Download SEI's Guide to Asset Management

SEI’s Operations Guide 

Mutual Fund & Unified Managed Accounts Program 

Service and Operations of 

SEI Private Trust Company 

for Wealth Platform Advisory Clients

1-800-SEI-1003 

SEI’S OPERATIONS GUIDE 

MUTUAL FUND & UNIFIED MANAGED ACCOUNTS PROGRAM 

SERVICE AND OPERATIONS OF SEI PRIVATE TRUST COMPANY 

FOR WEALTH PLATFORM ADVISORY CLIENTS 

TABLE OF CONTENTS 

SERVICE AND OPERATIONS 

n Working with SEI Private Trust Company .................................... 1 

n Opening an Account. .................................................. 2 

n Account Registration. .................................................. 7 

n Firm Changes. ....................................................... 9 

n Transaction Guidelines. ............................................... 10 

n Processing Cut-Off Times .............................................. 25 

n Administrative Forms ................................................. 26 

n Distribution Requirements Guide. ........................................ 27 

n Help Section ....................................................... 30 

n Inherited IRA Beneficiary Election Form Guide. .............................. 31 

n Advisor Error Disclaimer Information ...................................... 33 

UNIFIED MANAGED ACCOUNT PROGRAM 

n Getting Started. ..................................................... 34 

n Opening a Managed Strategy. ........................................... 35 

n Unified Managed Account Program Account Structure. ......................... 37 

n Transaction Guidelines. ............................................... 38 

Certain services described herein are provided through SEI Investments Distribution Co. (SIDCO), 

member FINRA. Custody services provided by SEI Private Trust Company (SPTC), a limited- 

purpose thrift. SIDCO and SPTC are wholly owned subsidiaries of SEI Investments Company. 

For Financial Intermediary Use Only. Not For Public Distribution. 

(07/12)

SEI PRIVATE TRUST COMPANY 

OPERATIONS GUIDE 

How Investment Advisors Work 

with SEI Private Trust Company 

Advisors are serviced by one of SEI Private 

Trust Company’s (“SPTC”) Regional Service 

Teams. Each team is committed to meeting 

your operational and administrative needs. 

SPTC recommends that you contact your 

assigned Regional Service Team prior to the 

establishment of your first account in order to 

review SPTC’s policies and procedures. Please 

call (800) SEI‐1003, and select option 1. Our 

telephone system will identify the area code 

from which you are calling and route your call 

to the appropriate service team. 

Holidays and Early Closing 

In cases where the New York Stock Exchange 

and/or Federal Reserve are closed, SPTC may be 

closed. If the Stock Exchange closes early, SPTC 

may institute abbreviated processing hours without 

advance notification. When this occurs, transaction 

guidelines may be altered. Please contact your 

Regional Service Team for further details. 

Hours of Operation 

SPTC Service Teams are available from 

8:30 a.m. to 5:00 p.m. EST. 

1

www.SEIAdvisorCenter.com/www.SEIBusinessBuilder.com 

OPENING AN ACCOUNT 

Requirements to document your 

relationship with the investor 

n Investor must sign your firm’s investment 

agreement for asset-based investment services. 

n You must forward a copy of your firm’s ADV 

Part II and fee schedule to the investor. 

n You must provide the investor with an SEI 

electronic prospectus and/or paper prospectuses 

containing information on each of the underlying 

mutual funds in the strategy selected. 

n (Optional) Have the investor sign an Investment 

Policy Statement (available in the Proposal 

Tool) for the appropriate strategy selected 

by you and the investor. This describes the 

strategy, the underlying mutual funds, and 

the objectives of the strategy. The Investment 

Policy Statement is for advisor and investor use 

only and is not required to be sent to SPTC. 

n You must provide the investor with the SEI 

Consumer Privacy Notice (which is included 

with the Account Applications). 

How to open an account with SPTC 

All advisors must successfully complete the 

due diligence process prior to doing business 

with SEI. Please contact your SEI Account 

Executive at (800) 734-1003, option 2 or visit 

www.SEIBusinessBuilder.com for information 

on registering to do business with SEI. 

Either your firm or your Broker-dealer must 

complete an SEI Program Agreement to 

establish a selling agreement with SEI. When 

providing instructions to SPTC you must use the 

appropriate SPTC forms. Copies of all standard 

forms for all programs are available on our 

internet site, www.SEIBusinessBuilder.com. 

How to work more efficiently with SPTC 

n Always use SEI’s Wealth Platform and its self-service 

capabilities when applicable. Otherwise, always use 

SPTC forms. Provide typed requests using the SPTC 

fillable forms from the www.SEIBusinessBuilder.com 

website; otherwise, write as neatly as possible. 

n Reference account numbers on transaction requests, 

including the sub-account suffix when applicable. 

n Use only one account number per transaction 

request. 

n Refrain from mailing and faxing duplicate paperwork 

for the same request. 

n Make checks payable to SPTC. 

n Furnish proper signatures on all forms. 

n Have your www.SEIBusinessBuilder.com User ID and 

account information available when calling SPTC. 

n Review all statements as soon as you receive them. 

n Become familiar with the information provided to 

you online at www.SEIBusinessBuilder.com and 

www.SEIAdvisorCenter.com. 

n Monitor activity queues and alerts on the 

Wealth Platform. 

n Please refer to the Advisor Briefcase for all 

self-service procedures. 

n Use this Guide! 

Caller Verification 

As part of SEI’s ongoing effort to adhere to the 

privacy provisions of the Gramm-Leach-Bliley Act, 

we have implemented additional measures to protect 

your data, as well as the data of investors, during 

phone calls. SEI recommends that you first establish 

a www.SEIBusinessBuilder.com User ID. Once it has 

been established, you should contact your Service 

Team prior to the establishment of your first account in 

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(800) SEI-1003 

order to review SEI’s policies and procedures. Please 

call (800) SEI-1003, enter the last five digits of your 

www.SEIBusinessBuilder.com User ID, then enter the 

last four digits of your Social Security number. Once we 

validate your identifying information, select option 1. 

Our telephone system will identify your firm information 

and route your call to the appropriate Service Team. 

Note: All calls to and from SPTC’s Service Teams 

will be recorded for quality assurance purposes. 

Delivery Instructions 

Transaction requests sent to SPTC at the address listed 

below or faxed to (610) 676-1021 will be processed in 

accordance with the schedule listed under PROCESSING 

CUT-OFF TIMES, provided the request contains complete 

and clear instructions and is documented on an SPTC 

form. It is important for you to ensure that all forms and 

transaction requests contain the appropriate signatures 

and account number(s). If SPTC requires additional 

information to complete a transaction, every effort will be 

made to contact you by telephone. The transaction will 

then be processed in line with our normal guidelines. 

Send all forms to: 

SPTC 

ATTN: Advisor Network (Service Teams) 

P.O. Box 1098 

Oaks, PA 19456-9907 

(for overnight delivery) 

SPTC 

ATTN: Advisor Network (Service Teams) 

One Freedom Valley Drive 

Oaks, PA 19456 

Note: Please reference the ADMINISTRATIVE FORMS 

section of this guide for appropriate methods 

to send forms to SPTC. 

The USA Patriot Act 

The USA Patriot Act, signed into law by President Bush 

in October 2001, is designed to detect, deter and punish 

terrorists in the U.S. and abroad. The act imposes new 

anti-money laundering (AML) requirements on banks 

and Broker-dealers and has expanded the applicability 

of AML regulations to a broad range of financial services 

firms. To help the government fight the funding of 

terrorism and money laundering activities, Federal law 

requires all financial institutions to obtain, verify, and 

record information that identifies each person who opens 

an account. What this means to you: When you open an 

account for the investor, we will ask the investor’s name, 

address, date of birth, Social Security number, and other 

information that will help us identify the investor. 

For Nevada residents only, please provide a photocopy of 

your unexpired driver’s license or passport. 

This information will be verified to ensure the identity 

of all persons opening an account and is required for 

any new account. SEI is required by law to reject the 

new Account Application if the required identifying 

information is not provided. In certain instances, SEI 

is required to collect documents to fulfill its legal 

obligation. Documents provided in connection with the 

application will be used solely to establish and verify a 

customer’s identity. 

Identity Theft 

In accordance with Section 114 of the Fair and Accurate 

Credit Transaction Act of 2003, SPTC has established an 

identity theft program: If the investor is a victim of identity 

theft and wishes to restrict his/her SPTC account, please 

call (800) SEI-1003 and ask a Service Representative for 

details. 

3


PAPERWORK REQUIREMENTS 

Non-IRA Account Application 

IRA Account Application 

Participant-Directed Qualified Plan 

Application/ Employer-Directed 

403(b)(7) Account Application and, if 

required, Information Sharing Agreement 

Addendum to Investor Agreement 

for Guardian Accounts 

Trustee Certification 

Letters Testamentary/Short Certificate 

Corporate/Organization Resolution Certificate 

Tax Reporting Release Statement 

n = Mail Original Paperwork 

ACCOUNT REGISTRATIONS: 

Individual 

Joint Tenants 

Tenants by Entireties 

Tenants in Common 

Community Property 

Note: Please see Account Application for detailed additional information and documentation that may be required before 

submitting an application. 

1 The trust accounts referenced above are relevant only where SPTC is the custodian. Please contact the Personal Trust Services 

Group for further information regarding other accounts where SPTC is being asked to act as Trustee (see RESOURCE GUIDE for 

Contact Information). Copy of Trustee Certification Form is acceptable if the Trustee Certification Form is submitted separately. 

If completed as part of the investment application, originals must be provided. 

2 For Endowment/Foundation accounts, a Trustee Certification or Corporate/Organization Resolution Certificate is needed. 

3 Please use appropriate Account Application and refer to the ACCOUNT REGISTRATION section for further information on 

Guardianship accounts. 

n 

n 

n 

n 

n 

Trust Account 1 n n 

401k 

Defined Benefit 

Profit Sharing Plan 

Money Purchase Plan 

UTMA/UGMA 

IRA 

n 

n 

Estate n n 

403(b)(7) 

Sub-Custodial (third-party) n n n 

Corporation/Partnership n n 

2 

Endowment/Foundation n n n 

Guardian/Conservator 3 n n 

n 

n 

n 

n 

n 

2 

4

(800) SEI-1003 

SIGNATURE REQUIREMENTS 

n = 

Signature 

Required 

Social Security 

Number (SSN)/ 

Tax Identification 

Number (TIN) 

Required 

Owner 

Joint Owners 

Advisor 

Trustees 

Plan Sponsor 

Plan Trustee 

Custodian* 

Guardian 

Personal Representative 

Employer 

Authorized Officer of the 

Company or Trustee 

Authorized Officer/Partner 

ACCOUNT TYPES: 

Individual Individual’s n n 

Joint Tenants All Owners n n 

Tenants by Entireties All Owners n n 

Tenants in Common All Owners n n 

Community Property All Owners n n 

Trust Account 1 SSN/TIN n n 

401K TIN** n n n 

Defined Benefit TIN** n n n 

Profit Sharing Plan TIN** n n n 

Money Purchase Plan TIN** n n n 

UTMA/UGMA 

Minor’s and 

Custodian’s n n 

IRA Individual’s n n 

Estate 

Estate TIN 

and Executor/ 

Executrix SSN n n 

403(b)(7) Employee’s n n n 

Sub-Custodial TIN of Current 

(third-party) Custodian n n 

Corporation/ 

Partnership TIN n n 

Endowment/ 

TIN of 

Foundation Organization n n 

Guardian/Conservator 

Principal’s and 

Guardian’s n n 

Note: Please submit complete Account Applications with all requested information and signatures. See Account Application for detailed 

additional information and documentation that may be required before submitting an application. If the required information is not 

provided, the account will not be opened and any initial funding will not be invested until information has been received. Should 

this occur, SPTC will contact the advisor by phone. If the information is not received within the required timeframe, the investment 

application and any funding will be returned. 

