed by Compliance
If a check must be posted to the account on
the day it is to be delivered, please send it
overnight for early morning delivery
Most ACATS are delivered within 5-7 days
ACAT and Non-ACAT transfers can take 30
days or more depending on the delivering
firm’s policies
Contact Bolton Global Capital Operations
Approved by Pershing within 1-2 business
days
days
If payment must be set up immediately, or
very close to the date paperwork is
received, please contact Bolton Global
Capital Operations
days
Clients will receive checks 7-10 days after
the application is processed unless
overnight delivery is specified
Incoming Check Deposits
Checks are deposited on a daily basis. When a check has been posted it will be visible in NETX360
on the account’s activity screen as “check received.”
Details
• Checks should be made payable to Pershing LLC or the client
• Funds will be unavailable for withdrawal for five business days from the date of deposit due
to Pershing’s processing and clearing times.
• All offices are required to keep a log by date of checks received and checks sent to Bolton
Global Capital
• Account registration must match name(s) on check
• Account number must be clearly marked on the front of the check
For Qualified Plans
• Clearly mark the type of Contribution (if applicable) & contribution year
• For SEP and SIMPLE IRA plan accounts, include a breakdown of the amounts by account for
Employer & Employee
• Also include an IRA contribution form from the client
Checks that will not be accepted - returned to the broker the next business day
• Starter checks
• Money Orders
• Official/Cashier’s checks for under $10,000
• Checks made out to anyone other than Pershing or the client
Asset Movement Requests
Requests must be received by 12pm EST for same day processing.
Account Payout Request Form
Use the account payout request for checks and on-demand electronic payments (ADHOC ACH)
from retail accounts. (Prior setup is required for ACH)
• Checks can be sent overnight for a fee of $12
• For third party or alternate address requests
• Fill the payment instructions in the ‘Special Instruction’ section
• Client signature is mandatory
Journals Between Accounts
Journals between client accounts require a client signature
• Retail to retail: Journal request form
• Retail to retirement: IRA asset movement form
• Retirement to retirement: IRA asset movement form
• Retirement to retail: IRA distribution form
• Clearly mark the year of contribution and the type
IRA Distributions
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•
•
•
•
A signed and dated IRA distribution form is required for all retirement account distributions
Section III – Distribution Method and Tax Withholding must be filled in
• If no tax withholding selection is made, Pershing will withhold 10% federal tax and
possibly state tax depending on the resident state
If no method of delivery is chosen (Section IV) then the Distribution will be sent to the client
and address of record via regular mail
In the case of a total distribution, the following fees will be assessed:
• Closing cost-$50
• Annual maintenance fee-$30
For direct rollover distributions a letter of acceptance from the receiving firm must be
received by Pershing before they will issue a check to the Receiving firm’s name/address
Wire Transfer Request Form
• Used for requesting Fed Fund Wires to bank accounts from Retail accounts
• Client signature is mandatory for all Fed Fund Wires
• $25 fee will be charged to the client unless otherwise specified
• A separate LOA is not required
• Third Party requests require an explanation of the relationship of the account holder
and recipient of the wire, as well as a reason for the transfer
• Other required information:
• ABA Number and Bank Name and Address
• Bank Account Registration
• Bank Account Number
• The compliance department reserves the right to contact the customer to verify wire
transfers. Generally wires over $20,000 and wires to third parties require confirmation by a
firm principal.
International Fed Wire Request Form
• Used for requesting fed fund wires to international bank accounts from retail accounts
• Client signature is mandatory for all fed fund wires
• $25 fee will be charged to the client unless otherwise specified
• A separate LOA is not required
• Third Party requests require an explanation of the relationship of the account holder
and recipient of the wire, a copy of an invoice as well as a reason for the transfer
• Other required information:
• ABA number and bank name and address of US affiliated bank
• International bank name, Swift Code and Sort Code
• Ultimate beneficiary (as registered on bank account)
• Foreign bank account number
• The compliance department reserves the right to contact the customer to verify wire
transfers. Generally wires over $20,000 and wires to third parties require confirmation by a
firm principal.
Periodic Contributions & Distributions
Accounts may be set up to send or receive periodic distributions or contributions. Accounts may
establish these transfers by journal, check or ACH transfer. ACH is a paperless funds transfer system
that enables clients to move money to or from their bank account directly into or out of their
brokerage accounts. The process does require a one-time set up that requires a client signature.
Funds that are sent using ACH or ADHOC ACH (on demand) will be available for use the next
business day.
