Account Types Flashcards
What are the four categories of account types we offer at Edward Jones?
Non-Retirement, Retirement, Fiduciary, Business
What area within the Service Division owns questions about opening an Individual or Joint account?
25 Account Services
What is the definition of a Traditional IRA and what is a good webpage to refer to when trying to open a Traditional IRA?
A Traditional IRA is a tax-deferred retirement savings account
designed specifically for an individual’s retirement savings. The
advantages of the Traditional IRA are that contributions may be
deductible, and generally, amounts in the IRA are not taxed until
they are distributed. WEB165704
What is the definition of a Roth IRA and what is a good webpage to refer to when trying to open a Roth IRA?
A Roth IRA is a tax-advantaged retirement savings account that
is funded with after-tax dollars and the contributions are NOT
tax deductible. Once funds are withdrawn, they provide
potentially tax and penalty-free distributions as long as certain
qualifications are met. WEB165704
Can a minor have a Traditional or Roth IRA? What is a good webpage to refer to when trying to open a minor (often called custodial) IRA?
Yes. A custodian/fiduciary may open a Traditional or Roth IRA for a minor as long as the minor has earned income. The account is established using the minor’s Social Security Number. WEB165701
What is the difference between an account solution and an account type?
In addition to different account types, Edward Jones offers different
Account Solutions (sometimes called platforms, programs, models, or
strategies) that can be applied to different account types.
What are the three different account solutions we offer at Edward Jones?
Select Accounts, Advisory Solutions Accounts, Transitional Accounts
Under the Advisory Solutions platform, what are the 4 different types of programs available to Edward Jones’ clients?
Advisory Solutions Fund, Advisory Solutions UMA, Guided Solutions Fund, Guided Solutions Flex
A branch team member calls in and needs help in opening an IRA for their client’s 17-year-old granddaughter who is waitressing part-time. Who would handle the call?
Retirement Services #83
An FA needs help in opening a Living Trust account for his client, who would like to name his son as the beneficiary. Who would handle the call?
Account Services #25
A branch member needs help opening a joint account for two sisters. Who would handle the call?
Account Services #25
An FA has questions about opening a single account for prospect who has just gone through a divorce. Who would handle the call?
Account Services #25
A branch member need helps opening an account for a client who is just starting a small Florist business. Who would handle the call?
Account Services #25
What is an Inherited IRA?
An inherited IRA is an IRA account that becomes the property of a
beneficiary after the account owner dies. Inherited IRAs are
subject to special regulations and vary depending upon the type of IRA that is inherited.
What account type is this referring to?
This account is set up for the benefit of a minor. The account is established using the minor’s Social Security Number. Typically, there are two roles associated with this type of account: the account owner (minor) and the authorized person (custodian) who manages the account until the minor reaches the age of majority.
Custodian Account