1 

For Revocable Trusts, the grantor’s Social Security number must be used for tax reporting purposes. For Irrevocable Trusts, the 

Taxpayer Identification number of the trust must be used for tax reporting purposes. 

* UGMA and UTMA require an adult or trustee to act as custodian for a minor (beneficial owner). 

** If this is an Owner Only plan, the plan participant must provide his/her SSN in addition to the plan TIN. 

5


FORMAT OF DOCUMENTS 

TITLE OF DOCUMENT 

Trustee Certification Form 

Corporate/Organization Resolution Certificate 

Guardianship Addendum 

Agent Authorization Form 

Death Certificate 

Letter of instruction appointing a new custodian 

on a Guardianship account 

Letters Testamentary (Short Certificate or 

Letters of Administration) 

Inheritance Tax Waiver 

Tax Reporting Release Statement 

Affidavit of Domicile 

Birth Certificate 

Court Appointment of Fiduciary 

Divorce Decree (Qualified Domestic Relations 

Order–QDRO) 

Copy is acceptable. 



Must be original and notarized. 

Must be original or certified copy with raised court seal. 

A court order appointing a new custodian is required. 

A letter of instruction may accompany the court 

order. A copy of the court order is acceptable. 

Must be original and dated within last 

90 days with raised court seal. 



Must be original and notarized. 


Copy is acceptable. The copy must be certified and 

certification must have a raised court seal and be original 

and dated within 90 days of the proposed transaction. 

Must be a court-certified copy with raised court seal. 

6

(800) SEI-1003 

ACCOUNT REGISTRATION 

Guardianship Accounts 

n The applicable Non-IRA Account Application or 

IRA Account Application must be signed by the 

guardian and advisor. The guardian and advisor 

must also complete and sign an SPTC Guardianship 

Addendum. 

n SPTC can only accept guardianship accounts where 

SPTC has no responsibility for complying with a 

guardianship court order or specific state statutes. 

In the event that a guardianship account is accepted 

and SPTC is subsequently requested to execute court 

documents, SPTC may close the account and send 

proceeds to the address of record. 

n Guardianship accounts requiring restrictions will 

be reviewed by SPTC Compliance and Legal prior 

to acceptance. 

Minimum Age to Open an Account with 

SPTC 

n Individuals opening an SPTC Account must be 

the age of majority. Except in situations where a 

minor opens an Inherited IRA, the age of majority is 

typically 18 although may vary from state to state. 

UGMA/UTMA (Uniform Gifts to Minors 

Act /Uniform Transfers to Minors Act) 

n The Account Application must indicate the state in 

which the UGMA/UTMA is established. 

n The UGMA/UTMA custodian (typically parent or 

trustee) has several fiduciary responsibilities under 

UGMA/UTMA statutes, but SPTC is not a party to 

the fiduciary relationship between the custodian 

and the minor. 

n The custodian of an UGMA/UTMA (not SPTC) is 

responsible for complying with the applicable state 

laws. 

n UGMA/UTMA accounts cannot be pledged as 

collateral for a loan. 

Additional Services 

n Pledged Accounts 

n Power of Attorney 

n Transfer on Death 

n Change of Ownership 

Pledged Accounts: 

A completed SPTC Account Control Agreement must 

be used when pledging accounts as collateral. Thirdparty 

control agreements are not acceptable. When 

pledging accounts as collateral for the Bancorp Bank, 

please use the SBLOC application instead. 

Note: IRA accounts, 403(b)(7) accounts, accounts in 

which SPTC is named either as a trustee or a directed 

trustee (ERISA accounts), and accounts in which SPTC 

acts as a fiduciary (Personal Trust Accounts) may not 

be pledged. 

Termination of Pledge Agreement: 

If the investor has paid off or defaulted on the loan: 

n The lender must notify SPTC in writing, on bank 

letterhead, that it is requesting redemption of 

the account or termination of the pledge. 

n The authorized bank officer’s signature must be 

guaranteed. 

Power of Attorney (POA): 

Supply an Agent Authorization Form (and original 

completed Account Application if the account has 

not yet been established) with the principal’s Social 

Security number, appropriate signatures, notarization, 

and a copy of the power of attorney if applicable. 

Applicable state law determines the validity and 

construction of a power of attorney. 

n If the principal is able to act, an Agent Authorization 

Form must be signed by the principal(s) and 

agent(s). 

7


n If the principal is unable to act, an Agent Authorization 

Form, signed by the agent, must be submitted with a 

copy of the Durable Power of Attorney. 

Transfer on Death: 

The transfer-on-death option allows investors utilizing 

an individual, JTWROS or TEN ENT (not available in all 

states) account registration to establish beneficiaries for 

the SPTC account. A Transfer on Death (TOD) Beneficiary 

Designation Change/Termination Form (and Account 

Application if the account has not yet been established) 

signed by all investors must be submitted. 

Change of Ownership: 

Due to anti-money laundering regulations, any 

change of ownership or registration with a different 

Taxpayer Identification Number will be processed by 

moving the assets to a new account number. Anytime 

a new account is established, new account opening 

documentation is required. Please refer to the 

Paperwork Requirements section. 

Note: In the following circumstances an Account 

Registration Change Form should be used rather than an 

Account Application. The current account will be closed 

and a new account will be established: 

n The Taxpayer Identification Number on the account is 

changing from one spousal joint owner’s to the other 

spousal joint owner’s. 

n An owner is being removed from the account (i.e., 

account is changing from a joint account to an 

individual account) 

Account Application Process 

(i.e. Goals Based) 

Note: If you are opening a Unified Managed Account 

(UMA) with a Managed Strategy, please reference the 

Opening a Managed Strategy in a UMA section of the 

Guide. 

To open multiple goals with one application, you must have: 

1. Identical Social Security or Taxpayer 

Identification numbers 

2. Identical account registrations 

3. Identical beneficiary designations 

(for IRA and 403(b)(7) accounts) 

Opening and funding multiple Goals with a single application: 

1. Complete appropriate Account Application. (You may 

use the Amendment for more than three goals.) 

2. If an account utilizes multiple and varying goals on the 

same application, SPTC will establish sub-accounts with 

suffixes (i.e. 12345A, 12345B) with the instructed 

investments and goals and link them via aggregated 

reporting. If only one goal is chosen, or multiple but 

duplicate goals, or no goals at all, SPTC will establish a 

single account with the investments and goals provided. 

Note: In situations where a Goals Based account is 

being funded via an in-kind transfer, the assets that 

were transferred in-kind will remain in the main account 

until specific instructions to move assets to the subaccounts 

in-kind, or liquidate assets and move the 

proceeds to the sub-accounts, are received. 

3. The initial funding will be defined by the percentage 

or dollar amounts indicated in the investment 

instructions sections. 

4. After initial funding, all monies and instructions sent 

to SPTC need to reference a specific sub-account when 

appropriate. 

8

(800) SEI-1003 

Reporting for multiple Goals Based accounts: 

1. Tax Reporting (1099s, 5498s and SPTC Tax Letters) 

will be produced in aggregate under the main account 

number. 

2. The main account will be displayed on all consolidated 

statements, even if the balance is zero. 

3. Multiple sub-accounts opened via the application 

process will automatically be consolidated for reporting 

purposes. To include any other accounts in this 

grouping, submit the Goal Reporting Form. 

4. In order for the investor to receive a graph within the 

Goals Based statement that displays progress towards 

his/her specified goal(s), goal dates and values should 

be indicated on the Goal Reporting Form or the 

appropriate Goals Based Account Application. 

Firm Changes 

Changes of Registered Investment Advisory Firm 

If you change your registered investment advisory firm 

affiliation and the change does not occur within the first 

or last 10 days of the quarter, advisory fees for the period 

will be paid out pro-rata based on the later of (1) the date 

of receipt by SEI Private Trust Company of the required 

signed end-client form agreeing to the change and (2) the 

date of completion of due diligence required by SEI. 

If the change occurs within the first 10 days of the 

beginning of the quarter, all fees will be paid to the new 

firm. If the change occurs within the last 10 days of the 

end of the quarter all fees will be paid to the old firm. 

Changes of Broker-Dealer 

(and not Registered Investment Advisor Firm) 

If the advisory firm changes its Broker-dealer to whom 

fees were being paid (and the advisory firm is not changing) 

and the change does not occur within the first or last 10 

days of the quarter, advisory fees for the period will be paid 

out pro-rata to the old and new Broker-dealer based on the 

later of (1) the date of receipt of the required signed form by 

SEI Private Trust Company and (2) the date of completion of 

due diligence required by SEI. 

If the change occurs within the first 10 days of the 

beginning of the quarter, all fees will be paid to the 

new Broker-dealer. If the change occurs within the last 

10 days of the end of the quarter all fees will be paid 

to the old Broker-dealer. 

9


TRANSACTION GUIDELINES 

Multiple/Bulk Requests (25 or more items) 

Any request of 25 or more trades, accounts, or taxlots is 

considered a bulk request. A bulk request order received 

in good order before 2:30 p.m. EST will be processed 

on the next business day. Your firm must complete 

the following steps for the bulk request order to be 

considered in “good order”: 

1. Obtain the Bulk Request Form from 

www.SEIBusinessBuilder.com. 

2. Contact your Service Team to notify them of an 

impending bulk trade. 

3. Fax the completed Bulk Request Form to 

(610) 676-1021. 

SPTC must receive the completed faxed Bulk Request 

Form in good order no later than 2:30 p.m. EST to 

receive next-business-day processing. If a request is 

received before 2:30 p.m. EST but not in good order, 

time permitting, we will assist your firm in bringing your 

request into good order as quickly as practicable with 

the goal of getting your bulk request order processed the 

next business day. 

*Some two-step bulk request orders (i.e. a bulk order 

that involves both a sale and a purchase) may take 

more than one day to execute and therefore the sale 

and purchase may have different trade dates. 

Quarterly Account Rebalancing 

n On the first business day following the first Friday 

after the end of a calendar quarter (January, April, 

July, October) every account invested in a strategy is 

evaluated with respect to the target allocation for each 

fund in that strategy. Any fund whose allocation differs 

by at least 2% (3% for Tax-Managed Strategies) from 

the target allocation (above or below) is identified. 

Each deviating fund is then purchased/sold to return 

the allocation within the target level, +/- the variance, 

with the following business day’s trade date. 

Additional Investments from Holding 

Money Market Funds 

n Use the Monetary Change Form: Upon receipt by 2:30 

p.m. EST of an ad hoc request to invest additional 

monies, either from a Holding Money Market Fund 

in the same account or from a money market fund 

in another SPTC account, a transaction will be 

entered into our trust accounting system to move the 

necessary funds from the Holding Money Market Fund 

to the money market fund associated with the chosen 

strategy. Simultaneously, the necessary trades will be 

placed in accordance with the targeted allocation of 

the strategy. 

Submitting multiple requests for the same account(s) 

may cause processing delays. 

Please refrain from mailing and faxing duplicate 

paperwork for the same request, and from submitting 

further monetary transactions for the accounts included 

in the bulk request until all of those trades have been 

completed. 

Contact your Regional Service Team with any questions. 

10

(800) SEI-1003 

TRANSACTION GUIDELINES (cont.) 

Address Changes 

1. To request an account address change, complete an 

Address Change Form. If investor is a resident of CA, 

MA, NJ, NY or PA and is invested in a strategy that 

utilizes a state-specific municipal bond fund, submit a 

Strategy Change Form to make any applicable changes to 

the strategy. The submission of the Address Change Form 

will not automatically make the appropriate changes to a 

state-specific investment. 

2. In order to provide increased security for our customers, 

SPTC will mail an address confirmation statement to 

the old and new addresses when an address of record is 

updated on an investor’s account. Address confirmation 

statements will not be mailed when a third-party or 

advisor address is updated. 