Retail Account Contributions
Electronic contributions from bank account to brokerage account
• Use ACH authorization agreement
• Original form required
• Form must be completed with an original voided check
• Each account holder listed on the voided check and each account holder listed on
the account must sign the form
Journal from one brokerage account to another brokerage account
• LOA signed by all parties in both accounts
• Include both account numbers, amount, start date and frequency
Retail Account Distributions
Checks may be requested for periodic principle and income distributions either in writing or
via phone
• For third party or alternate address requests: client signature required
Electronic distributions from brokerage account to bank account
• Use ACH authorization agreement
• Each account holder listed on the voided check and each account holder listed on
the account must sign the form
Retirement Account Contributions
• Electronic contributions from bank account to brokerage account
• Use ACH authorization agreement for retirement plans
• Each account holder listed on the voided check and each account holder listed
on the account must sign the form
• Indicate whether the contribution is from the participant or employer
Retirement Account Distributions
Check for income or principle distributions: IRA distribution form
Journals from one brokerage account to another: IRA distribution form
Electronic distributions from brokerage account to bank account: Two forms are
required:
• ACH authorization agreement for retirement plans
• IRA distribution form
• Each account holder listed on the voided check and each account holder listed
on the account must sign the form
ACH may only be used for scheduled contributions or distributions in retirement
accounts. IRA accounts cannot be set up for use of ADHOC ACH.
A client signature is required to change the amount and/or tax withholding of a periodic
contribution or distribution.
Depositing Stock Certificates
The Operations Department will work as a liaison between the broker, the client and Pershing in
order to ensure that the handling of certificates, either being deposited or shipped, will be a
smooth and efficient process. It is very important to confirm with Bolton Global Capital what
paperwork is needed, as each situation is unique. It is also imperative that all paperwork requested
by Bolton Global Capital/Pershing be received in a timely manner to avoid further complications,
including the return of certificates.
Certificates and supporting paperwork should be sent separately to Pershing at:
Pershing LLC
Attn: Department ‘S’
One Pershing Plaza
Jersey City, NJ 07399
The account number should be clearly indicated on every item sent
• Stock/bond power forms are required and must have original signatures
• A log of all paperwork being submitted should be included
• Other true and original documents that may be required:
Death certificate
Affidavit of domicile
Trust
Letter of authorization
Birth certificate
Opinion of council
To ship certificates:
• An LOA may be required for shipment of certificates to the client of record.
Eligibility for certificate delivery depends on the transfer agent
A fee of $10 will be assessed if the Asset is DTC Eligible. In this case, the request to
ship will be sent to the Transfer Agent who will then open an account in the name of
the client. They will then contact the client to offer them the option of transferring
somewhere else or receiving the physical certificate.
• Delivery may take 7-10 business days
To re-register and ship certificates:
• An Accommodation of transfer form must be completed to ship securities that request a reregistration
• There is a fee of $60 to re-register a certificate
• Delivery time may be slightly longer for re-registration
•
Account Maintenance
Change of Address
• A signed address change verification form or signed LOA
• Client may call Bolton Global Capital directly
• Bolton Global Capital home office will call client to verify information
• Seasonal addresses
Client may send a signed address change verification-seasonal form or signed LOA
To switch back and forth between seasonal addresses, contact the home office
Change of Beneficiary
Client must sign and complete a designation of beneficiary form. Certain states require a spousal
signature if the spouse is not named the sole primary beneficiary.
Change of Trustee
If a trustee steps down or can no longer perform as trustee, Bolton Global Capital requires:
• Trust pages that identify the successor trustee(s)
• Death certificate or a trustee resignation letter or a notice of incompetence
• New account form with the new trustee(s) information
Change on UTMA/UGMA
If the child has reached the age of maturity then a custodial account may become an individual
account. To accomplish this, we require:
• Copy of the child’s birth certificate
• New account form with the child’s updated information
• Letter of Acceptance from the Custodian verifying that the account should be changed
A change in custodian will require:
• Copy of a death certificate or a notice of incompetence or resignation letter
• New account form with the new custodian’s information
Online Access-NetExchange Client
NetExchange Client is a free service that allows clients to view their account through the Internet.
They will have access to their account balances, account activity, and online statements. They will
also be able to discontinue paper statements and view them solely online. They will have the
ability to view several accounts under one login and password.
•
•
•
•
NetExchange Client is set up using the NetExchange Client access form
The form may be sent via fax or email
Log on instructions with ID and password will be sent in 1 business day via email to the
client and/or rep
Requests for specific log on IDs are accepted
Performance Reporting Through NETX360 (PES)
PES assists clients in assessing their portfolios, quantifying gains and losses, and determining the
impact of current market conditions. PES provides the ability to review both unrealized and
realized gains and losses for the current and prior calendar year on NetX360 and NetExchange
Client. It can also provide Enhanced Monthly Brokerage Account Statements and Quarterly
Performance Reports (QPRs).
