1) What is the Service Level Agreement (SLA) for an ACAT transfer once its posted on TOAR? a) 3-5 business days b) 7-10 business days c) 10-12 business days d) 24 hours 2) A Financial Advisor contacts the Service Center to verify whether LPL is able to hold a specific mutual fund. If the Financial Advisor provides the CUSIP number, which BETA screen will confirm the mutual fund eligibility? a) DESC b) AHIS c) VALU d) SURF 3) When is a DRS transfer applicable? a) When transferring shares from an employer sponsored pension b) When common shares are held directly at the transfer agent c) When transferring in-kind from a mutual fund company d) When transferring from a trust to an individual account 4) What is the fee to process a full outgoing transfer from a LPL Non-Qualified account? a) $125 b) $70 c) $125+$40 d) There is no fee 5) What form is used to gift securities out of an LPL account? a) A2 b) A13 c) F2 d) F172 6) Once a full outgoing account transfer has been processed, what Rep ID is the account updated to? a) Z001 b) QQQA c) CCCA d) 2FAT 7) When does LPL check the status of an incoming transfer? a) After 10 business days b) After 30 business days c) After 5 business days d) Never. This is up to the advisor 8) When does LPL receive the cost basis information from an incoming transfer? a) Up to 30 days b) 5-7 business days c) LPL does not require the cost basis information d) Within 15 days 9) How can Service Professionals check the status of an incoming transfer? Select all that apply. a) TOAR Screen in BETA b) SPAD Screen in BETA c) ServiceWorks d) RTT e) A, B, C only f) A, B, C, D are correct 10) What are some common NIGOs of the F172? Select all that apply a) Missing signatures on the form b) Incomplete form c) Request to transfer out of a retirement account d) Request to transfer alternative investments e) A & D only f) A, B, C, D are correct 11) What are the requirments for rescinding an account transfer. Select all that appy. a) A case must be created by the service professional to the account transfers operations team b) LPL must receive a rescind letter c) The client must wet sign the rescind letter d) The financial professional can sign the letter on behalf of the client e) B & C only f) A,B,C only 12) How can an advisor track the progress of an incoming AI transfer? Select all that apply a) ATDB b) RTT c) SPAD d) TOAR 13) What are some examples of account transfers where the registrations & account types are not like to like and will be processed as a non-acat. Select all that apply. a) Divorce Transfers b) Death related transfers c) Transfers from a pension or teachers’ retirement plan d) Custodians to individuals transfers e) A, B, C only are correct f) A,B,C,D are correct 14) True or False: Residuals are able to sweep via PTF transfers. a) True b) False 15) True or False: All ACAT Transfers must be in kind. a) True b) False 16) True or False: Clients are able to transfer funds directly to an outside investment account. a) True b) False 17) True or False: Gifting allows clients to deliver securities from their non-qualified accounts to an account holder to another firm. a) True b) False 18) True or False: Advisors can access the "Ask Anything tool" via the Resource Center a) True b) False 19) True or False: Alternative investments can transfer between financial institutions via the acat system. a) True b) False 20) True or False: Debit balances may be transferred via the ACAT system. However, the account must have sufficient securities to offset the balance. a) True b) False

AT Certification Prep

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