3. To update your e-mail/mailing address, phone/fax number, 

assistant name/extension, or www.SEIBusinessBuilder.com 

access information, complete an Advisor Contact 

Information Change Form. 

Asset Liquidations and Transfers 

n Use the Liquidation/Cash Transfer Form 

1. Within two business days of the date of receipt of the 

Liquidation/Cash Transfer Form, SPTC will forward 

a request letter, along with the form, to the current 

custodian via overnight mail. The appropriate street 

address must be listed and the investor’s original 

signature must be included. The advisor will be contacted 

if the paperwork received is not in good order. 

2. The dollar amount of the transfer must be listed on the 

form. If a percentage of assets is listed, please provide 

a current account statement of assets dated within the 

last six months. If a complete liquidation and transfer is 

requested, provide an approximate value of the account 

on the form. 

3.Five business days after the transfer is initiated, 

SPTC will contact the custodian to confirm receipt 

of the paperwork. The administrator will continue to 

contact the custodian every five business days until 

all assets are received at SPTC. 

4. SPTC determines the appropriate circumstances under 

which involvement of the advisor is necessary to expedite 

the transfer. 

Note: Certain delivering custodians require that the 

investor request liquidation of assets directly and will 

not accept liquidation instructions from SPTC. Please 

reference the Delivering Custodian Quick Reference Guide 

on www.SEIBusinessBuilder.com for a list of custodians 

and their requirements. 

5. It is the responsibility of the advisor/investor to determine 

if additional paperwork/instruction is required by the 

current custodian. 

6. Investment instructions should not appear on the 

Liquidation/Cash Transfer Form. 

Automatic Investment Plan (AIP) 

n Use the applicable Automatic Investment Program (AIP) 

Form 

1. Upon receipt by 2:30 p.m. EST of a request to establish 

a new AIP, SPTC will set up the new AIP on our system. 

Same-day AIPs will appear in the investor’s SPTC account 

the following business day. 

2. For accounts that use strategies, AIP funds will be 

invested in the money market fund initially, then invested 

into the strategy. 

3. For Individual Mutual Fund accounts, proceeds will be 

invested in the money market fund initially, then pro-rata 

across all account holdings. 

4. SPTC will accept modifications to the AIP information up 

until 2:30 p.m. EST on the day prior to the next date of 

the AIP. 

11



Capital Gain Distributions 

1. Advisors are typically notified in October and again in 

November with capital gains estimates for the year. Upon 

review, advisors may submit a Capital Gains Management 

Form which should be used to delay investment until 

after capital gains have been paid. 

2.Capital gain distributions are typically paid during the 

first week of December each year. 

Cash Disbursements and Account Closings 

Note: For Managed Strategy disbursements, please refer to 

the Cash Disbursements and Account Closings section of the 

UMA Guide. 

1. Log on to www.SEIAdvisorCenter.com and process 

distributions online via SEI’s self-service functionality 

available under the Transaction Tab, Cash Movement, 

and Cash Disbursement selection on your Home Page. 

2. If you cannot access SEI online and must submit a 

paper copy, please use the applicable Distribution Form. 

3. Upon receipt by 1:00 p.m. EST of instruction to disburse 

cash from an investor’s account, SPTC will review the 

current money market balance. If a sufficient balance 

exists, the administrator will sell the money market fund 

and distribute the cash on the day of receipt unless it 

is an account closing, in which case the transaction will 

follow the closing timeframe. 

Note: The DCA and Holding Money Markets will not be 

considered for purposes of the distribution amount unless 

specifically instructed on the Distribution Form. 

4. If a sufficient money market balance does not exist and 

the request is received by 2:30pm EST, the administrator 

will sell according to the Overweight Method if the 

account utilizes a strategy. If the account does not utilize 

a strategy, assets will be sold pro-rata across all holdings 

in the account. 

5. If the account is not funded as of the initial start date 

for a scheduled distribution, the first distribution will 

start on the next month’s distribution date. 

6. If recurring distributions are to be taken from a specific 

fund in an Individual Mutual Fund account (including 

Holding Money Market) and the assets are not available 

in the designated fund, SPTC will begin funding the 

distribution pro-rata across all mutual funds. If the 

originally designated fund has been replenished, it is 

the advisor’s responsibility to notify SPTC to revert back 

to the original instructions. Recurring distributions from 

a specific fund are not available to accounts with a 

strategy. 

7. Provide recipient’s street address, city, state and zip 

code for third-party distributions sent via wire or check. 

8. See the Distribution Requirements Guide for specific 

distribution requirements due to divorce or death. 

9. The investor’s signature is required for third-party 

distributions. Distributions payable to a trustee of a 

trust rather than to the trust are considered third-party 

distributions. 

10. SEI Account Closing are not self-service. Please submit 

the appropriate Distribution Form for all account 

closings. 

11. All distributions and account closing requests for 

qualified plan accounts, other than distributions to the 

address of record, require the signature of the Plan 

Sponsor or an authorized person as designated by the 

Plan Sponsor. 

12. A $75.00 termination fee will be charged per account 

request for all accounts leaving SPTC. A balance of 

$75.00 must remain in the account until the account 

is closed. If the distribution request will leave less than 

$75.00 in the account, the amount distributed will be 

altered in order for the account to maintain a $75.00 

balance. 

12

(800) SEI-1003 


Note: Unless otherwise indicated, if the entire balance 

is requested, the account will be liquidated and closed. 

Proceeds, minus the $75 termination fee and any other 

applicable fees, will be distributed as directed on the 

Distribution Form. 

13. For account closings, a confirmation will be sent to the 

advisor via fax/e-mail the business day after the closing 

process has begun. 

14. Accrued residual dividends for the month in which the 

closing occurred will be sent in a separate payment the 

following month. 

15. Rejection letters will be sent to the new custodian if 

the account-closing paperwork does not include all the 

required information to process the distribution. 

16. If the account is participating in the Automatic 

Deduction of Quarterly Fees program, the final prorated 

fee will be deducted from the account and transferred 

to the appropriate Broker-dealer or firm’s fee clearing 

account. Typically, a final prorated fee is not deducted 

when one SPTC account is closed and transferred to 

another SPTC account; however a final prorated fee will 

be deducted when one SPTC account is closing and 

transferring to another SPTC account from the first day 

of the quarter until the day automatic fees are taken. 

n Distributions from IRA Accounts 

Distributions from an IRA account generally require an 

investor signature. For distributions to the investor’s 

address of record or to a similarly registered account, the 

advisor may sign the Distribution Form (IRA) as long as 

the advisor has checked the appropriate box on the form 

indicating that he/she has permission from the investor 

to request these types of distributions on the investor’s 

behalf. Distributions to third parties or to non-similarly 

registered accounts require an investor signature. 

Withholding (IRA Accounts Only) 

SEI offers withholding options online at 

www.SEIAdvisorCenter.com when electing to process your 

distribution via self-service. State withholding requirements 

are automatically defaulted. You may withhold amounts 

other than the default, or waive the defaulted amount 

directly online. 

n Federal Tax Withholding 

Distributions from an investor’s Traditional, SIMPLE 

or SEP IRA account are subject to a mandatory 10% 

withholding for federal tax. The investor may indicate 

an amount to be withheld greater than 10% or choose 

to waive withholding. Roth IRA distributions are not 

subject to mandatory federal tax withholding; however the 

investor may choose to have taxes withheld. 

n State Tax Withholding 

1. SPTC is able to withhold state taxes on IRA distributions 

unless the investor is a resident of the following states/ 

territories: AK, FL, HI, MP, NH, NV, PA, PR, SD, TN, TX, 

VI, WA and WY. 

2. SPTC is unable to send distributions via wire if an 

investor has elected state tax withholding on distributions 

from the account. Distributions can, however, be sent via 

check or Automated Clearing House (ACH). 

Note: A $25.00 fee will be assessed to the investor’s 

account when a stop payment request is made. 

13



Travel Rule Procedures 

The “Travel Rule” is a common name for the Bank 

Secrecy Act rule 31 CFR 103.33(g), which requires all 

financial institutions to transmit specific information 

when an investor moves from one financial institution to 

another. This rule was issued by the Treasury Department’s 

Financial Crimes Enforcement Network and became 

effective May 28, 1996 but through a conditional 

exception granted in 1998, the requirements of the rule 

were relaxed due to computer programming burdens faced 

by financial institutions. 

This exception expired at the end of June 2004 and the 

rule became effective July 1, 2004. SPTC applies this 

rule to all transmittals of wires. The following specific 

information is required to “travel” with the wire transfer: 

n Name of the Investor 

n Account number of the Investor 

n Address of the Investor 

n Amount of the transmittal order 

The following items received with the payment order 

should also be included: 

n Name, address and account number of the person or 

entity that will receive the funds (recipient) 

n Identity of the recipient beneficiary’s financial institution 

Checks and wires are included in the Travel Rule only 

when the investor requests a check or wire to be sent 

payable to a financial institution for the benefit of a 

third-party. SPTC’s best practice is to include the 

transmitter and recipient name and address information 

in each wire transfer. 

Cash Receipts 

Note: For Managed Strategy receipts, please refer to the 

Additional Investments section of the UMA Guide 

n Use the applicable Additional Investment Form 

Strategy Accounts 

In the event a check, wire, or lockbox payment is received 

without investment instructions, the monies will be 

invested into the account as per the standard procedures 

and will therefore be invested into the strategy. These 

standard procedures will be followed regardless of whether 

the account has DCA and/or Holding Money Market 

positions. 

Investment instructions should not appear on the checks, 

wires, or lockbox payments themselves. Instead, submit the 

applicable Additional Investment Form to indicate how the 

receipt should be invested. 

Individual Mutual Fund Accounts (i.e. No Strategy) 

In the event a check, wire, or lockbox payment is received 

without investment instructions, the monies will be 

invested into the account pro-rata across all holdings as per 

standard procedures. These standard procedures will be 

followed regardless of whether the account has DCA and/or 

Holding Money Market positions. 

Note: For investments into an Individual Mutual Fund 

account that holds just one GoalLink Fund, that Fund will 

be purchased on Day 1. 

1. Fed Wires/Lockboxes – Upon receipt of a wire or lockbox 

payment prior to 2:00 p.m. EST, SPTC purchases a 

money market vehicle to ensure immediate investment 

of funds. Simultaneously, a “Cash Receipt” is posted 

to the investor’s account and mutual fund trades are 

placed in accordance with the current strategy. 

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(800) SEI-1003 


2. Checks – Checks should be made payable to SPTC, 

SEI Investments Company, SEI Private Trust Company, 

or the account registration. Checks made payable to 

any other party, including the advisory firm, will not 

be accepted. Upon receipt of a check prior to 12:00 

p.m. (NOON) EST, SPTC posts a “Cash Receipt” to the 

investor’s account. 

Note: SPTC will not accept the following forms of payment: 

Cash, travelers checks, money orders, or credit card checks. 

Note: If an investment check is returned for the following 

reasons—stop payment, refer to maker, unauthorized 

signature, improper endorsement or insufficient funds— 

replacement funds must be received within 72 hours. If 

reimbursement funds are not received within a 72-hour time 

period, the sender, advisor or investor will assume any loss 

within the account. If the advisor would like the loss paid 

outside the account, an indemnity agreement should be 

submitted to SPTC indicating who will assume the loss. 

Custom Strategies 

Dividends 

1. Money market funds and fixed-income funds accrue 

income daily and pay dividends monthly on the 1st 

business day of the month. This dividend payment 

reflects income earned during the previous month. 

Dividends are reinvested into the fund unless otherwise 

instructed. 

2. Equity funds do not accrue income daily. Rather, 

they have traditional ex-, record-, and payable- dates 

associated with them. These funds pay dividends 

quarterly on the last business day of the quarter to 

holders of record. This payment is posted to investors’ 

accounts after the end of the quarter. During December, 

this payment is posted to investors’ accounts prior to the 

end of the quarter. 

