types of accounts
Managed Investment Portfolios
Several styles and risk levels of managed portfolios are available. Depending on the risk you are willing to take, your investment objectives, and your financial needs, we can make recommendations for suitable investments, monitor your investments, and manage them on your behalf.
A managed account means that a money manager manages the account for you without the need to contact you for each transaction. The money you wish to invest in such a managed account will be kept separate from any other accouts so that there is no confusion.
Typical minimum portfolio size is $100,000.
Corestone Account (Brokerage and Debit Card/Checking)
The Corestone Account is designed to provide integrated financial services and enables your First Allied Securities brokerage account to include debit card and checking services. Salaries may be deposited directly into your Corestone Account. The debit card can be used for cash withdrawals at local ATMs as well as purchases made with merchants worldwide, wherever Visa is accepted. Your account will be assessed a non-refundable annual service charge of $325 (for Platinum-level Visa card), $295 (for Gold-level Visa card), or $275 (for Silver-level with no Visa card). The charge is reduced $100 per year for actively investing client accounts (clients who meet certain thresholds of trading or advisory account fees).
Our focus is to assist you with investments and provide advice. Offering financial services such as checking and debit cards are only secondary to our main business of investments.
Any stock, mutual fund, and options transactions as requested by you are effected in your First Allied Securities, Inc. brokerage account, to which the Corestone debit card and checks are connected. These transactions are reported under a separate section in the monthly statement, and you will receive a confirmation for each transaction.
Your First Allied Securities, Inc. account number is in the form of a nine digit number starting with "A1Q". This is the number you should always use to do wire transfers into the account, stock certificate deposits, etc.
If you will be using the Corestone Account, you will also receive a 10-digit number for your checking account. This is different from the debit card and the "A1Q" account number. This number can be found on the bottom of your checkbooks after the routing number. If you will be having your salary deposited directly into your account, you will need to give both this number and the routing number to your employer .
Once the account is opened, you can call us to obtain the above numbers. They cannot be sent by email due to security concerns.
The annual non-refundable fee for the Corestone Account at present is $325 (for Platinum-level Visa card), $295 (for Gold-level Visa card), or $275 (for Silver-level with no Visa card). The charge is reduced $100 per year for actively investing client accounts (clients who meet certain thresholds of trading or advisory account fees). This fee is exclusive of transaction costs (stock trades, mutual fund trades, etc.).
The fee will vary depending on the size of the portfolio. The fee schedule can be found in the Form ADV Part 2 that is provided to each client when they open a managed portfolio.
There is a $40 fee for courier delivery of debit cards and checks. This is done for security purposes, so that there are no lost cards/checks and subsequent fraud.
Checkbook reorders are $20.
Bounced Check fees are $25.
Debit card transactions outside the US are charged a 1% Foreign Transaction Fee.
Outgoing wire transfers are $45 regardless of the amount being wired.
All the above fees are subject to change at any time
Sending money to your account
Checks from your own checking account should be made payable to:
"Pershing, LLC FBO: A1Qxxxxxx" (this is your 9 digit account number)
Include a signed and dated note with a statement as follows:
"Please deposit this check into my Pershing account A1Qxxxxxx."
Mail the check to our office address:
675 N Barker Rd #200
Brookfield, WI 53045
Checks must be in US dollars and drawn from a US bank. When the check is deposited, the funds are held for 7-10 business days before any withdrawals can occur but may be used immediately for investment within the account.
The following checks cannot be deposited and will be returned:
Checks drawn on a foreign bank and/or in a foreign currency
Stale dated checks (usually 180 days after date on check)
Please contact us for wire transfer and ACH - Direct Deposit information.
Sending money from your account
The easiest and simplest way to send money from your Corestone account is to write a check and deliver to the recipient. The drawback is that it will take some time for the check to clear, usually a few days within the US and sometimes weeks if deposited in a non-US account. Wire transfers are faster, usually done within a few days but requires more complex documents like invoices and/or copies of contracts to substantiate the need for the wire.
To do wire transfers out of your account, you can simply print out the "Wire Transfer Request" form. If you have a joint account ALL account holders must sign the form. If any one of the signatures is missing, we CANNOT send the wire out.
Sending a wire to your own name is straightforward. However, if you are sending a wire to someone else, US Government regulations require us to obtain:
- Identification of the receiving person, usually a passport copy, or US driver's license,
- The reason for the wire transfer to this third party, and
- An invoice or bill.
You can do a one-time wire transfer or setup a standing instruction in which the instruction form can be used for future wires. A standing instruction can be also be used for automatic recurring wires so that the same amount is wired out on a monthly basis
The details of the wire need to be verified; so, you MUST call us to confirm the transfer. If you do not call us, the wire request will not be sent! For your account protection, you will need to answer some security questions when you call.
Wire transfers are $45 each, regardless of the amount.
Time line for wire transfers:
We will NOT send wires out unless you have called us to confirm the request. We usually try to send wires out within 24 hours. If you call earlier in the day, it may be done within 24 hours, but if later, it may be delayed to the next day. We DO NOT GUARANTEE that wires will go out within 24 hours. There could be system problems or other unforeseen delays.
When wires are sent out internationally, the funds are sent through a US correspondent bank. It is completely up to the correspondent bank to forward the funds to the recipient; we have no control over this. Some banks are efficient, and the funds arrive within 2 or 3 days. Other banks (often in the less developed countries) take about a week or even 3 weeks, so you will need to be patient.
