Kovack National Conference Registration Deadline is Approaching
There are only 50 days left to reserve your seat at the upcoming Kovack National Conference! Do not miss this great opportunity to network with your colleagues, Home Office staff and sponsor partners, as well as enjoy General Sessions presentations on succession planning, the economy, finding a work/life balance, relating to women investors, social media marketing...AND fulfill your Annual Compliance Meeting requirement!
Visit the Conference website, ksiconference.com for additional details. Please register prior to August 26th for this great event taking place October 24-26 at the Ritz Carlton Grande Lakes in Orlando, Florida.
We look forward to seeing you in October!
|
FSI CoveredAdvisor Program Enrollment Now Open!
Kovack Securities is excited to announce that your open enrollment period for The Financial Services Institute’s (FSI) CoveredAdvisor program has begun. Over 12,000 FSI members have taken advantage of the large-group rates and benefits created specifically for independent advisors and their staff.
Use Special Access Code FS4Kovack
CURRENT ENROLLEES: Now is the time to increase your coverage, add benefits, update your income, and contact information.
NOT ENROLLED? Don’t let another year go by uncovered. You built your career protecting your clients – now help protect yourself, your business and your staff:
LARGE-GROUP BENEFITS FOR ADVISORS & STAFF:
-
Group & Individual Long-Term Disability: CoveredAdvisor now protects up to 75% of advisors’ incomes by providing up to $35,000 in monthly benefits.
-
Group Term Life/Accidental Death & Dismemberment (AD&D), term to age 75: NEW maximum benefit of $1,000,000 and $250,000 for spouses. Benefit doubles for an accidental death -- Member maximum $2 million and Spouse maximum $500,000.
-
Staff of Advisors: Benefit plan includes short- and long-term disability plus term life/AD&D. More coverage options and higher benefit limits for 2022.
-
Critical Illness and Accident Insurance.
-
Retirement Security and Business Overhead Insurance also available.
-
Plans available a la carte – enroll in one or all, no participation requirements.
Issued by The Prudential Insurance Company of America, Principal Financial and Lloyds of London, the CoveredAdvisor benefit solutions are more affordable and robust than ever.
We at Kovack Securities always strive to bring our valued advisors and your staff the best resources and tools available. We hope you find these tools from FSI to be just as valuable. With over 12,000 members covered over the last 8 years we’re confident you will.
*Certain products may not be available in all states. This is not intended as a guarantee of coverage. All plan provisions as written in the policy certificates apply.
|
Securian Helps Clients Address Chronic Illness
When it comes to financially preparing for future health care costs, an annuity probably isn’t the first thought that comes to mind. But Securian has developed a unique solution for this common dilemma: SecureLink Chronic Illness Access, a fixed indexed annuity.
It features an Accelerated Death Benefit rider (automatically included for a cost) that grows over time, provides protection for beneficiaries and offers flexibility to be used for any reason if your client becomes
chronically or terminally ill.
In addition, Securian offers Premier Protector, a death benefit with an acceleration feature for chronic or terminal illness. When added to a variable annuity for an additional cost, Premier Protector goes beyond protecting and growing assets for beneficiaries. Clients can accelerate
access to their benefit if they become chronically or terminally ill — allowing flexibility and control when deciding how the proceeds get spent.
|
2022 NFS Annual Account Purge
NFS will be conducting their annual purge of accounts that are inactive or have no assets the weekend of September 24, 2022. You can obtain a list of purge-eligible accounts on Wealthscape Reports - Purge Eligible Accounts – 099A 099B. The reports are available as of the week of June 27 and updated weekly until the purge weekend in September. In order to avoid the account from being purge, please email [email protected]. NFS charges $20 per account/per year to maintain the account(s). Please advise if any changes are necessary no later than September 16, 2022.
Accounts that meet all of the following criteria will be purged:
- Established prior to January 1, 2021
- No position(s)
- No balance for the current and prior year.