3. International funds pay dividends annually, typically 

during the last week of December. 

4. It may take up to ten business days for a change in 

dividend payout to become effective. 

n Use the Custom Strategy Form 

1. Upon receipt by 2:30 p.m. EST of a request to establish 

a new custom strategy, SPTC will set up the new strategy 

on our system. Each fund will then be purchased or sold 

in order to reallocate the assets currently held in the 

account according to the new strategy’s target allocation. 

2.If you are affiliated with a Broker-dealer, home office 

approval may be required prior to the establishment of 

a custom strategy. Please contact your Broker-dealer 

to determine if approval is necessary. If approval is 

necessary, submit the approval in the form of a letter (on 

Broker-dealer letterhead, signed by a principal) along with 

the Custom Strategy Form. 

3. When allocating funds for a custom strategy, note that 

if the variance elected for a specific fund is equal to or 

greater than the fund’s target allocation, the variance for 

that fund will be set .01% less than the target allocation. 

If the money market variance elected is equal to or 

greater than the fund’s target allocation, the variance for 

the money market fund is set .5% less than the target 

allocation. 

15



Dollar Cost Averaging 

n Use the Dollar Cost Averaging (DCA) Form 

1. The investment advisor must complete the Dollar Cost 

Averaging Form, indicating the total amount of money to 

be dollar cost averaged, the number of months or monthly 

dollar amount to dollar cost average, the start date, and 

information regarding the trailing residuals. 

2. Upon receipt of funds, the initial investment will be 

handled according to the process described in the Cash 

Receipts section. 

3. Each monthly dollar cost averaging amount will be 

moved from the DCA portion of your account to the 

portfolio associated with the chosen strategy. The cash 

will then be invested into the designated strategy the 

following day. 

4. Dollar Cost Averaging is only available for accounts that 

use a strategy. 

5. Please note, the minimum recommended amount 

for dollar cost averaging in a Managed Strategy is 

$10,000 a month. Lesser amounts are traded at the 

manager’s discretion. 

Fees 

1. Advisory fees are charged to the investors’ accounts 

quarterly in arrears using end-of-quarter market value. 

Advisory fees will be processed on the 6th of the 

following month; if the 6th falls on a weekend or holiday, 

fees will be taken the following business day. Cash for 

fees will be raised according to the methods described in 

the Cash Disbursements and Account Closings section. 

2. Broker-dealer representatives: 

SPTC will send one check, wire, or ACH to the home 

office of the Broker-dealer. The home office is responsible 

for distributing the collected investment advisory fees to 

the appropriate representatives. The Broker-dealer 

establishes fee schedule(s) with SPTC. Representatives of 

the Broker-dealer may, with the Broker-dealer’s permission, 

have the ability to discount from the fee schedule(s) by 

establishing their own fee schedules that are less than 

those of the Broker-dealer’s. 

3. Registered Investment Advisors: 

SPTC will send one check, wire, or ACH to the home 

office of the advisor. The home office of the advisor is 

responsible for distributing the collected investment 

advisory fees to the appropriate representatives. The 

advisor establishes his/her fee schedule(s) with SPTC. 

Representatives of the advisor may, with the advisor’s 

permission, have the ability to discount from the fee 

schedule(s) by establishing their own fee schedules that 

are less than those of the Broker-dealer’s. 

16

(800) SEI-1003 


4. A Fee Maintenance Form should be used to change the 

advisory fee schedule on an account, post fees to another 

account, link custody and advisory fees to reduce the total 

fees charged, or exclude certain assets from advisory fee 

calculation. 

Note: To link fees, each account must have the same tieredfee 

schedule and discount and have either been funded on 

the same date or funded for a full quarter. If the accounts 

were funded on different dates and have not been funded 

for a full quarter, the accounts will not be linked until the 

following quarter after first fees have been deducted. The 

request will be held until that time and linked going forward. 

Accounts using a flat-basis-point schedule will not be linked 

for fee purposes. 

5. SPTC Account Service Fees ($60/year) are also charged 

quarterly in arrears. Accounts above $50,000 are not 

subject to this fee. 

6. Some accounts are subject to a Broker-dealer fee, which 

is also typically charged quarterly in arrears. These fees 

are determined at the individual Broker-dealer level and 

assigned to the accounts accordingly. 

7. Money Manager fees are also charged quarterly in arrears. 

Fees are disbursed accordingly out of each underlying 

account. Therefore, if an end investor has four underlying 

manager accounts, a manager fee will be calculated and 

disbursed out of each account. The line item description 

on the Monthly Activity Statement is “Managed Account 

Fee.” Standard Money Manager fees can be found on 

www.SEIBusinessBuilder.com. 

In-Kind Distributions and In-Kind Closings 

n Internal Transfers (SPTC account to SPTC account): 

1. Upon receipt by 2:30 p.m. EST, requests will be 

processed within three to five business days. 

2. Use the Internal Asset Transfer Form (In-Kind) or Roth 

Conversion Form (In-Kind). Requests to process only cash 

in-kind will be processed as a liquidation transfer, not an 

in-kind transfer. 

Note: The transfer of assets in-kind may involve the 

movement of whole shares of equities. This may result in 

a market value split that is not the exact amount that’s 

specified on the request. When splitting bonds, there must be 

an initial minimum of $5,000. Additional splits must be in 

increments of $1,000. 

n External Transfers (transfer to another custodian): 

1. Upon receipt by 2:30 p.m. EST, requests to 

transfer SEI funds will be processed within three 

to five business days. 

2. Requests to transfer SEI funds require a valid 

house account number that has been established 

with SEI’s Transfer Agent. 

Note: This option is not available to all custodians. Please 

contact your Regional Service Team prior to submitting the 

transfer in-kind request. 

17



Manual SEI Mutual Fund Trades 

(Individual Mutual Fund Accounts) 

1. Log on to www.SEIAdvisorCenter.com and process trades 

online via SEI’s self-service functionality available under 

the Portfolio Management Tab on your Home Page. 

2. If you cannot access SEI online and must submit a paper 

copy, please use the Trade (SEI Fund) Form. 

3. For those accounts that do not invest in a strategy but 

invest in individual SEI mutual funds, buy and/or sell 

trades must be submitted on the Trade (SEI Fund) Form 

and received by 2:30 p.m. EST to ensure that they will 

be processed at that day’s closing NAV. 

4. All buys must be in dollars ($) (or percentages when 

investing proceeds from unit sales). Sells may be 

requested in either dollars ($) or units. 

5. If a request is submitted where dollars ($) or units of 

Fund A are to be sold and the proceeds are to be used to 

purchase Fund B, Fund A will be sold with a trade date 

of Day 1 (provided the request was received by 2:30 p.m. 

EST) and the proceeds will be used to purchase Fund B 

with a trade date of Day 1. If necessary, money market 

assets may be used to cover the difference between 

the sell of Fund A and the purchase of Fund B. Note: 

If the dollar amount sell of Fund A is within 3% of the 

prior day’s price, all units will be sold. As a result, the 

purchase of Fund B will receive a trade date of Day 2. 

6. In submitting instructions for the purchase, redemption 

or exchange of shares of a mutual fund, you must 

ensure that the transaction complies with the terms of 

the applicable mutual fund’s then-current prospectus, 

statement of additional information, and any policies and 

rules of such mutual fund, including, but not limited to, 

such mutual fund’s policies/rules concerning eligibility, 

redemption fees, frequent trading and closed funds. 

7. No trade confirmations will be sent to the advisor or 

investor. All transactions within an account will be 

detailed on the periodic activity statements. 

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(800) SEI-1003 


Portfolio Accounting Systems 

This section provides information and instructions about 

receiving account data through www.SEIAdvisorCenter.com 

into two common portfolio accounting systems used by our 

Advisors: dbCAMS+ and Portfolio Center. Additionally, these 

two standardized formats are able to be loaded by many of 

the software tools offered today. 

The Portfolio Center and dbCAMS+ downloads include the 

following data files: 

• Portfolios (new accounts) 

• Securities 

• Prices 

• Initial Positions (for new accounts) 

• Transactions 

• Positions (for reconciliation) 

The dbCAMS+ download is contained in one consolidated 

file. The Portfolio Center download contains individual files 

for each type of data. 

In general, these files are available for download, on a daily 

basis, in the early morning for the prior day’s activity. The 

data is a close-of-business snap shot of positions, prices, and 

transactions. 

Note: SEI feeds formatted for dbCAMS+ and Portfolio Center 

are provided to you or your firm at no cost. Furthermore, there 

are costs associated with all portfolio accounting software 

tools as well as with licensing data import utilities. To better 

understand your costs, please contact your software vendor 

for more information. 

SEI provides a direct feed of all your account data to: 

• Albridge 

• eMoney 

• Black Diamond 

If you use either of these vendors, please contact your 

Regional Service Team at (800) SEI-1003 to verify that your 

account information is on the SEI direct feed. 

Setup 

These instructions assume that you already own one of the 

two portfolio accounting systems mentioned earlier and that 

you are familiar with its use and populating the software with 

account data. 

1. Access the Financial Professional Data Services 

Setup/Change Form via the Forms Library on 

www.SEIBusinessBuilder.com. Complete the form and 

return it to SPTC. Submit a form for each user 

in your office who requires access to the data. This form 

identifies the format and users in your office who should 

have access to the download files. 

2. Wait two to three business days to begin seeing 

daily files on the “Data Downloads” page within 

www.SEIAdvisorCenter.com. 

Note: If a new User ID is requested, it may take up to 

seven business days for that user receive the User ID and 

password via U.S. mail. If, after seven business days, you 

do not find daily files in the “Data Downloads” page on 

www.SEIAdvisorCenter.com, please contact your Regional 

Service Team. 

3. Begin downloading and using the data files directly 

from SEI! 

Support 

For Technical Support for www.SEIAdvisorCenter.com, 

contact SEI at (888) 737-6953. Technical Support can 

help you access and use the download page within 

SEIBusinessBuilder. For more information about Data 

Downloads please contact your SEI Service Team at 

(800) SEI-1003. For help importing data into: 

• Portfolio Center, contact Technical Support at 

(800) 528-9595. 

• dbCAMS+, contact Technical Support at 

(301) 334-1800. 

19



SEI Cash Access Account (CAA) 

SEI Cash Access Account, or CAA, is a full-service banking 

solution that is integrated with the SPTC investment account. 

These banking services are provided by The Bancorp Bank. 

Investors are provided a VISA Debit/ATM card along with 

checks. In addition, CAA offers free online banking with 

bill pay, overdraft protection solutions, monthly auto-sweep 

functionality, a securities-backed line of credit (SBLOC), and 

a dedicated customer support line. 

n Use the appropriate CAA Application Form to open an SEI 

Cash Access Account. 

n The CAA service is available only for taxable accounts. 

It is not available on the following types of accounts: a) 

accounts registered to non-U.S. investors or to non-U.S. 

addresses; b) accounts in which SPTC is the Trustee or 

Administrator of a Trust; c) accounts that are pledged to 

an outside institution; d) accounts where distributions/ 

withdrawals are restricted; e) 403(b)s and qualified plans. 

n A limited version of CAA, the Independent CAA, is available 

for account types that are not eligible for the standard 

version, or for investors who want the benefits of a standard 

CAA, but without the money movement components 

(monthly autosweep, overdraft, etc). The Independent 

CAA creates a link between SEI and Bancorp for reporting 

purposes, but otherwise the accounts exist entirely separate 

from one another. 

n The CAA investor must currently be either an SPTC account 

holder or in the process of establishing an SPTC account. 