Cost Basis
Cost Basis may take up to 10 days from receipt of the assets to post to the account. If cost basis
does not transfer with account information, we can manually input the data, but require an
account statements that include buy date, number of shares and total cost basis
Fees:
• $1.00 fee for accounts valued below $100,000
• No charge for accounts valued over $100,000
Cost Basis is automatically charged to the rep unless otherwise specified
Charged on a per account per month basis
Quarterly Performance Report
• Includes Cost Basis
• Flat fee of $2.00
Client Checking-Corestone
Corestone offers clients the convenience of banking from their retail brokerage accounts. They will
see asset consolidation, easy access to cash and improved organization with checks and/or a Visa
debit card. There is no annual fee for the first year for all account types. Free online bill payment is
available for Gold and Platinum accounts.
Corestone Help Desk (24 hours): (800) 547-7008 or (918) 497-5331
Silver
• $25 annual fee
• No minimum balance to open
• No debit card available on this product
Silver Plus
• $50 annual fee
• Basic debit card available
Gold
• $100 annual fee
• $10,000 minimum in cash and/or marginable securities to open
• Visa Debit Card for ATM withdrawals and purchases
• Cost basis on a consolidated statement with detailed summaries for reconciliation
Platinum
• $150 annual fee
• $20,000 minimum in cash and/or marginable securities to open
• No-fee ATM access, frequent buyer rewards and low-price guarantees
Corporate accounts
• Eligible for Gold and Platinum levels only
• Gold-annual fee: $150
• Platinum-annual fee: $195
International Purchases
• Funds in Pershing account must be held in US Dollars
• Debit card may be used like any other credit card, but bears a 1% conversion fee for
alternate currencies: all transactions must take place in dollars
• Clients traveling outside their region or country should inform the Corestone department or
the Operations team to avoid restrictions/holds on the card
Other Details
• Application must be signed by all account holders and by the investment professional
• Check title and address information may be customized
• Clients may write unlimited checks with no minimum dollar amount per check
• Check reorders
o Personal Style-initial order free, reorders $10 for 150 checks
o Business Style-initial order $50, reorder $40 for 500 checks
• Returned checks will incur a fee of $20
Combined Mailings-SelectLink
SelectLink combines a household of client account statements into one envelope. Clients may also
include accounts in which they are an interested party. This service is available at no cost to the
client or the broker.
•
•
All linked accounts must have an identical address or the primary account holder must be
listed as an interested party with an identical address
Each account holder must sign for each listed account
Paperless Statement and Confirmation Delivery
Clients are able to set their accounts up at account opening for electronic delivery of statements
and confirmations. This is accomplished using the “USER ID AND E-DELIVERY REQUEST” Form.
Alternatively, clients can request a NetExchange Client User ID and password and set this up
through the online interface.
For clients wishing to maintain paper delivery of these documents, there is a $1 charge per
statement or confirmation generated.
Trading and Commissions
Trading Guidelines
Sample Commission Rates
Commission Payment Schedule
Schedule of Fees
Commissions Frequently Asked Questions
Bolton Global Capital - Transition Guide
Trading Guidelines
Equity Trading
Equity trades are performed in the Trading tab of NETX360. The screen is self-explanatory for the
most part, but a few tips are listed below:
The main pitfall on the equity trading screen is a field called the P/A indicator.
To fill in this screen enter:
Listed Stocks - Enter “A”
OTC stocks – Leave Blank
Under the regulatory info section put your rep code in the “from” field.
To simplify order Entry
• Your office’s default commissions for all types of securities can be hard-coded into the
system for any rep number.
• Default commissions can be applied at the account level or the rep level.
• To hard code commissions, send a detailed email to Matt Beals
[email protected].
• The system allows you to set your defaults to pre-populate information into the order entry
screen.
• To set your trading defaults, click on the “set defaults” button in the blue bar on the
top right-hand side of the screen
Be sure to review the trade confirmation screen before hitting the “Submit” button
Fixed Income Trading
To trade fixed income securities, you can use Bond Central to view the inventory of various
dealers at any given time. You may trade with any bond desk you have a relationship with,
however, please be sure to contact Bolton’s trading desk prior to the execution of any
orders. Bolton’s trading desk will assist you in the location of bonds (bids and offers), as our
traders have relationships with a variety of bond dealers apart from those listed on Bond
Central and Pershing. Please feel free to contact the trading desk to ensure that you are
getting the best prices. Our trading desk is often able to secure more competitive pricing
than what is available through Bond Central.
If you have any trading questions, call 800-649-4554 to speak with Phil O’Connor, Phil Grenier or
Chris Bourdeau.
