The investment custodian’s primary function is to hold (or custody as we say in our industry, hence the title of custodian) our client’s assets as a trusted partner, which you see in the monthly statements you receive from them. In addition, they work with our operations team in ways you may never see and can be further viewed as an extension of our firm.
As a fiduciary, we are required to perform a due diligence process in selecting service providers, including the selection of custodians for your investments. We are also required to periodically evaluate these relationships for services provided, fees charged, best execution on investment transactions, timeliness of resolving issues, and overall services. Due to the announcement of TD Ameritrade being acquired by Charles Schwab and Co., an opportunity developed to allow us to review other custodial services in greater detail. Our thorough review and interview process led us to the conclusion that LPL Financial was going to be the best custodian for our clients going forward. Some benefits for you include lower custodian fees compared to TD Ameritrade, modernized technology stack that integrates with our major platforms which equips our team to better serve you, improved capabilities for electronic signing, and more.
LPL Financial is established as one of the four largest custodians in the nation, serving more than 20,000 financial professionals across the country. They’ve been in business for over 30 years, and currently support approximately 6 million client accounts, with over $1 trillion in assets custodied. Numbers aside, LPL is a values-driven company at heart. And we believe that their values and philosophies align closely with our, making them a valued partner. For more information, click here.
No, you are not required to have the Account View 2.0 portal. Although, if you wish to go paperless and receive electronic account statements, you must register for Account View 2.0. We do recommend you continue to utilize the Petersen Hastings Navigator App to access all things Petersen Hastings such as tax documents, performance reports, firm news, financial plans, etc.
You will receive an email invite to register for Account View 2.0. If you do not, you may also sign up yourself by visiting www.myaccountviewonline.com and selecting sign up. Once you click on the link to start the activation process, you will be asked to enter the last four digits of your SSN and your email address that we have on file. The first time that you login we will send you a one-time passcode to your mobile phone number to verify your identity. For a step-by-step guide, click here.
After you’ve received the activation email and set your password you can download the LPL Account View mobile app and login with your email address and password. You’ll get a text message with a code to register the app the first time you log in.
You will receive an email from our team detailing these instructions approximately 3 business days after you e-sign the required transfer paperwork (which will also be sent via email). You may also log in to your account at www.myaccountviewonline.com. Then, click on “Paperless Status” on the top of the page. From there you can choose to either go 100% paperless for all eligible documents or pick and choose what you receive paperless and by mail delivery. For a step-by-step guide, click here.
A residual sweep is the process of transferring any securities or cash that remained in an account after completion of the initial ACATS transfer. Residuals are typically caused by dividends, liquidations or transactions that were in process and did not transfer over with the initial ACAT transfer.
If you have eligible account types, including IRAs or 403b accounts, you’ll have the ability to update Beneficiary information using Account View. Click "Preferences" from the settings cog located in the upper-right, then select the "Relationships" tab. From here, you’ll be able to view and update eligible accounts.
Currently, Account View supports beneficiary updates for IRAs and 403b account types, including those in community property states. Later this year, there will be support for additional account types, including Transfer on Death designations for Individual non-retirement accounts.
As part of the digital tool, we ask your marital status to help guide you through the beneficiary update process. Namely, if you live in a community property state, regulations may require a spousal beneficiary designation. Keep in mind that changes to marital status are only relevant to this workflow. If you need to update your marital status from what may be existing on your client record, please contact us.
Account View 2.0 uses two-step authentication, which requires you to take additional steps to authenticate your account. This ensures that you are authorized to access the account. Two-step authentication is in place to better protect your accounts and reduce the risk of unauthorized access by verifying access whenever a new device or browser is used.