Final Ops Newsletter June 16

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In our last Operations Newsletter, we outlined the recent regulatory changes that could impact money market funds. If you missed it, please see page 11 of the March newsletter found here. We are working diligently to ensure our money market offerings are compliant with these regulations and to minimize the impact to you and your clients. Be on the lookout over the next few months for important announcements and client communications explaining these changes. Please call the Cash Management Products team at (314)342-7443 if you have any questions regarding money market reform, money market funds, or industry news. The last quarterly cycle will end in May payable in June. For FA’s still interested in receiving the American Funds Advisor Asset Statements they will be available on DST Vision by clicking the 12b-1 Advisor Statement link on the Management Company Assets page. The statements provide on-going compensation details for eligible assets held directly with the American Funds. WELCOME TO STIFEL: Sioux Falls, SD – March 30 th Stockton, CA – May 12 th Jacksonville, FL – May 19 th Operations would like to give special recognition to two associates celebrating a milestone anniversary with Stifel. Please join us in congratulating Vicki Brinker, Managing Director of Operations, and Kim Ray, Director of Margins, Money Funds and Risk Management on their 40 th anniversary with Stifel Operations. 4
Why is this document so important for Advisory Accounts? Advisory paperwork needs to be signed by the applicable authority, i.e., account owners, appointed corporate officer(s), ERISA plan representative(s) and trust Trustees. For Trusts, Advisory Account Processors will be looking for the Trust Certification (TRCT) on OnBase. This document shows not only who is authorized to sign for the Trust (and if the Trustees may or may not act alone), but also shows IF the Trust allows for third-party management. That is important! If the account is giving discretion to a third-party manager (either internal or external), the Trust Certification must indicate that the trust allows a third-party to act. The reason for rejection will be in the AUDIT field, stating that the Trust Certification indicated that third-party management is not allowed. Many of you have come to Stifel’s shores from other firms, and the accounts were “grandfathered” into advisory without Trust Certifications. Your former firm may have only required the Trust to be on file, but NOT a Trust Certification. However, Stifel Advisory Operations requires Trust Certifications to be on file! Going forward, if this “grandfathered” account now needs to go through a change, i.e., portfolio, manager or program change, the Trust Certification will need to be on file. If no Trust Certification is on file, the work request will be rejected. The reason for rejection will be in the AUDIT field, indicating that no Trust Certification is on file. Points to remember: Advisory trust accounts should have a Trust Certification on file – DOCA code, TRCT The Trust Certification shows a summary of the powers of the trust, including the important issue of whether or not the Trust allows third-party management. The Trust Certification shows WHO is authorized to sign paperwork, and if the Trustees may or may not act alone. For those advisory trust accounts that do not have a Trust Certification on file, please obtain one to prevent the account from being rejected for advisory set-up! For questions, contact Advisory Account Processing by phone at 314-342-8456, or by e-mail at CSAccountProcessing@stifel.com. Watch for important email announcements coming this summer eQuest Enhanced Look and Feel, coming soon! (ETA July 2016) • Significant improvements are being made to the look, feel and responsiveness of the application. o o o Grid display and buttons have been redesigned Warnings, errors, messages will be easier to read. Audit, document, and workflow information is being repositioned to the top of the page. 5
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Final Ops Newsletter June 16

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