Sample Commission Schedule- Full Commission
Equity Transactions
Principal Amount
Less than $200
$200.01 to $1,000.00
$1,000.01 to $2,500.00
$2,500.01 to $7,500.00
$7,500.01 to $20,000.00
$20,000.01 to $30,000.00
$30,000.01 and above
Commission Rate
$39.00
0.89% of funds, plus $40.00
1.08% of funds, plus $126.00
0.64% of funds, plus $258.00
Plus per share charge:
First 500 shares
Second 500 shares
Remaining shares
$0.10 per share
$0.09 per share
$0.07 per share
Fixed Income
Principal Amount
$1,000.00 to $5,000.00
$5,000.01 to $20,000.00
$20,000.01 to $30,000.00
Greater than $30,000.00
Commission Rate
1.50% of funds plus $50.00
Options
Principal Amount
$0.00 to $2,500.00
$2,500.01 to $10,000.00
$10,000.01 and above
Commission Rate
1.00% of funds, plus $100.00
Plus per contract charge:
1 to 10 contracts
11 contracts and above
$3.50 per contract
$2.50 per contract
Bolton representatives may discount from this schedule as much as they choose. Any trade with a
commission higher than the above amount may be reduced at Bolton’s discretion, or the
representative may be required to provide documentation to justify charging a commission higher
than the above rates.
Sample Commission Schedule- Discounted for Online Trading
If the representative does not specify a commission for a web based trade, the customer account
will be charged in accordance with the following commission schedule:
Stocks and Warrents
Principal Amount
Under $15,000
$15,000 to $49,999
$50,000 to $124,999
$125,000 or more
Commission Rate
$35.00 plus 0.0050 of principal
Stocks Priced less than $1.00
Fixed Income
All transactions $45.00 plus $3.00 per bond
Options
Principal amount
$3,000and under
$3,001 to $10,000
$10,001 and over
Commission Rate
Minimum charge is $3.00 per contract
Commission Payment Schedule
Mid-Month Payment:
When does payment occur:
• 15th of the month (or closest business day on the early side).
• Commission reports are available on Bolton Advisor Exchange on the morning of the
15th (or the closest business day on the early side), and checks/direct deposit slips are
mailed on the previous day.
• Deposits into accounts set up for direct deposit** are completed no later than 5pm on
payday.
What is paid:
• Networked commissions (i.e. through Pershing) earned from trades that settled within
the first and last business days of the previous month.
• Direct business commissions that arrive at the Bolton home office between the first
day of the current month and three business days before the mid-month check date.
End-Month Payment:
When does payment occur:
• Last business day of the month.
• Commission reports are available on Bolton Advisor Exchange on the morning of the
last business day of the month, and checks/direct deposit slips are mailed on the
previous day.
• Deposits into accounts set up for direct deposit** are completed no later than 5pm on
payday.
What is paid:
• Direct business commissions that arrive at the Bolton home office between the midmonth payday (or the first business day of the month, if no mid-month payment was
made) and three business days before the end-month check date.
• One third of fee based revenue for the current quarter
Direct Deposit
To set up direct deposit, please fill out the direct deposit form at the end of this section.
Please note: The tax ID on the account for direct deposit must be the rep’s personal tax ID, and
cannot be the EIN of a corporation. A ‘DBA’ is acceptable, so long as the tax ID on the account
is that of the broker who is to be paid.
Note: Out of cycle payments (i.e. commission advances) will incur a $75 processing fee plus a
$10 wire fee, both billed to the rep.
Schedule of Fees
NETX360 Entitlements
Bolton is able to offer you a diverse array of research and financial planning products
though Pershing’s NETX360 software package. Each of these entitlements has its own fee
structure, although Bolton offers many of these entitlements to you free of charge. The
monthly fees for all entitlements to which you subscribe will be charged to your midmonth statement. To view the list of entitlements offered, please see the ‘Technology’
section of this booklet.
Direct Business
New applications for direct business that can otherwise be done through Pershing will
incur a $50 application processing fee. This charge does not apply to investments such as
variable annuities and 529 plans, as these are not able to be processed effectively through
Pershing. Keep in mind that all direct business applications must be reviewed and
approved by a home office principal. Sending applications directly to the fund or variable
annuity company without the review and approval of a home office principal is a violation
of our compliance procedures.
Branch Inspections
Every year, a Bolton principal will visit your branch to perform a branch inspection. All
expenses from this trip will be billed to your branch within the month after the inspection.
Licensing
You must be licensed in any state in which you have a client. To request to be licensed in a
state, please contact Jane Mahle at (978) 779-5361 x2234. Such licensing fees will be
charged to you on the upcoming mid-month commission run.
*This is not a comprehensive list of fees, but contains the most common types of fees you
will see.
Commission FAQ’s
When do I get paid on my current month’s production?
Business done through Pershing will be paid to and reported to you on next month’s midmonth commission run. For example, production from January is paid on the mid-February
commission run. Advisory fees count as production for the first month of each quarter, and
they are therefore paid on the mid-month check of the second month of the quarter. Direct
business production is paid to and reported to you within the period it is earned. For
example, if a direct business check comes into Bolton’s home office for processing on the
10th of the month, it is paid to you on the mid-month check. Alternatively, if the check
arrives on the 22nd, you will be paid out on the end-month check. See Bolton’s
“Commission Payout Schedule” within this packet for more detailed information.
Where do I find my commission reports?
