Additional Account Information
The page below provides details around additional rules that are applicable when onboarding certain account types.
Natural Person Accounts
These are accounts owned by one or more natural persons.
| Account Type | Code | Description |
|---|---|---|
| Joint - Rights of Survivorship | J | Each account owner owns the entire account. If an account owner dies, their share is equally distributed among the remaining account holders. |
| Joint - Tenants in Common | K | Each account owner owns an equal percentage of the account. If an account owner dies, their share is transferred to his or her estate. |
| Joint - Community Property | L | Account owners must be married. Each owns half the account. If an account owner dies, their share is transferred to his or her estate. The property does not automatically transfer to the spouse. The following states recognize Community Property joint accounts: Arizona, California, Idaho, Louisiana, New Mexico, Nevada, Puerto Rico, Texas, Washington, Wisconsin |
| Joint - Tenants by Entirety | M | Account owners must be married. Each owns half the account. If an account owner dies, their share is transferred to their spouse. The following states recognize Tenants by Entirety joint accounts: Alaska, Arkansas, Delaware, Florida, Hawaii, Illinois, Indiana, Kentucky, Maryland, Massachusetts, Mississippi, Missouri, New Jersey, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, Tennessee, Vermont, Virginia, Washington, Washington DC and Wyoming. |
| Individual | I | Allows individual to make post-tax contributions |
| Traditional IRA | R | Allows individual to make pre-tax contributions, reducing their taxable income for the year contributions are made. Investments grow tax-deferred until withdrawals begin, typically in retirement. |
| SIMPLE IRA | 9 | Type 5304 only – NOT type 5305 Savings Incentive Match Plan for Employees. Designed for small businesses, a SIMPLE IRA allows both employees and employers to contribute. Its simpler and less costly to administer than a 401(k) but the contributions are more limited so not heavily used. initContributionDate field is required if the account is not a new account |
| Roth IRA | S | Contributions to a Roth IRA are made with after-tax dollars, but qualified withdrawals, including earnings, are tax-free. This is beneficial for individual who expect to be in a higher tax bracket in retirement. |
| SEP IRA | P | Simplified Employee Pension. This account type is targeted at self-employed individuals and small business owners. It allows employers to make tax-deductible contributions to both their own and their employees' SEP IRAs. Its simpler and less costly to administer than a 401(k) but the contributions are more limited so not heavily used. |
| Rollover IRA | Q | A Rollover IRA is designed to receive funds rolled over from another retirement account, such as a 401(k) or another IRA, without incurring taxes or penalties. Funds that are comingled from multiple plans cannot be un-comingled, so clients sometimes have multiple rollover IRAs to keep the sources separate (e.g., different employer 401k plans). |
| Inherited Traditional IRA | 2 | Traditional IRA passed to a natural person designated beneficiary (in whole or in part) after the passing of the original account owner, knows as the Decedent. Flag for adult or minor owner (with custodian) |
| Inherited Roth IRA | 1 | Roth IRA passed to a natural person designated beneficiary (in whole or in part) after the passing of the original account owner, known as the Decedent. Flag for adult or minor owner (with custodian) |
| Custodial UTMA Account | T | A Custodial UTMA (Uniform Transfers to Minor Act) brokerage account is designed for gifting or transferring assets to a minor without the need of a trust. The account's primary owner who controls the account until the minor reaches the age of majority is known as a custodian. The custodian can be a parent, guardian, or another designated person. minor field is required |
Entity Accounts
These are accounts that are owned by a legal entity instead of a natural person.
