You can set up a PAC (Pre-Authorized Contribution) so that money is regularly withdrawn from a client's bank account. This money can be used to purchase investments in an account, such as mutual funds, or it can be deposited to the demand account.
2. Select PAC from the More... menu. The PAC Summary dialog appears.
3. To view or edit an existing PAC, click the View/Edit button in the Action column.
4. Click the
Print button to open the E-Forms page, which will allow the selection of a document to be printed. For more information, see
Viewing E-Forms.
Note:
Tags in the document that are sourced from Beneficiary information will use the Beneficiary record selected to populate those tags.
5. To add a new PAC, click Add. The PAC Detail dialog appears.
6. Enter a Description for the new PAC.
7. Select a Status from the list.
8. Click the Verified By Search button to open the Advisor search dialog to select the advisor verifying the standing order.
Bank and Deposit Information
9. Select a bank account from the Bank-Transit-Account # list where the automated debit is to be processed, if available. Bank account information is maintained in the CIF.
10. Select the Order Source, such as phone or online, from the list.
11. Enter the amount that is to be debited from the client’s bank account in the Deposit Amount field.
12. Select the Currency for the PAC from the list.
13. Select the Contribution Type from the list.
14. To have fund order items created by allocating the total of the deposit amounts to the individual funds of the asset allocation model, click the Allocate to Model button.
Note:
The Allocate to Model button is enabled when the asset allocation model has a cash allocation included in the model. When the button is clicked, demand deposit order items will be created for the allocation of the PAC investment amount to the cash allocation of the asset allocation model attached to the account.
15. Select the New Money check box to indicate that the demand deposit that will be generated when the PAC executes and the deposit order that is created is considered new money for the applicable account.
16. Select whether the PAC standing order is to be flagged as Recommended or Non Recommended.
Frequency Information
17. Select either One Time or Recurring from the Frequency list.
18. If the PAC is a one time withdrawal, enter the amount that is to be invested in the Investment Amount field.
Note:
The investment amount can be lower than the amount debited from the client’s bank account.
19. If the PAC is recurring, do the following:
a) Select Recurring from the Frequency list. The Details button is enabled.
b) Click Details. The Frequency Details dialog appears.
20. If the PAC is weekly, do the following:
a) Select the Weekly option button.
a) Enter the weekly intervals in the Every text box. For example, if the frequency is to be every 2nd week, enter 2.
b) Click the day of the week check box for the day the withdrawal is processed.
21. If the PAC is to be set up as a monthly withdrawal, do the following:
a) Select Monthly option button.
b) Enter the monthly intervals in the Every text box. For example, enter 1 for monthly, 3 for quarterly, 6 for semi-annual or 12 for annual.
c) Enter the day of the month in the Day 1 text box when money is to be automatically withdrawn from the client’s bank account.
d) If there is another day of the month for an additional withdrawal, enter the day in the Day 2 text box.
22. Select the action that is to be taken when the date is a non-business day. Options include the following:
• Process on the next business day
• Process on non-business day
• Process on previous business day
23. Click Update. PAC information is saved and you are returned to the PAC Detail dialog with your new PAC information appearing in the Interval field.
Investment Information
When you are adding a PAC, you must indicate into which financial products the client's money is to be invested and the allocation per investment.
On the lower portion of the PAC Details screen, the Investments section displays the products currently held. The demand account is always listed first and is a valid product to select.
You can also add investment products to the client's account using this section of the PAC Detail screen.
24. In the Allocation Type option buttons, select whether the execution of the PAC standing order will be based on the specified values or will be allocated based on the applicable model.
25. To add an investment, click Add, where you can search for and select an investment.
26. Do one of the following for any of the displayed investments:
• To enter the amount of money to be invested in the investments, select Dollar, then enter the amount in each Amount field.
• To enter a percentage of the client's deposit to be allocated to the investment, select Percent, then enter a percentage in each Percent field.
Note:
The total dollar amounts appear in the Total field at the bottom of the dialog.
27. To edit an existing investment, click Edit.
28. To remove an investment, click Cancel.
30. Click Save. The new PAC is added to the system.