All commission reports are available through Bolton’s online system called Bolton Advisor
Exchange. To access this site, open Internet Explorer, go to:
https://boltonglobal.spsecuresite.com/default.aspx
You will log in to this website using your email user name and password. Once you have
arrived at the main page, click on the ‘Branch Reports’ tab near the top of the screen, click
on your branch name, and then click on your name to access the various commission
reports that Bolton offers. In addition to standard commission reports, we also offer YTD
and 12 month summary commission reports, research reports, and account performance
reports.
How do I set up direct deposit for my commission payments?
First, please review the direct deposit account criteria listed on Bolton’s “Commission
Payout Schedule” within this packet. To set up direct deposit for your commission
payments, fill out the direct deposit form at the end of this section and fax it to: (978) 7795356 Attn: Sam Rouleau.
I don’t understand my commission reports, where can I go for help?
Every broker/dealer has a different style of commission reporting, so questions about these
reports are common among new reps and advisors. The best way to find answers for your
questions about commission reports is to contact the following Bolton staff members:
Primary Contact: Sam Rouleau (x2231)
Escalation Contact: Gene Hayes (x2220)
Bolton Global Capital
Direct Deposit Form
Please fill out this form, scan and email it to [email protected]
OR
Fax it to 978-779-5356 Attn: Sam Rouleau
Attach a voided check from your direct deposit account in the following square:
Account Number: ____________________________
ABA Number:
____________________________
Local Bank Branch Address: _____________________________________
_____________________________________
_____________________________________
_____________________________________
Note:We cannot pay corporations. Therefore, your direct deposit account must be registered
under your personal social security number; you may use a DBA account, as long as this
criterion holds.
Compliance
Compliance Registration Guide
Required Disclosures
Errors and Omissions Insurance Coverage
Administrative Staff
Books and Records Required Files
Social Media
Sample Titles and Designations
State Registration Schedule of Fees
Compliance Registration Guide
Re-registration with Bolton Global Capital
When Bolton sends your U-4, please review the document for accuracy and pay particular attention
to the following:
State registrations needed for customer accounts
Residence history for previous 10 years
Check work history for previous 5 years
• When you confirm the document is correct, we will e-mail the U-4 as it was submitted.
• In addition to your U4 you will also receive a Bolton forms packet. This will include all the
required documents for you to review, sign and return to the compliance department.
• Fingerprint cards will be mailed to you from the home office and Bolton must return them to
FINRA with 30 days of hire or status becomes inactive.
• Return originals of the above forms to Bolton and keep a copy in your Registered
Representative file maintained in your office.
Re-registration with Bolton Global Asset Management (RIA-Series 65/66)
• You need only be registered in your home state since DGAM is an SEC Registered Advisor.
• When DGAM sends your U4 please review for accuracy. In addition to your U4 you will also
receive a Bolton Global forms packet. This will include all the required documents for you to
review, sign and return to the compliance department.
• Separate fingerprint cards will not be required unless you are in the state of Florida. In this
case you will receive additional sets, mailed to you directly from the state.
• Please pay particular attention when reading the Code of Ethics.
Office registration will be handled by filing form BR by Bolton.
• One person will be designated as the Person in Charge. An OSJ is not required to be the
Person in Charge, only a Series 7 is required for this title.
Office Requirements:
• The SIPC sign should be placed where it is visible to customers when they enter your office.
• Obtain county and local permits if required by county or local ordinances.
• Use of Doing Business Names (DBA): You may use a name other than Bolton for your office,
but please be aware that when a DBA name is used you must identify the broker dealer.
Please refer to the attached disclosure document.
To review the requirements for both a Representative and an Advisor Agent, please call Jane Mahle
(x 2234), or Ron Fremault (x 2242).
Voice mail
Your branch and individual voice mail should reflect the following:
Please do not leave security orders on this system; Should you need immediate assistance
please contact our trading desk at 800-649-4554.
E-mail: Please use the disclosures listed on the next page.
Disclosures
Bolton Global Capital Representative
Securities offered through Bolton Global Capital
579 Main Street, Bolton, MA 01740
978-779-5361
Member FINRA SIPC
Bolton Global Asset Management Advisor
Advisory Services Offered through Bolton Global Asset Management
A SEC Registered Investment Advisor
978-779-5361
Both a Representative and Advisor
Securities offered through Bolton Global Capital,
Member FINRA SIPC 978-779-5361
Advisory services offered through Bolton Global Asset Management, a SEC
Registered Investment Advisor
Email Disclosure
We are unable to accept orders via email. If you wish to place an order please consult your
registered representative or contact the trading desk at (800) 649-4554.
This email system is for business purposes only and any information, including attachments,
transmitted in this email is not confidential. Any message may be reviewed by authorized
compliance personnel and/or produced to regulatory agencies or others with a legal right to
access such information.
Securities offered through Bolton Global Capital, Bolton, MA. Member FINRA SIPC. Advisory
services offered through Bolton Global Asset Management, a registered investment advisor.
