Why is Winch Financial moving to LPL?
We researched available platforms following Charles Schwab’s purchase of TD Ameritrade, where our accounts have been custodied since 2011. Because TD Ameritrade will no longer exist, we knew we would have to find a new home for our accounts. As an independent RIA with a fiduciary obligation to our clients, we looked for a platform that would offer our clients the most secure, cost-effective, objective and broad investment options. We chose LPL based on these factors.
LPL Financial is one of the leading financial services companies and is the largest independent broker/dealer in the nation, representing more than 17,672 independent financial professionals across the country. As an independent advisor, we are free to choose the products and services that address your needs because LPL Financial does not offer any proprietary products. This commitment to objective financial advice helps to preserve the integrity of our investment advice. For decades, LPL has served as a partner to financial professionals, supporting them in their goals of helping to protect and grow clients’ wealth. We are excited about our new affiliation, and we’re confident that you’ll be pleased with the range of services you will receive as a result.
Is there anything I need to do?
Yes. You will need to sign new account, money movement and transfer paperwork for us to open accounts, transfer assets and continue managing your portfolio. We will send these documents to you for electronic signature through DocuSign. We expect to finish the transition to LPL Financial during the month of February.
How does DocuSign work?
The process is very simple and safe. Our team at Winch Financial will setup the paperwork that is required to open your account. Once this is complete, you will receive an email from DocuSign for each account and follow the instructions to create your electronic signature and sign the document. You will not have to print the document to sign it and the electronic signature DocuSign generates for you will be your legal signature. You will follow this process for each account.
What if I notice something on my paperwork that needs to be updated?
Please email us at email@example.com and we will update your paperwork for you if you notice anything on your paperwork that needs to be updated. (For instance, if you have recently changed your phone number or address.)
When should I expect to receive the documents I need to sign?
We will be contacting you over the next few weeks to take care of the necessary paperwork. Once you get the information, this process is very streamlined and should take no more than five minutes to complete. Winch Financial will send you an email with detailed instructions before we send a DocuSign envelope for you to sign.
How will I get online access to LPL?
Once your accounts are opened at LPL. Winch Financial will send you a link to setup online access to your LPL account. Upon receipt of the link (it expires in 72 hours), you will want to set up your password so you can access your online documents going forward.
Note: One of the reasons we chose LPL is its commitment to cybersecurity. The company dedicates $40 million a year to cybersecurity and data protection and has 100 cybersecurity experts on staff to protect your information and data.
Will my investments change?
No. Your investments that are currently held at TD Ameritrade will electronically transfer to LPL. Only the TD Ameritrade accounts will need to transfer. Our advice and how we manage your portfolios will also remain the same. Your annuities and any other accounts will not change either.
Will my distributions change?
No. While you will need to sign new paperwork to update your distributions to our new custodian, no other changes will occur.
Will my advisory fees change as a result of this move?
Will my statements change?
Yes. Once your account is opened and transferred from TD Ameritrade to LPL, you will begin receiving new statements from LPL. As accounts transfer, you will receive statements from TD Ameritrade showing your account value is zero and a new statement from LPL showing the value of your accounts. The timing of these statements can be different by a few days.
Will I begin receiving information from LPL?
Yes. Once an account is established at LPL for you, you will begin receiving regulatory and disclosure notifications from LPL regarding the account(s) opened, your document settings, changes made to information on your account, the transfer of assets and more. You can review the information listed and contact us with any questions you may have.
If I have set up a direct deposit or electronic funds to transfer from my bank account or elsewhere to my TD Ameritrade account, do I need to do anything?
If we set up the transfer from TD Ameritrade, then the new paperwork we send you will change these instructions. If, however, you set this transfer up directly with your bank, using your banks forms, please contact us and we will discuss what steps should be taken to change the funds transfer to your new LPL account. If you are not sure, feel free to contact us to review the instructions.
How long will my accounts be in transfer?
The transfer from TD Ameritrade to LPL Financial will be completed within five to seven days.
Are there any tax consequences to this transfer?