Paperwork Checklist

Your one-stop shop for things you need to open new accounts with SEM.

Table of contents

New Accounts

These links will direct you to common resources used before or during the account opening process. All new Axos accounts require the SEM New Account Form.

Axos Client Application (New)

Axos has released their new Account Application, please review and let us know of any questions. This change will apply to all interaction methods on Liberty, DocuSign, PDF, and third-party vendors (with the exception of QUIK-which is still in process). Note, if you use an outside provider and the new application has not been updated, you may continue using the old application.

There are many benefits to the new application, especially when used in DocuSign/eSignature. We realize change is not welcome, but also is necessary to improve processing and services offered to clients.

SEM wanted to specifically bring to your attention some areas that will require some additional attention.

Step 1. Axos Bank Investor Checking Account - an integrated checking account that allows clients to easily transfer funds to their investment accounts.

SEM has not yet been provided with enough information on how this will impact our client accounts. SEM requests this box to be checked (to opt out). Not checking the box is just placing this account holder (SSN level) in a queue. The actual product is not yet ready, expected January/early 2024. Down the road if we (SEM) believe there are positive benefits the client can opt in easily.

Step 8. Margin Privileges

This box is necessary to be checked to assist with clearing and settlement of trades in the back office of Axos. It DOES NOT mean we will be using margin to invest more than the account value. Note this has not been implemented yet at Axos, but by preemptively checking this box it will make the transition to the new back-office system easier as we will not have to contact any clients who already signed up for this.

Step 9 B. Trade Confirmations

CHECK THE BOX unless your client wants to receive every trade confirmation. Trust us, they don’t.

Again, if you are using an outside vendor for forms processing you may still be seeing the old application. Axos will inform us when all vendors have been updated and will give us a deadline for when they will no longer accept the old version of the application.

Please let us know if you have any questions or need any assistance.

Axos

Axos is our platform custodian. Liberty is Axos' web app for both clients and advisors. Axos offers a streamlined account opening, advisor reporting, and trading abilities no other custodian could offer a firm the size of SEM.

When you are creating an account on Liberty it will populate the forms for you and give you access to all the forms needed for that account type. Those forms will also be there for account maintenance needs at any time (such as if a client wants to change Beneficiaries or request a distribution). Axos also has an integration with Redtail where you can open accounts straight from Redtail (see instructions below).

Letters of instruction

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