“Tax-Free” Investments
Investments in corporate and municipal bonds may fluctuate in value including
possible loss of principal.
Income from municipal bonds may expose the taxpayer to an Alternative
Federal Tax (“AMT”). You may consult with a Tax Professional prior to
investment.
Performance
Past performance is no guarantee of future results. The information discussed
in this advertisement regarding the likelihood of various investment outcomes
is hypothetical in nature, does not reflect actual investment results and
does not guarantees of future results.
Tax Advice
[Insert name of Rep/Advisor/Company] does not give tax or legal advice. You
should consult your own tax or legal advisor regarding the consequences of a
specific transaction.
If working on a Bank Premises
Also, any advertising and sales literature must include the following disclosure
under FINRA rule 2350 once you are doing business on bank premises:
"Securities are not insured by the FDIC, are not deposits or other obligations of
First National Bank, are not guaranteed by First National Bank and are subject
to investment risks, including possible loss of the principal invested."
Errors and Omissions Coverage
Bolton offers registered representatives of the firm comprehensive professional liability
coverage, which provides registered representatives with comfort that there will be
coverage in the event of a claim. Bolton’s policy covers a registered representative’s
approved securities activities while associated with the firm. Upon association, each
representative receives coverage guide that provides brief overview of the errors and
omissions program. For more information regarding professional liability coverage, please
contact either the Legal or Compliance Department. Please maintain a copy of the coverage
details in your files.
Administrative Staff
Non-licensed office members are known as NRF’s (Non-Registered Fingerprint
Personnel.) Each NRF will need to provide the following to the compliance
department with:
•
•
•
•
Two (2) fingerprint cards, filled out in their entirety
Outside Business Activity Form
Outside Brokerage Account Form
Privacy Policy Acknowledgement
Please keep the compliance department apprised of any changes in your
administrative staff so that we may keep our records up to date.
Required Files – Bolton Global Capital Books and Records Requirements
The following documents must be kept on file in your office:
•
Compliance Manual (this may be in the form of an electronic link)
•
FINRA (this may be in the form of an electronic link: www.finra.org)
•
MSRB (this may be in the form of an electronic link: www.msrb.org)
•
Incoming Memos from HO or other Registered Representatives
•
Outgoing Memos to HO or other Registered Representatives
•
Registered Representative File (current U4/U5, CE etc.)
•
Non-Registered Fingerprinted file
•
Branch Inspections
•
Regulatory visits
•
Compliance Meetings
•
Customer correspondence
•
Advertising and Sales Literature
•
Do Not Call list (this may be in the form of an electronic link: www.donotcall.gov )
•
Client files for brokerage & direct business accounts
•
Trade Blotter
•
Check Blotter
•
Direct business trade blotter (for annuities and mutual funds held directly at the fund
company)
•
Securities blotter
•
Complaints File
•
Outside business file
•
Outside brokerage file
Social Media
Linkedin is currently approved for use by our financial advisors. In order to maintain a Linkedin
profile, however, as required by FINRA rules, representatives must subscribe to SMARSH, which is a
social media monitoring service.
To sign up for this service, please contact Ronnie Fremault at [email protected] or 978
779 5361 x 2242.
Titles and Designations
Titles - Samples of titles that current Bolton Registered Representatives use:
Account Executive
Branch Manager
Branch Manager - Senior Financial
Advisor
Registered Investment Advisor
Representative
Certified Financial Planner
*Chairman/CEO
Financial Advisor
Financial Consultant
*First Vice President/Investments
Independent Financial Advisor
Investment Broker
*Investment Broker - Vice
President
*Managing Director
*Managing Partner
*President
Investment Portfolio Manager
Registered Representative
Senior Partner
Senior Partner/Investments
Stockbroker/Financial Consultant
*Vice President
*Vice President of Client Relations
& Investment Broker
*These titles cannot be used by a Registered Representative when using Bolton Global Capital as their
DBA.
Designations - The following can only be used if you hold the current designation
CLU
ChFC
CIC
PFS
CFA
CPA
All titles and designations must be approved before use. Please contact Jane Mahle at
(x2234) for prior approvals on titles.