Any authorized signers on the CAA must be authorized 

signers on the SPTC account. 

n Checks and/or debit cards are delivered to the 

investor an average of 10 to 12 business days after the 

initial setup of the CAA. If the paperwork is not in 

good order, this could subsequently delay the 

account opening process. 

n One of the key features of CAA is an automatic, monthly 

sweep between the SPTC investment account and the 

CAA checking account at The Bancorp Bank. Starting on 

the first business day after the CAA is established, and 

subsequently on the 20th of each month (or the first 

business day thereafter), SPTC or The Bancorp Bank will 

automatically transfer funds to restore the CAA checking 

account to the target minimum as selected on the CAA 

Application. When the balance in the checking account 

exceeds the target maximum (optional), funds will be swept 

back to the linked SPTC account. The following illustrates 

the hierarchy of the CAA asset liquidation process with 

respect to the monthly auto-sweep arrangement: 

Liquidation 1: Money Market assets in linked SPTC account 

(excludes DCA money markets) 

Liquidation 2: Additional assets will be collected using the 

default raise cash method on the linked SPTC account 

Please note: Non-mutual fund assets, (i.e. stocks and bonds), 

with allocations in a strategy may be liquidated to satisfy the 

automatic target balance. 

When an account had multiple portfolios, the portfolio with 

a strategy assigned to it will be accessed to raise cash. If no 

strategy exists, then cash will be raised via the default nonstrategy 

raise cash method. In both instances, the portfolio 

with the highest market value will be selected. 

DCA money market funds are excluded from the monthly sweep. 

Please contact your Financial Professional for more details 

regarding how cash will be raised for your specific account. 

Advisors who utilize CAA should ensure the investor is 

aware of the liquidation procedures established to fulfill 

the minimum target balance. Advisors should be extremely 

sensitive to the nature of this liquidation process and the 

possibility of incurring capital gains on assets within the 

strategy that were not considered in the planning of the 

original strategy. 

20

(800) SEI-1003 


n The following illustrates the hierarchy of the CAA asset 

liquidation process with respect to writing checks or bill 

pay items: 

Liquidation 1: CAA Checking account 

Liquidation 2: Securities Backed Line of Credit 

(SBLOC) if elected 

Standard Custody Account: 

Liquidation 3: If there is only one portfolio in the account, 

the requested amount will be taken from that portfolio. 

Liquidation 4: If there is more than one portfolio in the 

account, cash will be taken from the portfolio with the 

highest cash balance, then move on to the portfolio with 

the next highest, until it reaches the portfolio with the 

lowest balance. 

Standard Managed Account (Overlay Allocation Present): 

Liquidation 3: Search for cash in the following order: 

- Transitory cash portfolio, Equity Manager portfolio, 

fixed-income manager portfolios. 

Liquidation 4: If multiple portfolios exist within each category 

cash will be taken from the portfolio with the highest cash 

balance, then move on to the portfolio with 

the next highest, until it reaches the portfolio with the 

lowest balance. 

The overdraft protection is not applicable to debit and 

ATM transactions. 

n A checkbook reorder fee will not be assessed to the 

investor’s CAA; however, an investor may be charged a fee 

in the future at Bancorp’s discretion. The shipment of the 

first order (checks) coincides with the 10 to 12 businessday 

account setup timeframe. 

n The CAA will accept regularly scheduled disbursements 

or deposits set up by the investor through the use of 

Automatic Clearing House (ACH) transactions. Additionally, 

other deposit options are available as outlined in the CAA 

Investor Brochure. 

n There is no minimum account balance that must be 

maintained throughout the course of the month. However, 

the minimum monthly sweep amount = $5,000. 

n If the account is participating in the CAA Program, upon 

the closure of the SPTC account, the CAA will be closed. 

The Bancorp Bank will mail a check to the address on 

record for the balance remaining in the CAA. Contact The 

Bancorp Bank ahead of time if the investor wants to keep 

the CAA open. 

Statements/Tax Reporting 

Investors will receive the following standard reports: 

• Quarterly Activity and Performance Statement or Quarterly 

Activity Statement 

• Annual Tax Information Letter/IRS Tax Forms 

1. Statements generated from our Reporting Platform contain 

value and activity as well as performance information and 

are mailed quarterly around the 10th business day of the 

month following a quarter end 

unless otherwise instructed by the advisor. Advisor 

copies of statements will be electronically available 

at www.SEIAdvisorCenter.com. Statement copies 

will not be mailed to the advisor. 

2. Upon receipt of an Account Application, a system record 

is automatically established to generate the statement. 

This record is established whether or not a funding was 

received simultaneously. Therefore, if cash has not been 

received by the end of the quarter, the first statement will 

reflect a zero market value. 

21



3. Requests to add or delete third-party statements must be 

in writing and signed by the advisor or investor. 

4. Only accounts invested for more than three months will 

receive performance information. 

5. The performance information does not reflect a simple 

rate of return or measure the net change in assets of 

a strategy. The performance measurement is used as 

a means of quantifying a money manager’s ability to 

invest an investor’s money. Each month, SEI calculates 

an account’s return using the Modified Dietz formula. 

This formula measures the change in market value that 

results from a growth or drop in assets held as well as any 

positive or negative flows in the account. That figure is 

geometrically linked each month, which is the equivalent 

of compounding. For periods greater than one year, the 

returns are annualized. 

6. The organization that governs performance measurement, 

the Global Investment Performance Standards (GIPS), 

recommends the calculations SEI uses. This calculation 

method is an industry standard that is also used by other 

indices. 

7. 1099Rs are mailed no later than January 31st; Annual 

Tax Information Letters are mailed no later than 

February 28th; 5498 Tax Forms are mailed no later 

than May 31st. These dates are subject to change. 

Any changes will be communicated accordingly. 

Additional Managed Strategy Performance 

and Statement Information 

8. A Quarterly Performance Report for Unified Managed 

Accounts will be generated for accounts that have 

been opened for a full quarter. Underlying manager 

performance will start at the time each manager 

receives assets. This can vary from manager to manager 

depending on when they are funded. IF a new manager 

is being added to an existing investor’s portfolio where 

he/she has had mutual funds, SPTC will generate a 

consolidated performance report as a part of the new 

Managed Accounts structure. Historical performance at 

the TOTAL PORTFOLIO LEVEL can be transitioned over, 

however, underlying individual mutual fund performance 

(and manager performance) will start beginning with the 

date the new structure has been established. SPTC is not 

able to carry over historical performance at the individual 

fund level because performance has not been collected 

on an individual basis. It was always mapped to an asset 

class category, such as “domestic equities” or “domestic 

fixed income.” 

9. The following disclaimer will appear on all investor 

statements: 

“Please review all the information contained on this 

statement to ensure that we properly acted on your 

instructions. If you find any errors or omissions on your 

statement, please contact your financial advisor in 

writing within 30 days of SEI sending this statement. 

This statement will be deemed binding after 30 days.” 

22

(800) SEI-1003 


AccessMyPortfolio.com 

n Investors have the ability to retrieve electronic copies 

of their SPTC financial statements via our end-investor 

website, www.AccessMyPortfolio.com. They can also 

use the website to opt into electronic statement delivery 

and out of physical paper delivery. By selecting the link 

labeled “Online Statements,” the user can view his/her 

statements. 

Bulk Statement Download 

n In addition to automatically receiving individual 

electronic copies of financial statements, advisors 

also automatically receive a concise ‘bundled’ 

collection of statements, commonly referred to as 

the Bulk Statement Download (BSD). Advisors can 

access their Bulk Statement Downloads via the 

specific link on www.SEIAdvisorCenter.com. On a 

non-quarter-end month, there can be one BSD bundle 

per advisor for full color activity-only statements. This 

BSD is typically available by the 6th business day of 

the following month. On a quarter-end month, there 

can be up to two BSD bundles per advisor; a full-color 

activity-only statement file and a full-color combined 

performance/activity statement file. These BSDs are 

typically available around the 6th and 12th business 

days of the following month. 

Mutual Fund Strategy Changes 

For Managed Strategy changes see Investment Strategy 

Allocation Changes section of the UMA guide. 

Use the Strategy Change Form 

Upon receipt by 2:30 p.m. EST of a request to change 

an investor’s strategy, each fund will be purchased or 

sold in order to reallocate the assets currently held in 

the account according to the new strategy’s target 

allocations and variances. Assets that are held in both 

the old and new strategies will be reallocated according 

to the new strategy’s target allocations if those assets are 

not already within variance of the new target allocations. 

Note: When submitting a two-part request (i.e. strategy 

change and a distribution) please indicate which transaction 

you would like to occur first; unless otherwise instructed, 

the distribution will be processed first. Strategy changes 

cannot take place on the same trade date that cash is 

being raised to cover a distribution. 

23



Addendum A 

For Daily Account and Firm Activity reports via the Internet: 

With www.SEIAdvisorCenter.com the investor’s account 

information as well as your firms information is right at 

your fingertips. 

The Reports Tab, directly accessible from your Home Page, 

offers you access to a suite of reports. 

High-level subjects are available in the navigation pane 

on the left side of your browser. Each selection offers 

subsequent choices with additional, detailed reports 

specific to your business. For example: 

- Within the “Client and Account Characteristics” subject 

you can run reports such as the Client and Account 

Characteristics – Address Detail report which pulls back 

address information for all your SEI accounts. 

- Within the “Fee” subject you can run a Fee Package 

and Rules report to review the fee schedules assigned 

to your accounts. The Fee Transaction report is yet 

another report you could run which pulls back all fees 

collected from your accounts for a given time frame. 

For reports that you use on a frequent basis, SEI provides 

the ability to access the report from your Home Page. On 

the right side of the Reports screen is a column titled 

“Show On Home Page” which allows you to simply check 

off the reports you wish to add to your Home Page. In 

addition, you have the ability to customize your own 

reports in order to meet your specific reporting needs. Your 

customized reports can also be added to your Home Page 

for easy access upon log in. 

Simple steps to register: 

1. Visit www.SEIBusinessBuilder.com to download your 

registration form and complete one for each individual 

in your office that requires access to the site. You can 

assign “limited” access to every individual in your firm, 

putting you in control! 

2. Fax the completed and signed form to SPTC at (610) 

676-1021. 

3. You’ll receive your User ID and Password in the mail 

(under separate cover) in about one week. 

The following schedule details the mailing timeframes of SPTC’s standard investor communications: 

Investor Reporting Package: 

Monthly Account Activity Statement 

Combined Performance and Activity 

Annual Tax Information Letter/IRS Tax Forms 

Mailed by: 

6th business day after month end 

10th business day after quarter end 

1099Rs are mailed no later than January 31st; Annual Tax Information 

Letters are mailed no later than February 28th; 5498 Tax Forms are mailed no 

later than May 31st. These dates are subject to change. Any changes will be 

communicated accordingly. 

24

(800) SEI-1003 

PROCESSING CUT-OFF TIMES 

TRANSACTION REQUEST 

Request must be received at 

SPTC by the following times 

(EST) to be processed with 

date of receipt being Day 1. 

TRADE DATE 

REQUIRED DOCUMENTATION/ 

FORMS 

Account Closing (Liquidation) 2:30 p.m. Day 1 Distribution Form (IRA or Non-IRA) 

Cash Disbursements (Wire, 

Check, or ACH Disbursement) 

2:30 p.m. 

(1:00 p.m. for accounts with 

a sufficient money market 

balance from which a same-day 

disbursement can be made) 

Day 1 

Distribution Form (IRA or Non-IRA) 

Check Deposit 12:00 p.m. Day 1 

Additional Investment Form 

(IRA or Non-IRA) 

Dollar Cost Averaging 2:30 p.m. Day 1 Dollar Cost Averaging (DCA) Form 

Establish an Individual 

Retirement Account (IRA) 

12:00 p.m. N/A 

Account Application Individual 

Retirement Account (IRA) 

Establish a Non-IRA account 12:00 p.m. N/A Account Application 

Establish Custom Strategy 2:30 p.m. Day 1 Custom Strategy Form 

Fed Wire/Lockbox payment 2:00 p.m. Day 1 

Manual Trade Requests- 

Individual Mutual Fund Accounts 

Additional Investment Form 

(IRA or Non-IRA) 

2:30 p.m. Day 1 Trade (SEI Fund) Form 

Monetary Change 2:30 p.m. Day 1 Monetary Change Form 

Strategy Change 2:30 p.m. Day 1 Strategy Change Form 

25


ADMINISTRATIVE FORMS 

Some of the most commonly used administrative forms. Read and complete all applicable sections. 