Technical Requirements:
primaryAccountOwnerfield on AccountTask/Account is actually afirmId, FirmTask/Firm represents a legal entity hereaccountRegistrationInfofield is required, this is the official name of the legal entityexpectedActivityfield appearsplaceOfBusinessfield appears- The additional compliance info is currently collected in the Entity questionnaire
- Account is restricted until this and all of the other entity information is reviewed
- CANNOT have beneficiaries or trusted contacts applied to this account type
- Authorized Signatory (at least one) is applied to open this account type (replaces entity auth rep data capture and their data is used to populate the system required fields for auth rep)
- The Entity Supplemental Questionnaire (and associated restriction) (online version or PDF form) are currently required for all entity types (non-QRP, non-trust)
- This restriction is only lifted by the GSAS Ops team, after receiving all of the required information, reviewing and researching the entity
| Entity Account Type | Code | Description |
|---|---|---|
| Corporation | A | A corporation is a legal entity separate from its owners, offering limited liability to its shareholders. - taxClassification field is required; valid values are Type S and C |
| General Partnership | B | A general partnership involves two or more individuals or entities conducting a business together, with all partners having unlimited liability. |
| Limited Partnership (LP) | E | An LP is a partnership with 1 or more general partners (with unlimited liability) AND 1 or more limited partners (liability limited to their investment) |
| Limited Liability Corporation (LLC) | F | An LLC combines the liability protection of a corporation with the tax benefits and flexibility of a partnership - taxClassification field is required; valid values are Type S, C, and P |
| Sole Proprietorship | H | A sole proprietorship is an unincorporated business owned by one person. |
| Unincorporated Organization | B | Informal/Formal group without a formal state registration/structure such as many charities, clubs, community groups, collective investing funds, etc. |
| Estate | 6 | An estate account is opened by an executor or administrator to manage and distribute a deceased person's assets according to their will or state law - relatedEntities.decedents (non-members) is collected on the AccountTask. - relatedEntities.primaryExecutorMembers (existing member loginIds) is collected on the AccountTask. This role is required and must be a member in the system. - relatedEntities.secondaryExecutorMembers (existing member loginIds) is collected on the AccountTask. This role is optional (user must indicate there is not a secondary executor) and must be a member in the system. |
| Entity Owned Inherited Traditional IRA | 4 | Traditional IRA passed to a designated legal entity beneficiary, such as a charity, (in whole or in part) after the passing of the original account owner, known as the Decedent. - Flag for trust or non-trust entity |
| Entity Owned Inherited Roth IRA | 3 | Roth IRA passed to a designated legal entity beneficiary, such as a charity, (in whole or in part) after the passing of the original account owner, known as the Decedent. - Flag for trust or non-trust entity |
Trust Accounts: Designate Trust Parties
You may designate the primary account owner, other existing members on the custodial platform with their own login credentials, and/or people that are not setup on the custodial platform for each role in the trust.
We are required to obtain information for all people that fulfill any of these roles for the trust but where there are more than 10 authorized signatories, provide the 10 most active or senior individuals.
There must be at least one grantor, authorized signatory, and beneficiary.
Trust parties are defined as follows:
| Party | Definition |
|---|---|
| Grantors | The individuals who provide the initial assets for a trust. Also referred to as a Settlors. |
| Authorized Signatories | The individuals and/or legal entities who have authority to sign agreements or move funds for the trust. |
| Protectors | The individuals and/or legal entities appointed by a grantor who have the power to change the appointed trustees. |
| Trustees | The individuals and/or legal entities have control or powers of administration of property in a trust with a legal obligation to administer it solely for the purposes specified in the trust agreement. |
| Beneficiaries | The parties who benefit or will benefit from the funds settled in the trust. |
Trust Accounts: Additional Business Rules
New trust accounts are restricted until we receive a document from the list below to evidence the legal existence of the trust. Such document should be uploaded to our advisor site using the Secure Upload function, which will automatically remove the restriction from the trust account. The document should be a PDF file that is not larger than 10 MB. You will not be able to trade or perform other actions in this account until we receive one of these documents:
- Trust Deed
- Certificate of Trust
- Declaration of Trust
- First page and signature page(s) of Executed Trust Agreement
info
Note
The above documentation will be reviewed solely to verify the legal existence of this trust. We are not responsible for management of the trust, and have no role with respect to administration or enforcement of covenants or restrictions on investments and/or transfer of funds for, or disbursement of funds from, the trust.
The following additional rules also apply:
| Condition/Role | Rule |
|---|---|
| Trust party is a minor | Information on the custodian of the minor |
| Trust fulfilling a trust party role | Complete the information for the primary trustee and include the name of the trust. |
| Authorized Signatories or Beneficiaries | Residential address is not required |
| Authorized Signatories, Protectors, or Trustees | Date of birth and social security number are not required |
| Grantors/Settlors | Source of Wealth including supplemental information (e.g. employer info) is required. All other parties, Source of Wealth is not required. |
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