SRO/Jurisdiction Fee and Setting Schedule - Web CRD
Fees As Of 10/4/2013
Individual Fees
Individual Settings
Mass
Mass
Transfer Dual
Transfer Fee AG/RA Fee
S63
Requirement
BD Initial
Reg Fee
Always
Yes
250
250
Notice File
0
Never
Yes
250
250
Notice File
0
Affiliates Only
Always
Yes
300
300
Neither
Automatic
Affiliates Only
Affiliates Only
Yes
300
300
Register
50
Automatic
Always
Always
Yes
300
75
Neither
Automatic
Always
Always
No
80
80
Neither
Automatic
Affiliates Only
Always
Yes
315
190
Register
Automatic
Always
Always
Yes
300
300
Neither
No
250
250
Neither
Initial Reg
Fee
Transfer /
Relicense
Fee*
Renewal
Fee
Alabama
60
60
60
60
Automatic
Affiliates Only
Alaska
75
75
75
75
Automatic
Never
Arizona
45
45
45
45
Home State
Arkansas
75
75
75
75
California
25
25
0
25
Registration
Review Method
Dual AG
Dual AG/RA
Colorado
16
16
16
Connecticut
100
100
100
50
Delaware
65
65
65
65
District of Columbia
45
45
45
Automatic
Affiliates Only
Always
130
BD Fees and Settings
BD
Renewal
Fee
Branch
Reqmt
Florida
50
50
50
Automatic
Always
Always
No
200
200
Register
Georgia
50
30
40
Automatic
Always
Always
Yes
250
100
Neither
Hawaii
^ 50
^ 50
25
Automatic
Always
Always
Yes
^ 200
100
Idaho
50
50
50
Automatic
Always
Always
Yes
200
200
Automatic
Always
Always
Yes
600
Automatic
Never
Always
Yes
250
^ 50
Illinois
150
150
150
150
Indiana
25
25
25
25
^ 75
25
20
20
0
0
0
0
0
0
50
30
50
30
Neither
200
Notice File
Kentucky
50
50
50
50
Automatic
Affiliates Only
Affiliates Only
Yes
120
120
Neither
Louisiana
60
60
60
Maine
50
50
30
50
Maryland
35
35
35
35
Massachusetts
75
75
75
75
65
50
Montana
50
50
50
Nebraska
40
40
40
Nevada
125
125
125
New Hampshire
130
130
100
25
New Jersey
60
60
60
60
New Mexico
50
50
50
New York
70
60
North Carolina
125
North Dakota
Ohio
0
20
200
50
100
0
200
50
0
20
200
50
200
Notice File
Yes
50
100
Notice File
Yes
50
0
125
Always
50
100
600
Always
0
0
0
Automatic
Affiliates Only
Always
No
250
250
Neither
Home State
Affiliates Only
Always
Yes
250
250
Register
50
50
Automatic
Always
Always
No
250
250
Neither
0
0
Automatic
Never
Always
Yes
450
450
Neither
0
Automatic
Affiliates Only
Always
Yes
300
300
Neither
Automatic
Affiliates Only
Yes
200
200
Neither
0
0
0
Automatic
Always
Always
Yes
200
200
Neither
Automatic
Affiliates Only
Affiliates Only
Yes
200
100
Neither
0
50
Automatic
Always
Always
Yes
200
200
Neither
0
40
Automatic
Never
Always
Yes
250
250
Neither
Automatic
Never
Always
Yes
300
300
Register
Automatic
Affiliates Only
Always
Yes
300
250
Notice File
Automatic
Always
Always
No
300
300
Neither
50
Automatic
Affiliates Only
Always
Yes
300
300
Notice File
37
30
Automatic
Always
Yes
300
300
Neither
125
125
125
Manual
Never
Always
Yes
300
300
Neither
60
60
60
60
Automatic
Always
Always
Yes
200
200
Neither
60
60
60
15
Manual
Never
Always
No
200
200
Notice File
Oklahoma
50
50
50
10
Automatic
Always
Always
Yes
300
300
Neither
Oregon
60
55
55
Automatic
Never
Never
Yes
250
250
Neither
Pennsylvania
120
120
105
120
120
Automatic
Never
Always
Yes
500
500
Neither
Puerto Rico
150
150
150
150
150
Automatic
Affiliates Only
Affiliates Only
No
500
500
Neither
Rhode Island
75
75
75
75
135
Automatic
Always
Always
Yes
300
300
Notice File
Current change(s) in (^ Green)
50
60
30
100
0
0
Affiliates Only
Branch
Mass Tran
Dual Fee
0
0
Affiliates Only
Missouri
50
0
Automatic
Mississippi
100
0
Automatic
65
100
0
55
50
50
0
40
65
0
0
55
25
0
0
0
40
65
0
0
Notice File
55
50
0
0
Notice File
40
65
0
200
55
Michigan
Branch
Mass Tran
Fee
200
40
Minnesota
Dual BR
Renewal
Fee:
100
Iowa
85
Dual BR
Office Fee
100
Kansas
100
Branch
BR Renewal Fee Form BR
Office Fee
Amd Fee
0
0
100
100
50
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
100
100
100
Page 1 of 2
Individual Fees
Individual Settings
Mass
Mass
Transfer Dual
Transfer Fee AG/RA Fee
BD Fees and Settings
S63
Requirement
BD Initial
Reg Fee
Affiliates Only
Yes
310
310
Neither
Affiliates Only
Yes
150
150
Notice File
0
Always
Always
Yes
200
200
Notice File
Automatic
Always
Always
Yes
275
270
Register
Automatic
Never
Always
Yes
200
200
Neither
Home State
Affiliates Only
Always
No
250
250
Home State
Affiliates Only
Always
Yes
200
200
200
Neither
Initial Reg
Fee
Transfer /
Relicense
Fee*