26 

TITLE OF DOCUMENT REQUIRED SIGNATURE SEND FORM BY: 

Account Control Agreement Pledgor and Pledgee Mail or Fax 

Account Registration Change Form Investor and Advisor Mail (original) 

Additional Investment Form (IRA)* Investor and Advisor Mail or Fax 

Additional Investment Form (Non-IRA) Advisor Mail or Fax 

Address Change Form 

Investor for third-party address changes, 

Advisor for address of record changes 

Mail or Fax 

Advisor Contact Info Change Form Advisor Mail or Fax 

Agent Authorization 

(Power of Attorney) Form 

Automatic Investment Program Forms 

(AIP) (IRA) and (Non-IRA) 

Investor 

Investor and Joint Bank Account Owner 

(if applicable) 

Mail (original) 

Mail or Fax 

Corporate Resolution Form Authorized Individuals Mail or Fax 

Custom Strategy Form Advisor Mail or Fax 

Distribution Form (IRA) Investor, unless authorization is on file Mail or Fax 

Distribution Form (Non-IRA) 

Investor, Joint Owner (if applicable) or Advisor 

(if mailed to address of record or the receiving 

account is similarly titled to distributing account) 

Mail or Fax 

Dollar Cost Averaging Form Advisor Mail or Fax 

Fee Maintenance Form Advisor Mail or Fax 

Inherited IRA Beneficiary Election Form Named Beneficiary(ies) Mail (original) 

Internal Asset Transfer Form (In-Kind) 

IRA Distribution and Tax 

Withholding Authorization Form 

Investor, or Advisor (if receiving account is 

similarly titled to distributing account) 

Investor and Advisor 

Mail or Fax 

Mail or Fax 

IRA Beneficiary Designation Form Investor Mail (original) 

Liquidation/Cash Transfer Form Investor and Joint Owner (if applicable) Mail (original) 

Monetary Change Form Advisor Mail or Fax 

Name Change Form Investor Mail or Fax 

Roth Conversion Form (In-Kind) Investor Mail or Fax 

Strategy Change Form Advisor Mail or Fax 

Trustee Certification Form All Trustees Mail or Fax 

Trade (SEI Fund) Form Advisor Fax 

Transfer on Death (TOD) Beneficiary 

Designation/Change Form 

Investor and Joint Owner (if applicable) 

Mail (original) 

* For indirect rollovers and other receipts. An indirect rollover occurs when an IRA owner takes a distribution 

from a qualified account that ultimately “...comes under the control of the investor...,” and is subsequently 

deposited into another qualified plan or IRA within 60 days of the day that the original distribution is received. 

Note: Unless the fax number appears in the instructions section of the form, the form must be mailed in its original form.

(800) SEI-1003 

DISTRIBUTION REQUIREMENTS GUIDE 

***These requests are handled on a case-by-case basis, and more paperwork may be required than what is stated below.*** 

TYPES OF 

ACCOUNT/ 

DISTRIBUTION 

REQUIRED FORMS 

REQUIRED 

SIGNATURES 

COPY OR 

ORIGINAL 

Non-IRA 

Distribution 

Non-IRA Distribution Form 

Advisor (Investor’s 

signature required if 

going to a third-party) 

Copy 

Individual 

(deceased) 

1.) Death Certificate 

2.) Letters Testamentary indicating executor 

or administrator of estate, dated within 

90 days (not needed if TOD on file) 

3.) Distribution Form 

4.) Inheritance Tax Waiver (if required) 

5.) New Account Application (if money is staying at SEI) 

Distribution Form 

– executor(s) (OR 

beneficiary(s) listed 

on the TOD) 

Originals except for 


Joint Tenant 

with Rights of 

Survivorship and 

Tenants by 

Entirety 

(deceased) 

ONE JOINT OWNER DECEASED 


2.) Registration Change Form 

3.) New Account Application ONLY if the Tax ID is 

changing to a Non-Spouse (distribution form would 

also be needed in this case) 

ALL JOINT OWNERS ARE DECEASED 

1.) Death Certificates 

2.) Certified Letters Testamentary 

(not needed if TOD on file) 




Distribution Form – 

if ONE joint owner 

deceased – signed by 

the surviving joint owner; 

Distribution Form – if ALL 

joint owners deceased 

– signed by executor(s) 

(OR beneficiary(s) 

listed on the TOD) 



Tenants in 

Common 

(deceased) 



2.) Letters Testamentary 











– executor(s) 



Community 

Property 

(deceased) 






5.) New Account Application (if Money is staying here) 







Distribution Form – if ONE 

joint owner deceased – 

signed by the surviving 

joint owner and executor 

of the estate; Distribution 

Form – if ALL joint owners 

are deceased – signed 

by listed executor(s) 



27



***These requests are handled on a case by case basis, and more paperwork may be required than what is stated below.*** 

TYPES OF 

ACCOUNT/ 

DISTRIBUTION 


REQUIRED 

SIGNATURES 

COPY OR 

ORIGINAL 

Community 

Property 

with Rights of 

Survivorship 

(deceased) 





4.) New Account Application (if 

money is staying at SEI) 






5.) New Account Application (if 

money is staying at SEI) 

Distribution Form – if ONE 

joint owner deceased – 

signed by the surviving 

joint owner; Distribution 

Form – if ALL joint owners 

are deceased – signed 

by listed executor(s) 



ACCOUNT CLOSING 


Certified Copy of the 

Trust: Bank Brokerage 

Firm, or Attorney 

1.) Original Death 

Certificate 

Trust Account 

(Death of the 

Trustee) 

2.) Certified Copy of the trust dated within 90 days; 

the trust document should name the successor 

trustee(s) of the trust and must state that the 

document “is a true and correct copy of the 

original still in full force and effect and has 

not been amended or revoked.” Certification 

must be SIGNED by a Bank, Brokerage Firm or 

Attorney (Successor Trustees MAY NOT sign) 


Distribution Form: 

Successor Trustee(s) 

2.) Certified Copy 

of the Trust 

Document 

dated within the 

last 90 days 

3.) Copy of the 


UTMA/UGMA 

(Death of…) 

***Death Certificate needed for all the following 

Custodian is Deceased and Minor is OVER 14 years old 

1.) Notarized LOI from minor appointing new Custodian 

2.) Photocopy of Minor’s Birth Certificate 

3.) Court Certified Document indicating who has 

been appointed as Successor Custodian 


Custodian is Deceased and Minor 

is UNDER 14 years old 

1.) Court Certified Document indicating who 

has been appointed Successor Custodian 



Minor is Deceased 


Distribution Form - 

Successor Custodian or 

Recipient of the Funds 



and Birth Certificate 

Non-IRA 

Distribution 

due to Divorce 

Non-IRA Distribution Form (fill out 

“Divorce Decree” Section) 

Investors 

Copy 

28 

Pledged Account 

Distribution 


2.) “Signature guaranteed” letter from the lender granting 

permission for the distribution (on bank letterhead), 

Note: If the account is pledged to The Bancorp Bank, 

no “signature guaranteed” letter is necessary. 

Distribution Form – Advisor 

(Investor’s Signature 

required if going to a thirdparty); 

Authorized signer at 

the bank for the “signature 

guaranteed” letter 


Distribution Form

(800) SEI-1003 


***These requests are handled on a case by case basis, and more paperwork may be required than what is stated below.*** 

TYPES OF 

ACCOUNT/ 

DISTRIBUTION 


REQUIRED 

SIGNATURES 

COPY OR 

ORIGINAL 

IRA Distribution 

IRA Distribution Form 

Investor, unless 

authorization is on file 

Copy 

Recharacterization 

(Roth to Traditional) 

1.) IRA Application to establish Traditional IRA 

2.) Beneficiary Form 

3.) IRA Distribution Form 




Roth Conversion 

(Traditional to Roth) 

1.) IRA Application to establish Roth IRA 

2.) Beneficiary Form 





Excess Contribution 

Removal (IRA) 

IRA Distribution Form (include the Date 

and Amount of the Excess Contribution) 

Investor 

Copy 

IRA Distribution 

due to Death 


2.) Inherited IRA Beneficiary Election Form 

(Refer to the IRA Beneficiary Election 

Forms Guide for additional paperwork) 

Beneficiary 

Original 

IRA Transfer due 

to Divorce 


2.) Complete Divorce Decree (refer to “Help 

Section” for required language) 

Recipient’s Signature on 

the Distribution Form 



403(b) Distribution 

403(b) Distribution Form 

Employer and Investor 

(as required by 403(b) 

Distribution Form) 

Copy 


due to Death 

1.) 403(b) Distribution Form 

Note: If owner dies, only the spouse can 

R/O to an IRA 

2.) W-9 (unless money is staying at SPTC) 

Beneficiary 




due to Divorce 


2.) Qualified Domestic Relations Order 

(QDRO) with required language, refer to 

Divorce Decree in the “Help Section” 

Recipient’s Signature on 

the Distribution Form 



29


HELP SECTION 

Below is a list of additional documentation that may be needed in certain circumstances. 

TYPE OF 

DOCUMENTATION 

ADDITIONAL INFORMATION 

REQUIRED 

SIGNATURES 

COPY OR 

ORIGINAL 

Letters 

Testamentary 

Short Certificate or Letter of Administration 

Officers 

of the Court 

Original 

Letter of 

Acceptance (Required 

for an IRA Transfer) 

NOTE: The LOA must be signed by an authorized individual 

of the receiving firm, including acceptance language identical 

or similar to the following,”…(receiving custodian’s name) 

has opened an account on behalf of the above mentioned 

investor and is willing to accept the assets as successor 

custodian...” It also must mention the type of account. 

Custodian 

Copy 

Inheritance 

Tax Waiver 

States include: Alabama, Connecticut, Indiana, Louisiana, Montana, New Hampshire, North 

Carolina, Ohio, Pennsylvania (only if it’s a Trust or TOD designation account), South Dakota, 

Tennessee, Puerto Rico, New York (only if death occurred before February 2000) 

Divorce Decree 

(For IRA accounts) 

Required Language: 

1.) Specific reference to SPTC as Custodian of the IRA 

2.) Account title and number as it appears on SEI Statements 

3.) Exact Dollar amount or % of the account to be transferred 

4.) Date upon which that amount listed is based 

5.) Statement as to whether market fluctuation is taken into account on the 

date when the actual distribution takes place 

6.) Reference as to whether the transaction is to be processed as a 

non-reportable transfer, or as a reportable rollover 

Copies of the Decree 

are acceptable 

provided that the 

document is dated 

within 90 days 

and bears original 

certification from the 

presiding authority, 

that the document 

being submitted “… 

is a true and correct 

copy of the original 

document on file…” 

30

(800) SEI-1003 

INHERITED IRA BENEFICIARY ELECTION 

FORM GUIDE 


BENEFICIARY 

NAMED 

ACCOUNT 

ELECTION REQUIRED FORMS 

COPY OR 

ORIGINAL 

SIGNATURE 

ON ALL 

PAPERWORK 

Spouse 

5 Year Payments 



3.) Account Application (IRA) (if applicable) 

4.) IRA Beneficiary Designation Form (optional) 

Originals 

Spouse 

Spouse 

Life Expectancy 

Payments/Continued 

Distributions 





Originals 

Spouse 

Spouse 

Total Distribution 



3.) Distribution Form (IRA) (Death checked 

as reason) 

4.) W-9 

Originals (except 

Distribution 

Form) 

Spouse 

Spouse 

Rollover or Transfer 





Originals 

Spouse 

Non-Spouse 






Originals 

Beneficiary 

Non-Spouse 


Payments 





Originals 

Beneficiary 

Non-Spouse 





as reason) 

4.) W-9 


Distribution 

Form) 

Beneficiary 

Estate 






5.) Letters Testamentary or Short Certificate 

6.) A Corporate/Organization Resolution Certificate 

(if the executor of the estate is a company) 

Originals 

Executor 

31


INHERITED IRA BENEFICIARY ELECTION 

FORM GUIDE (cont.) 