We also suggest you review your account online to ensure that the wire HAS been sent. If not, please contact us to follow up.
Debit card usage
For debit card problems, or lost/stolen cards please call the Client Service Center at 201-413-4625 during office hours. If you are within the United States, you can call 800-547-7008 toll-free for assistance. After office hours, you can call 843-851-0351 for Gold card holders.
24-hour client service is available to Platinum card holders at 201-413-4625 during office hours and 918-497-5331 after office hours. You may call collect at these numbers.
If you use your debit card 5 times or more in one day, it is put on a security watch (in case it is lost and someone else is using it). When you try and use it the 6th time in the same day, the merchant who is accepting your card is required to call Visa and get approval. They are also required to authenticate your identity - one question they might ask is your account number. Once they are able to authenticate your identity, the block on the card should be removed, and you can continue using your card.
Also, unusual usage of the card raises a security watch. For example, if your usual practice is to use the card once or twice a week and spend about $200 or $400 at a time, and then suddenly you start spending a few thousand dollars, Visa will ask us to verify your whereabouts and contact you to verify that it was you who was using the card. If the card is being used in country that is not the country of residence, the card could be put on referral status or blocked. Please let us know if you plan unusual transactions, or if you have plans to travel so that blocks can be avoided.
Due to high amounts of fraud, our Visa card provider has blocked usage in certain countries. Also, services are not available in certain smaller countries. This list of countries changes from time to time, so please contact us before traveling to check the ability of using your card in your destination country.
Debit Card Usage Limits
Debit card limits are typically $3000 per day for charges, maximum of 5 transactions per day. Anything above that will require the merchant to make a phone call to an authorization center who then connects to Visa's authorization center in the US. You will be required to answer some security questions, and you can then exceed the transaction limits. Please note that Brook Capital can NOT provide authorizations.
This could mean a bit more difficulty when you are doing large or multiple transactions, but it is for your safety and protection of your savings.
The debit card also acts as an Automatic Teller Machine (ATM) Card. You can obtain the PIN when you call to activate your card. If you have a joint account, you may choose a different PIN for each debit card.
ATM withdrawals are limited to three withdrawals per day, maximum of $500 per withdrawal, for daily maximum of $1500. If you need more cash than that, you will then have to go into a bank and request a teller-assisted cash advance. You can do up to 5 teller-assisted cash advances per day, up to a limit of $1500 per day. However, individual banks and ATM providers may have lower limits.
At times, foreign ATM machines may not be able to communicate with the network in the US to verify your account balance; in this case, your request for cash will be denied. You will then have to try again the next day. If you try to withdraw cash from a bank, and are having problems, please call the Client Service Center at 201-413-4625 during New York office hours. If you are within the United States, you can call 800-547-7008 toll-free for assistance.
Cash Back Program
You can also choose to participate in the 1% Cash Back program, which is similar to many airlines' frequent flyer programs. The difference is that you get cash instead of being able to select items or gifts. You accumulate 1 point for each dollar that is spent, and at your request the program will return 1% of the total points as cash to you.
Debit card expirations / renewals
Debit cards are valid for two years. You will automatically be issued a new card to your mailing address a few weeks before your card expires. Please be sure to update your address with us right away when you move so that there will not be problems when your renewal card is shipped.
Online Account Access
You can access your account online by clicking the "Account login" button above. You will need a password that we can provide for you 48 hours after your account is activated for online access.
The online system allows you to check your positions, balance, recent transactions, statements and other documents. There is also a wealth of information on stocks and investments.
W-8BEN (For Non-US Clients)
The W-8BEN is a form that all international clients will complete and sign. Please note that the W-8BEN will need be renewed every three years. So if we send you new forms, please excuse the extra paperwork and sign it and send it back as soon as possible.
If the forms are not received back, a 30% tax withholding will be applied to your account. If the forms are not received before the end of the calendar year, the tax will be sent to the Internal Revenue Service. The only way to get the tax back is to file a Nonresident Tax Return at the end of the year and let us assure you, it is a pain. So, please avoid that situation and return the signed form as soon as you receive it.
We are pleased to offer online trading for clients who are interested in placing their own equity trades.
You can sign up for online trading by emailing us. It will normally take a few days to set this up before you are able to use the "Trading" tab when you access your account online.
- Trading costs are $40 per trade plus 6 cents per share (subject to change).
- There is also a $7.50 postage and handling fee on each trade.
- There is also a $0.75 paper confirmation fee, which does not apply if you elect eDelivery of trade confirms.
- No limits on the number of trades.
- Maximum allowed for stocks: 10,000 shares or $200,000
- Maximum allowed for mutual funds: 5,000 shares or $500,000
- Maximum allowed for options: 25 contracts or $25,000
- You cannot trade in pre-market or evening sessions.
- You can place orders all the way up to 5 minutes before market close. Orders placed after the market close will execute the next day.
- You can place market orders, limit orders, and stop orders.
- Limit and stop orders can be entered as day orders or good till cancel (GTC) orders.
Any orders entered over the thresholds above will require approval by the trading desk and will be held in suspense until approved. Other limits may also apply.
Regular orders should execute within a few seconds. If not, please contact us by phone and we will assist you.