Renewal
Fee
South Carolina
110
110
110
110
Automatic
Affiliates Only
South Dakota
125
125
125
125
Automatic
Affiliates Only
Tennessee
50
50
50
50
100
Home State
Texas
285
285
275
285
285
Utah
60
60
60
60
110
Registration
Review Method
Dual AG
Dual AG/RA
Vermont
60
60
60
60
Virgin Islands
50
50
50
50
Virginia
30
30
30
30
Automatic
Never
Always
Yes
200
50
BD
Renewal
Fee
Branch
Reqmt
Branch
BR Renewal Fee Form BR
Office Fee
Amd Fee
Dual BR
Office Fee
Dual BR
Renewal
Fee:
0
0
0
0
0
0
0
25
25
25
25
Register
100
100
Register
100
100
100
100
40
25
20
25
Automatic
Always
Always
Yes
150
75
Notice File
0
0
80
80
65
80
Automatic
Never
Always
Yes
250
250
Notice File
50
50
Wisconsin
80
80
80
80
Automatic
Affiliates Only
Always
Yes
400
200
Notice File
80
80
Wyoming
35
35
35
Automatic
Always
Yes
200
200
Neither
ARCA
0
0
0
0
0
0
0
SuperAutomatic
SuperAutomatic
0
0
BATS-ZX
0
0
0
0
SuperAutomatic
0
0
BOX
0
0
0
0
SuperAutomatic
0
0
BX (BSE)
0
0
0
SuperAutomatic
C2
0
0
0
SuperAutomatic
0
Neither
CBOE
0
0
0
SuperAutomatic
0
Neither
0
CHX
25
0
25
25
100
100
100
0
Washington
BATS-YX
Branch
Mass Tran
Dual Fee
0
West Virginia
160
Branch
Mass Tran
Fee
0
0
0
50
160
160
80
160
Neither
3000
SuperAutomatic
0
0
0
0
0
0
Neither
Neither
EDGA
0
0
0
0
0
SuperAutomatic
0
2000
0
0
0
0
EDGX
0
0
0
0
0
SuperAutomatic
0
2000
0
0
0
0
FINRA
100
100
45
100
Automatic
ISE
0
0
0
SuperAutomatic
NQX
55
55
0
SuperAutomatic
NSX
0
Notice File
75
75-175
75
Neither
0
3000
Neither
SuperAutomatic
Neither
SuperAutomatic
Register
NYSE
0
0
0
NYSE MKT
0
0
0
SuperAutomatic
Neither
PHLX
0
0
0
SuperAutomatic
Neither
FINRA Branch Office fees have a new tiered structure: $75-175 based on number of branches registered by the member. Note: FINRA will continue to waive the Branch Office System Processing Fee and Annual Branch Office Registration Fee for one branch office per FINRA member per year. For more info see FINRA Regulatory Notice 12-32
http://www.finra.org/Industry/Regulation/Notices/2012/P127240
Individual Registration Termination Fee: FINRA charges a $40 fee for individual registration termination.
Individual Registration Review Methods:

For Jurisdictions, the review method may be Manual, Automatic, or ‘Home State’.
o
Home State - This is essentially the same as automatic, with the exception that applicants with a residential address in that jurisdiction will be reviewed manually.

For SROs, the review method may be Manual, Automatic or SuperAutomatic.
o
SuperAutomatic - Regardless of whether there is any new or updated disclosure, a SuperAutomatic setting denotes that if an individual’s registration request is non-deficient and is approved by Financial Industry Regulatory Authority, the individual’s registration will also be approved by that SRO. With the same conditions,
where there is no Financial Industry Regulatory Authority registration request, a non-deficient registration request will systematically approve with that SRO.
Dual Registrations:

Always = dual registrations are permitted.

Never = dual registrations are prohibited. Dual deficiencies will be applied. Please contact the state directly for any exceptions.

Affiliates Only = Dual registrations are permitted for employment with affiliated firms. The term ‘affiliate’ is defined on Form U4 as any firm under common ownership or control. Dual deficiencies will be applied to requests for dual or multiple registrations with firms that are not affiliated. The system will not recognize firms as affiliated unless
the filing firm reports the affiliated firm under Question 10A or 10B on the Form BD, or Item 7A(3) on the Form ADV.
Dual Branch Office Fee and Dual BR Renewal Fee – this fee will apply to branch offices filing as both BD and IA branches. The dual fee will apply in full when filing both sides (BD and IA) simultaneously. Should a branch already be filed as one of the two, the dual fee MINUS the fee already paid will apply. For example, if already filed as a BD
branch, and then filing as an IA branch, the fee will be the dual fee minus the BD fee.
Current change(s) in (^ Green)
Page 2 of 2

Bolton Global Capital Transition Guide

Transcription

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