Blog 4: Two Things to Check Before October 23rd
This is a short article with one job: making sure a date in late October does not turn into a problem in November. For nearly all of you, October 23 will pass without requiring anything at all. There are two situations where it matters, and both are worth five minutes of your attention now rather than a phone call in December.
First: make sure the August package found you
The package Commonwealth mailed in August was a legal notice that carried a right to decline the transfer to LPL. Because of the way that process is built, an account whose package came back undeliverable is treated as having declined.
Nobody makes that decision. It happens automatically. And an account still on the declined list after October 23 does not move to LPL on November 14, which means it would no longer be an account we are able to advise.
We do not expect this to affect many of you. We do not want to find out in November that it affected even one of you.
Check and see if any of these apply to you:
You have moved in the last few years, or you have a second address you use part of the year.
You receive your documents electronically at an email address you no longer check.
Your household includes joint accounts, trusts, or accounts with more than one owner or trustee. Out-of-date information for any one person on an account can affect the whole account.
You did not receive anything from Commonwealth in August.
If any of the things on the list apply to you, call our office and confirm three things: your mailing address, your email address, and your phone number. If you never received the August package, say so, and we will have another one sent.
That is the entire request. You do not need to sign the package, return it, or respond to it. If you want your accounts to move and you want to keep working with us, doing nothing is the correct answer, but it only works if the mail found you in the first place.
Second: adding checks, a debit card, or Bill Pay
If your account already has check writing, a debit card, or Bill Pay, it moves to LPL automatically, and these dates require nothing from you. Commonwealth is mailing you a separate letter this month that explains what changes in November, including new checks and a new debit card.
If you would like to add any of those features to an account that does not have them today, enrollment must be completed by October 21 for advisory accounts and by October 23 for brokerage accounts. Accounts enrolled by those dates move to LPL with everything else. Enrollment reopens on November 16, but there will be a gap in between.
If you are not sure whether your account is an advisory account or a brokerage account, call us and we will tell you.
What do I need to do this week?
|