- No financial activity since January 1, 2021
As a reminder, the following account types are NOT purge-eligible:
- 529 accounts
- Accounts with open orders or pending dividends
- Accounts with pending TOA activity
- Escheatment (X2) restricted accounts
- Linked annuity contract accounts
***IMPORTANT***
If you have requested an account not be purged in prior years, you will be charged the $20 fee to maintain that account. For a list of accounts that are coded do not purge, please review Wealthscape Report – Do Not Purge Accounts – 099c
|
Fidelity Annual W-9 Tax Compliance Mailing
On July 13th, 2022, Fidelity will mail a letter and blank W-9 form to account owners (U.S. citizen and resident alien), who do not have a W-9 on file for their account.
The letter is sent to account owners (U.S. citizens and resident aliens) that meet one or both criteria:
- Account’s Tax Identification Number (TIN), Social Security Number (SSN), or Employer Identification Number (EIN) is missing or invalid.
-
Account has not been certified.
Clients should follow the letter’s instructions to return a completed Form W-9 to prevent future backup withholding. Accounts that are properly certified by June 23 will be dropped from the mailing.
Key Points:
- If the client does not complete Form W-9, 24% backup withholding will continue on all taxable income, including gross proceeds.
- The IRS does not permit refunds on backup withholding for U.S. citizen and resident alien accounts that were not certified within 30 days of account opening.
- As a reminder, effective 2018, the W-9 mailing criteria includes accounts with no YTD income and corporate accounts (class code 01).
- The annual W-8 solicitation and recertification mailing will occur later in the year. Additional information will be communicated once the details are finalized.
|
NFS/Fidelity State Escheatment – Fall 2022
Preparation for the annual escheatment of abandoned customer accounts has begun. As a reminder, the escheatment process is an annual event with most states requiring fall reporting and a few states requesting spring or summer reporting. The spring reporting states are CT, DE, FL, IL, NY, PA, and VT. The summer states are CA, MI and TX. The remaining states receive reports due before November 1.
Escheatment-eligible accounts are determined based on two key factors: 1) The account is coded and dated abandoned with the H1 or HB restriction code; and 2) the abandoned account has aged or been dormant for a sufficient period. This dormancy period is determined by the state and varies between states.
The Wealthscape report titled Abandoned Accounts and Escheatment Date will provide accounts that are restricted and escheatment date. Please see below for the NFS/Fidelity anticipated timeline for Fall escheatment.
|
Voya Helps Clients Manage Volatility
Helping clients keep their cool may be hard to do when the market is making big waves. It may be useful to have strategies in place that prepare them both financially and psychologically to handle market volatility. There are 11 methods investors may wish to use to prevent themselves from making hasty decisions that could have a long-term impact on their ability to achieve financial goals. Help your clients understand these 11 methods in Managing Volatility. If you are looking for additional client-approved materials to enhance their financial literacy, simply visit Voya’s Investment Insights for Retirement.
Upcoming Select Advantage Webinar:
Topic: Small Business – Make small business your business
Date & Time: Wednesday, July 20th, 2:00PM EST
|
|
Inside This Issue
- Kovack National Conference Deadline Approaching
- FSI CoveredAdvisor Program Enrollment Now Open!
- Securian Helps Clients Address Chronic Illness
- 2022 NFS Annual Account Purge
- Fidelity Annual W-9 Tax Compliance Mailing
- NFS/Fidelity State Escheatment
- Voya Helps Clients Manage Volatility
|
Sponsor Highlights
Athene Suitability Update Webinar for Florida-July 12th-2pm
Athene Suitability Update Webinar for National & Minnesota-July 12th-12pm
CMCT Series A1 (Advisory) Preferred Stock Offering Overview
|
Pay Dates
Commissions will be paid on the following dates:
July 7th--Pay Day
July 21st--Pay Day (fees deducted)
August 4th--Pay Day
August 19th--Pay Day (fees deducted)
|
Alternative Investment Redemption Processing Reminder
Redemption requests must be received by the Clearing firms Alternative Investment processing team a full five (5) business days prior to the fund’s listed deadline. This will ensure the documentation is submitted to the fund prior to the cutoff. Any requests received less than five (5) business days ahead of the fund cutoff will be processed on a best efforts basis.
|
|