BENEFICIARY 

NAMED 

ACCOUNT 

ELECTION REQUIRED FORMS 

COPY OR 

ORIGINAL 

SIGNATURE 

ON ALL 

PAPERWORK 

Estate 


Payments 








Originals 


Estate 





as reason) 

4.) W-9 





Distribution 

Form) 


Trust 






5.) Trustee Certification Form 

6.) Certified Copy of the applicable section(s) 

of the Trust Document 

Originals 

Trustee 

Trust 


Payments 





5.) Trustee Certification Form 



Originals 

Trustee 

Trust 





as reason) 

4.) W-9 




Distribution 

Form) 

Trustee 

Charitable 

Organization 



2.) Corporate/Organization Resolution Certificate 


as reason) 

4.) W-9 for the Organization 


Distribution 

Form) 

Corporate 

Officer 

32

(800) SEI-1003 

ADVISOR ERROR DISCLAIMER INFORMATION 

(LETTER OF INDEMNITY SUBMITTED) 

Trade/Monetary Corrections 

Corrections to a customer account due to an advisor error begin upon receipt of a letter of indemnity signed by 

the advisor. SEI Private Trust Company (SPTC) does not guarantee that a correction will be processed on the 

date of receipt of this letter. The normal correction process occurs within a five-to-seven business-day window 

in which all adjustments necessary to correct the account are completed. SPTC makes every effort to complete 

the correction as quickly as possible to limit market exposure, but the actual time required to complete a given 

correction is influenced by a number of factors, including, but not limited to, the length of time between the date 

of the error and the date that SPTC is notified, the number of transactions to be corrected, and the amount of 

research required to complete the correction. Advisors should be aware that once corrective trades appear in the 

activity detail report on www.SEIBusinessBuilder.com, the correction process has begun. 

SPTC is not responsible for any losses accrued as a result of market activity while a correction is being processed. 

In addition, the advisor will be responsible to cover any losses incurred as a result of placing offsetting buys or 

sells. 

Corrections will be based on the date on which the original transaction request was submitted, not on the date 

on which the correction request was received. 

SEI Indemnity Clause 

(The following language must be included in a Letter of Indemnity, signed by a Principal of the Broker-dealer, 

or if affiliated with a Registered Investment Advisor, by the Principal of your firm.) 

“In consideration of our request, [Firm] hereby agrees that SEI Private Trust Company (SPTC) will not be liable 

for, and [Firm] will indemnify and hold SPTC harmless against any loss, liability, cost or expense, including 

attorneys’ fees, for acting upon instructions of [Firm]. 

In addition, [Firm] acknowledges that SPTC will not be bound by any error-correction cost estimates previously 

given to [Firm]. [Firm] agrees to absorb any losses associated with SPTC honoring [Firm]’s request to correct the 

error and acknowledges the correction process timeframes as outlined in the SPTC Guide to Asset Management. 

[Firm] understands that SPTC may exercise the right of set-off in order to collect any amounts owed to SPTC as 

a result of honoring this request.” 

33

GETTING STARTED – SEI’S UNIFIED MANAGED 

ACCOUNT SOLUTIONS PROGRAM 

AVAILABILITY 

REQUIRED NEXT STEPS 

STEP 1: 

INVESTOR PROFILE 

QUESTIONNAIRE 

STEP 2: 

PROPOSAL 

Register for access to www.SEIBusinessBuilder.com 

Under the Forms Library download a copy of 

the Investor Profile Questionnaire. Ask your 

client to fill out this Questionnaire. You will find 

the scoring guide to this Questionnaire under 

the Forms Library as well. This will help us 

recommend a proper allocation for your client. 

1. Go to www.SEIBusinessBuilder.com by clicking 

on the Tools menu item and the Proposal Tools 

sub-menu item. Click on the SEI Proposal 

System link. 

2. If you do not have access to the Proposal 

System, contact your SEI Account 

Executive at 800-SEI-1003, option2. 

Determine which of the two proposals you 

would like to generate for the investor. Here’s 

a quick description of the two proposals: 

• Goals Proposal: Ability to link proposed 

strategies to financial goals. 

• Quick Proposal: Ability to propose strategies 

for accounts without the notion of financial 

goals. Ideal for a quick proposal. 

STEP 3: 

CASE SUPPORT/ 

DISCUSSION 

For more complex opportunities or for opportunities 

over $1 million, additional case support can be 

provided through SEI’s Investment Case and Analysis 

Team (ICAT Team) at 800-SEI-1003, option 2. This 

team is comprised of CFPs, CPAs and CFAs who 

provide customized performance analytics, investment 

analysis, advice, planning and presentation support. 

STEP 4: 

ACCOUNT 

AGREEMENTS AND 

APPLICATIONS 

Forms are available online at 

www.SEIBusinessBuilder.com by clicking on the 

Managed Accounts Solutions link either within the 

Proposal Tool or under the Account Administration 

menu and the Forms Library sub menu. 

STEP 5: 

MAIL COMPLETED 

FORMS 

Mail completed forms to SPTC: 

SPTC 

ATTN: Advisor Network (Service Team) 

P.O. Box 1098 

Oaks, PA 19456-9907 

Documents required to setup an account: 

1. Account Application – signed by investor. 

2. If you are transitioning existing securities into 

this program, a Tax Transition analysis – signed 

by investor. 

3. ADV II documents and mutual fund 

prospectuses – deliver to investor. 

Note: If an account is not funded within six months from the date the completed paperwork is received by SPTC, it will not be 

eligible to participate in the aforementioned program. 

34

OPENING A MANAGED STRATEGY IN A 

UNIFIED MANAGED ACCOUNT 

1. Taxable Accounts, Endowment or Foundation Accounts 

• Complete the Unified Managed Account 

Solutions Account Application. (Forward 

Investor Agreement to investor.) 

• Forward the Manager ADV Part II CD ROM 

(electronic-ADV) to the investor. (This also includes 

electronic prospectuses for investor review.) 

• Those accounts transferring individual securities 

in-kind must provide a signed Tax Transition Proposal 

(TTP) with completed cost basis given for all 

transferring securities. The TTP represents an estimate 

of the expected tax cost an investor will incur based 

upon market values of the underlying securities at 

the time of the proposal as a result of the information 

provided by the advisor. This information will drive 

the allocation of securities to the selected individually 

managed account managers during implementation of 

the asset allocation strategy indicated on the Managed 

Account Solutions Account Application. Therefore, it is 

critical to use the most accurate information available 

on an investor’s account when requesting a TTP. 

During implementation, changes to the underlying 

securities (market value, number of shares, cost basis, 

additional securities, etc.) may impact the realized 

tax cost of implementation to the investor. SEI will 

not be held responsible for any deviations in tax 

cost realized to the investor due to these changes. 

2. IRA/SEP/Roth IRA 

• Complete the Unified Managed Account Solutions 

Account Application (IRA). (Forward Investor 

Agreement, Individual Retirement Account 

Custodial Agreement and IRA Disclosure 

Statement Amendment to the investor.) 

• Forward the Manager ADV Part II CD ROM 

(electronic‐ADV) to the investor. (This also includes 

electronic prospectuses for investor review.) 

3. Trustee-Directed Defined Benefit Plans 

Accepting Trustee-Directed Benefit Plan assets into 

individually managed accounts brings on increased fiduciary 

liability for SEI under ERISA rules and regulations. Unlike 

SEI’s core mutual fund program, SEI becomes the named 

advisor on these plans because there is individual security 

ownership with individually managed accounts. Although the 

advisor is still responsible for suitability, SEI is co-advisor 

on the account and the fiduciary liabilities that we incur by 

acting in that capacity cannot be delegated to other parties. 

In order for SEI to accept these types of trustee-directed 

accounts, including traditional defined benefit, profit-sharing 

plans and some money purchase plans, there are some 

additional information and requirements that need to be 

adhered to: 

• Participant-directed plans, defined contribution 

401(k)s, 403(b)s, etc. cannot be invested 

in individually managed accounts. 

• In most cases, no custom portfolios are available. 

Advisors need to utilize SEI’s recommended 

investment allocations. Specifying investment 

strategies that are a custom blend of managers and/ 

or funds will not be allowed. The only exception to 

this rule is if the advisor supplies statements from 

the investor’s other investment provider showing SEI 

that a custom manager selection is appropriate. 

• The Plan document (if there is one), the Investment 

Policy Statement (if there is one), along with 

the completed agreements and applications 

need to be submitted. These documents will be 

reviewed and approved by the Investor Account 

Management Team (800-SEI-1003, option 2), 

35

prior to investing the assets to ensure that the 

investment selection and proxy voting rules 

correspond with all provisions of the documents. 

• Complete the Trustee Directed Defined Benefit Forms. 

• Complete the Institutional Questionnaire 

(available on www.SEIBusinessBuilder.com). 

Processing Cut-Off Times 

Unlike our core Mutual Fund Program which employs 

SEI mutual funds to invest and/or raise cash, the Unified 

Managed Account Solutions program employs money 

managers purchasing and selling securities on the investor’s 

behalf. As a result, a request to disburse cash, liquidate 

holdings, change managers, invest cash or change the 

investment strategy must go through a different process. 

With Unified Managed Accounts (separate money manager 

accounts), from the time we receive the appropriate 

paperwork it may take up to five business days to process 

an additional investment and up to eight days to process 

a disbursement. (Note: Liquidating fixed-income securities 

may take longer depending on market conditions and 

liquidity.) If only mutual funds are involved, the standard 

processing cut-off times apply. If you have an immediate 

need to disburse cash, please contact your Regional Service 

Team (800-SEI-1003, option 1) to determine when a 

disbursement request will be completed. 

Annual Offer of ADV II Documents 

The SEC requires that an annual offer of ADV II documents 

from SEI Investments Management Corporation and each 

money manager be made available to each investor. A 

communication will be sent from SEI to each investor at 

least one time a year providing instructions on how he/she 

can receive these updated documents. 

Annual Suitability Validation 

As the advisor, you are responsible for suitability and 

meeting with each investor at least one time annually to 

reassess his/her personal circumstances as they relate to 

the investor’s investment objectives and overall investment 

strategy. SEI is required to contact each advisor annually to 

update and discuss each investor’s profile. The purpose of 

this is to note any changes to the investor’s circumstances 

and implement changes that may be warranted to the overall 

investment strategy. 

Investor Proposal Generation 

SEI’s Proposal System can be accessed via SEI’s Internet 

site, www.SEIBusinessBuilder.com, under the Tools section. 

The SEI Proposal System enables advisors to generate highly 

customized investment proposals for investors and prospects 

in a manner which clearly demonstrates the benefits of the 

proposed asset management strategies. 

Highlights: 

• Single and consolidated proposal process 

accessing all of SEI’s products 

• Advisor specific branding and customizations 

• Previous day valuation of current account assets 

• Optional Reporting (such as Tax Transition, 

Cash Flow and Performance Analysis) 

• Editable Proposal output 

• Investment Policy Statement 

• Account Open Forms available and pre-populated 

• Indefinite storage of Proposal information and output 

Use of Discretion within Managed 

Account Solutions 

SEI Investments has investment discretion, thereby the 

authority to buy and sell securities, when to buy and sell, 

and in what dollar amounts. This is done in accordance 

with the investor’s selected investment objective, while 

taking into consideration any socially responsible restrictions 

or specific stock screens requested. SEI Investments has 

the authority to appoint portfolio manager(s) to buy and 

sell securities and manage assets in accordance with the 

guidelines of the individually managed account strategy 

mandates. 

