You can fund your client’s account by:
Open the appropriate Client page, select Transfer Money from the Actions dropdown menu next to Cash Available. Select the method of deposit, and follow the instructions given.
For check deposits to an IRA account, be sure to include your client’s account number and the year of the IRA contribution (if applicable).
Instruct your client to:
Note that only clients with account permission at the level of Money Mover, Trader, Account Manager, or Account Creator/Owner can deposit money online. Clients with a lower level of account permission can always mail us a check.
A notification will be posted to your Message Center. Both you and your client will also receive an email message alerting you each time that funds have been deposited in the client’s account.
To confirm a deposit in a client’s account, open the Client page and review Cash Available under Current Market Value.
Our Funds Availability Policy details when your client’s money will be available.
We accept the following types of checks:
We do not accept the following types of deposits:
There are no maximum limits on deposits by check, wire, direct deposit, Bill Pay, or EFT initiated at your financial institution. The maximum amount that can be deposited to an account via EFT initiated with us is $100,000 over a 30 calendar-day period.
Distributions from certain types of retirement accounts are not eligible for check writing.
Review our Special Services & Fees to learn more about the costs of setting up check writing capabilities.
During this process, you will have the option to transfer all or part of your client’s assets.
Contact us at 1-888-485-3456 and one of our Customer Service Representatives will guide you through the process.
Generally, transfers can only be done between the same account types (e.g., Roth IRA to Roth IRA). Call a Customer Service Representative at 1-888-485-3456 if you require additional information.
You can transfer the following types of securities for your client:
To transfer a client account that holds other types of assets, such as options, the transferring brokerage will need to sell those securities first and transfer the cash. Because this may have tax implications, we recommend that you consult with a tax professional before selling your client’s assets.
Once you have opened an IRA rollover account for your client, you can initiate the transfer by selecting Transfer an Account from the dropdown menu on the Client Accounts page and following the instructions given.
Qualified plans can include:
Contact your client’s plan administrator to confirm that the retirement account is a qualified plan and that all plan assets can be transferred into an IRA rollover account.
Also be aware that if IRA rollover assets from a qualified plan are co-mingled with regular IRA contributions, this may disqualify the plan assets from being rolled back into a qualified plan in the future.
Yes. To do so:
No. However, you can convert your client’s physical stock certificates for publicly-traded companies into electronic book entry form (also known as "street name") and then transfer them to us. Check with the issuer of the security, your current broker, or your financial institution to see if they can convert your client’s physical stock certificate into street name.
Open the Client page. Select Transfer Money from the Actions dropdown menu next to Cash Available. Select the method of withdrawal and then follow the instructions on the page.
You can withdraw money from your client’s account via:
The maximum amount that can be withdrawn from an account via EFT initiated with us is limited to $200,000 over a 30 calendar-day period. Withdrawals by check, wire or by EFT initiated at your financial institution may be for any amount up to the available cash in your account.
Some types of deposits and withdrawals may be unavailable based on account type, restrictions on the account, or permission levels-or they may be unavailable as an online feature.
Your account permission level must be at Money Mover or higher to withdraw money from a client’s account. Learn more about permission levels here.
If you would like to make a request that is unavailable online, you may be able to make the request using the EFT Authorization Form or the IRA Distribution Form or by contacting Customer Service.
Prior to requesting an electronic funds transfer (EFT), you will need to set up an EFT bank link using your client’s bank routing and account numbers. After setting it up, you must also verify the bank link before it can be used to schedule transfers.
Bank links can only be established for accounts with the identical account name(s). If the name on the account with us and the name on the bank account are not an exact match, such as in the case of an investment club account or corporate account, use the EFT Authorization Form, located on the Forms page in the Help Center, to set up the bank link.
Prior to requesting a wire transfer, you will need to enter wire instructions using your bank’s FedWire routing and account numbers. The FedWire routing number is sometimes, but not always, the same as that financial institution’s ABA routing number. Please check with your financial institution to make sure you are using the correct number for FedWire transfers.
Wires can be sent only to accounts with identical account names.
Depending on the security options selected by your firm, new bank links will require certain additional verifications before they can be used.
If your firm chooses the Small Deposit Verification option, then 3 - 4 days after submitting a new bank link request, your client will see in the account at his/her financial institution 2 small deposits of less than $0.50 each and a corresponding withdrawal. These transactions will come from UMB, our banking services provider.
To verify a new bank link, instruct your client to log into www.folioclient.com, open his/her Accounts page, select Transfer Money from the dropdown menu, open the Bank Links tab, click Verify, and enter the exact deposit amounts received by his/her financial institution. This will activate the bank link and make it available for immediate use.
If your firm chooses the Client Verification option, then the bank link will need to be verified by the account owner before it can be used. This is to ensure that the account owner approves all money transfers into or out of his/her account, and it is intended to comply with the SEC Custody Rule.
The account owner can verify a new bank link by logging into www.folioclient.com, opening the Accounts page, selecting Transfer Money from the dropdown menu, opening the Bank Links tab, clicking Verify and checking the I Agree checkbox. This will activate the bank link and make it available for immediate use.
If you have any questions about the security options your firm has chosen, please call a Customer Service Representative at 1-888-485-3456.
For your client’s account security, bank links that are not verified within 10 business days are automatically deleted.
Online money transfers are also permitted between folios.
Pending Buy Orders
When you place a buy order, the buy amount will be subtracted from the cash available for transfer, even before the trade executes. We process in this way so you can’t accidentally transfer the cash needed for the purchase.
Pending Sell Orders
Until a sell order is executed and the trade has settled, the proceeds from the sale will not be added to the cash available for use or transfer.