36

UNIFIED MANAGED ACCOUNTS 

PROGRAM ACCOUNT STRUCTURE 

Unified Managed Accounts 

An investor’s account in our standard program can consist 

of one or more portfolios existing underneath the umbrella 

of a single account. These portfolios may contain any 

combination of varied style-specific equity managers, fixedincome 

managers, mutual funds, and outside assets. The use 

of portfolios allow for the standardization of business rules 

and treatment of like assets within an account. Systematic 

withdrawals, dollar cost averaging, transfers of dividends and 

income, etc., will all be conducted within the account. 

Listed below is an example of how accounts for one investor 

may be structured: 

Account #12345 

- Porfolio 1: Equity Mgrs 

- Porfolio 2: SEI Funds 

- Porfolio 3: SEI Fixed Income 

- Porfolio 4: Advisor Guided 

- Porfolio 5: Transitory Cash 

Consult www.SEIBusinessBuilder.com for a list of current 

equity managers and their investment styles. 

1. When a Unified Managed Account is funded, cash 

and securities will flow into a single portfolio. The 

funding is then disbursed into the appropriate 

portfolios based on the investment strategy chosen. 

As a result, when reviewing transactions on statements, 

or through the desktop, you may notice multiple 

receipts and disbursements within the account. 

2. Account Minimums – Managed Portfolios 

There are specific account minimums that are required 

for each manager to be included in the account. 

Consult www.SEIBusinessBuilder.com for the manager 

minimums. 

- Porfolio 6: Dollar Cost Averaging 

37

TRANSACTION GUIDELINES 

Account Funding Process 

There are a number of choices available for funding the 

underlying portfolios in an investor’s account. These options 

should be specified on the Account Application. They are as 

follows: 

For accounts transferring in any portion of cash: 

• Option 1: Investing will begin when all assets 

are received. 

• Option 2: Fund any mutual funds in the account first 

and then the individually managed portfolios in a 

specified order noted on the Account Application. 

• Option 3: Fund the individually managed portfolios 

first in a specified manager order and then any 

mutual funds that are part of the account. 

For accounts transferring securities in-kind: 

• Option 1: Wait until all assets have been received. 

• Option 2: As assets come into the Asset Transit 

portfolio, the underlying portfolios can be funded in 

a specified order noted on the Account Application. 

Please consult www.SEIBusinessBuilder.com for the 

minimums to fund each individually managed portfolio. 

Individually managed portfolios will fund with the total 

dollar value designated to the specific money manager. 

(They will not fund in partial increments.) 

For Equity Managers: 

• The funding of the Equities Manager portfolio 

must be made according to the strategy selected. 

Specific managers of the strategy cannot be selected. 

Estimated Timing for Account Funding 

The following are general timing estimates when a 

manager’s account will be traded: 

• If an account is funded with cash: within seven 

business days after the completed account 

paperwork is received and accepted by SPTC. 

• If an account is funded with securities: seven to 

ten business days after the transfer of securities 

has occurred. It should also be noted that after an 

account is released to a manager, each manager 

has different funding and timing guidelines that are 

consistent with their investment process. However, 

in most cases, an account will be fully funded within 

seven business days of receipt of the assets. 

Note: The funding of a fixed-income portfolio can take 

six to eight weeks for a national portfolio and up to 12 

weeks for a state-specific portfolio. An extended time 

period provides the fixed-income manager with more 

opportunities to purchase the appropriate bond with 

favorable structural characteristics at the right price. 

• Managers will have full trading discretion over the 

individually managed portfolios. If individual securities 

or groups of securities are restricted, that portion of 

the account may be held in the money market portion 

of the manager’s portfolio or alternate securities will be 

substituted. 

• DVP trades cannot be placed on any actively 

managed account. 

Additional Investments 

Use the Unified Managed Account Solutions Additional 

Investments Form 

For additional investments, the advisor must complete the 

Unified Managed Account Solutions Additional Investment 

Form. Investment instructions should not appear on the 

Account Transfer Form. 

To change or add a manager, use a Unified Managed 

Account Change in Investment Strategy Form. To move 

assets from a managed portfolio to a non-managed portfolio 

within the account, submit a Unified Managed Account 

Change in Investment Strategy Form. 

38

For Managed portfolios: 

• Unless otherwise indicated where the additional 

investment should be applied, additional investments 

will be placed into the overlay allocation. From the time 

the completed Additional Investment Form is received, 

it will take up to five business days to accommodate 

this transaction request and resulting trades to settle. 

Some assets may take longer. Receipts under $2,500 

will be invested into money market. 

For Equity Managers: 

• The funding of the Equities Manager portfolio 

must be made according to the strategy selected. 

Specific managers of the strategy cannot be selected. 

Cash Disbursements and Account Closings 

Use the Unified Managed Account Solutions 


1. For distributions where the form is required, 

the advisor should submit the Unified Managed 

Account Solutions Distribution Form. For third-party 

distributions, the investor’s signature is required. 

Distributions payable to a trustee of a trust rather than 

to the trust are considered third-party distributions. 

Unless specified, all liquidations will be funded from 

the strategy money market. Strategy money market 

does not include DCA or Holding Money Market. If 

there is not enough money market to cover the entire 

disbursement, cash will be raised via the Overweight 

Method across the current investment strategy. 

2. If an account has a scheduled recurring disbursement 

and the account has enough money market to cover 

the entire disbursement amount five business days 

prior to the distribution, no trades will be placed. 

If there is not enough money in the account, the 

managers will be notified five business days prior 

to the disbursement date so that the amount of the 

distribution can be raised pro-rata across the strategy. 

If you would like trades placed in a manner other 

than the Overweight Method, please complete one 

of the following two steps: 

• Submit a request on the appropriate Trade Form and 

indicate that the trades are to cover the upcoming 

scheduled disbursement. The request must be 

received by SPTC at least eight calendar days 

prior to the disbursement date. If the request is 

not received at least eight calendar days prior to 

the disbursement date or if the request does not 

indicate that the trades are to cover an upcoming 

scheduled distribution, trades via the Overweight 

Method may result. 

• If you want only mutual funds to be sold to cover the 

scheduled disbursement and you do not wish to have 

trades placed so far in advance of the disbursement, 

contact the Managed Accounts Team at least eight 

calendar days prior to the disbursement date to 

indicate that you will be submitting a trade request 

to raise cash manually. 

3. If a Unified Managed Account falls below the indicated 

manager minimum balance (excluding market 

depreciation), active management will be turned off. 

4. Upon receipt by 1:00 p.m. EST of instruction to 

disburse cash from an investor’s account, an SPTC 

administrator will review the current money market 

balance. If a sufficient balance exists, SPTC will sell 

the money market fund and distribute the cash on the 

day of receipt unless it is an account closing, in which 

case the transaction will follow the closing timeframe. 

5. If a sufficient money market balance does not exist and 

the request is received by 2:30 p.m. EST, SPTC will 

raise cash in the account via the Overweight Method 

to the target portfolio allocation. Cash is disbursed on 

the day the trades settle (trades can take three to five 

business days to settle). 

6. Provide recipient’s street address, city, state and zip 

code for third-party distributions sent via wire or check. 

7. Please see the Distribution Requirements Guide 

for specific distribution requirements due to divorce 

or death. 

39

8. SPTC account closings are not self-service. Please 

submit a Distribution Form for all account closings. 

9. A confirmation statement will be sent via fax/email to 

the advisor when a request has been received to close 

an existing SPTC account. 

10. A $75.00 termination fee will be charged per account 

termination request for all accounts leaving SPTC. A 

balance of $75.00 must remain in the account until the 

account is closed. If the distribution request will leave 

less than $75.00 in the account, the amount distributed 

will be altered in order for the account to maintain a 

$75.00 balance. 

Note: Unless otherwise indicated, if the entire 

balance is requested, the account will be liquidated 

and closed. Proceeds, minus the $75 termination 

fee and any other applicable fees, will be distributed 

as directed on the Distribution Form. 

Dividends 

Distributing Income and Dividends for Managed 

Account Solutions 

Income and dividends from individually managed portfolios 

are paid out sporadically in cash and cannot be reinvested 

into the individual security. However, cash can accrue in 

the managers’ portfolios and will be managed accordingly. 

The investor also has the option to transfer any income and 

dividends to the money market for periodic disbursements 

as specified on the Unified Managed Account Solutions 

Distribution Form. 

For review of basic dividend information see the Transaction 

Guidelines section. 

Investment Strategy Allocation Changes 

Use the Unified Managed Account Solutions Change in 

Investment Strategy Form 

For investors wishing to change their asset allocation or 

manager allocations, the Unified Managed Account Solutions 

Change in Investment Strategy Form, including the Risk 

Tolerance Questionnaire, must be filled out, signed and 

sent to SPTC. Once received, the account is reallocated to 

the percentages listed on the Unified Managed Account 

Solutions Change in Investment Strategy Form. This new 

allocation is held as the investor’s target strategy until 

notified otherwise. 

If you only wish to change one manager to another manager 

of the same style and same weighting, submit the Unified 

Managed Account Solutions: Manager Change Form. 

Money Manager Replacements 

In the event that SEI recommends the replacement of a 

money manager in the underlying individually managed 

account, SEI will notify the investor and advisor at least 

30 days in advance. Investors’ assets will be automatically 

transferred to the new money manager unless specifically 

instructed otherwise by the investor. In the event an investor 

does not want assets transferred to the new manager, 

upon notification to SPTC, the securities will remain in 

an unmanaged status. 

Portfolio Rebalancing 

1. The advisor must provide, on the Unified Managed 

Account Solutions Account Application, instructions 

detailing if the portfolio is to be rebalanced. If 

the account contains unmanaged securities, those 

assets will not be a part of the rebalancing process. 

Unified Managed Accounts will rebalance quarterly. 

2. Accounts are analyzed quarterly for deviations 

from target allocations on two levels: 

a) Overlay allocation 

b) Strategies within each individual portfolio 

3. For non-taxable accounts, rebalancing occurs at a 

5% deviation from stated percentages. For taxable 

accounts, rebalancing occurs at a 7% deviation. 

The ranges for rebalancing cannot be customized. 

40

Proxies/Annual Reports 

An SEI proxy voting service is an available feature offered to 

all participants within Unified Managed Account Solutions. 

Proxy and related materials for assets within the Managed 

Solution will not be sent to the advisor or investor. Advisors 

and investors may still choose to receive all proxies if 

desired for SEI mutual funds, or for custody only assets 

(non-managed assets) held within the UMA account. 

The selection of recipient for all proxy material is made 

within the Unified Managed Account Solutions Account 

Application. 

41

SEI RESOURCE GUIDE 

To Contact Us, Call (800) SEI-1003 

Are You a Current Client? 

For Fast and Effective Service: 

Enter the last 5 digits of your SEI BusinessBuilder ID. 

Then, enter the last 4 digits of your Social Security number. 

New Advisor 

Clients and All 

Other Inquiries: 

Press pound (#) 

Option * If you know your party’s extension 

Option 1: Operational and Administrative Support 

Option 2: Sales and Case Support 

Option 4: Technical assistance with BusinessBuilder, 

Portfolio Access, or other technology tools 

Option 5: Questions regarding incoming asset transfers 

Option 7: Obtain prices and yields, account balances 

and transaction information through our 

automated system 

Hours of Operation: 

SEI Private Trust Company 

SERVICE TEAMS: 8:30 AM to 5:00 PM EST 

TO ACCESS SEI 24 HOURS A DAY, LOG ON TO WWW.SEIADVISORCENTER.COM 

42 

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