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Account Types

Individual

This is a personal account in the name of the individual who owns the account.

Joint with Right of Survivorship

This is an account owned by two or more individuals. If one dies, his or her interest in the account automatically passes to the survivor(s) (i.e., the other owner(s) of the account) at the time of death. Percentage ownership interests in the account are equal between or among the owners, and all ownership interests in the account must be created at the same time. These rights are a matter of state law and vary from state to state. You should consult a professional advisor if you are uncertain about how to create accurately, and in the best manner, the ownership interests in your account.

Joint as Tenants-in-Common

"Tenants in common" (sometimes referred to as "joint tenants in common") means an account owned by two or more individuals. If one dies, his or her portion of the account is transferred to his or her designated beneficiary(ies) (and not to the other owner(s) of the account). Percentage ownership interests in the account are presumed to be equal unless otherwise specified. These rights are a matter of state law and vary from state to state. You should consult a professional advisor if you are uncertain about how to create accurately and in the best manner the ownership interests in your account.

Traditional IRA (U.S. taxpayers only)

This is an individual retirement account. An IRA must comply with federal law in order to be treated as such and receive applicable IRA tax benefits. Please consult with your tax advisor if you are uncertain about compliance with these laws in connection with opening and/or maintaining your account as an IRA. You also need to review the Individual Retirement Account Booklet made available to you on our Web site or in your application package before opening this type of account.

Roth IRA (U.S. taxpayers only)

This is a specific type of individual retirement account created by the Taxpayer Relief Act of 1997. A Roth IRA must comply with federal law in order to be treated as such and receive applicable Roth IRA tax benefits. Please consult with your tax advisor if you are uncertain about compliance with these laws in connection with opening and/or maintaining your account as a Roth IRA. You also need to review the Individual Retirement Account Booklet made available to you on our Web site or in your application package before opening this type of account.

Sep IRA (U.S. taxpayers only)

A Simplified Employee Pension (SEP) IRA is a written arrangement where employers make contributions to traditional IRAs set up for employees, subject to certain percentage-of-pay and dollar limits, as well as federal laws. Please consult with your tax advisor if you are uncertain about compliance with these laws in connection with opening and/or maintaining your account as a SEP IRA. You also need to review the Individual Retirement Account Booklet made available to you on our Web site or in your application package before opening this type of account

Simple IRA

A retirement plan that may be established by employers, including self-employed individuals. The employer is allowed a tax deduction for contributions made to the SIMPLE. The employer makes either matching or non-elective contributions to each eligible employee's SIMPLE IRA and employees may make salary deferral contributions. The employer has two alternatives when it comes to making contributions. The first is to match the amounts that each employee makes toward his or her own elective-deferral contribution up to 3% of the employee's annual compensation. The second alternative is for the employer to make a flat 2% non-elective contribution to all qualified employees, regardless of whether the employee makes any contributions.

Corporate

This is an account owned by a corporation. The account must be in the full, legal name of the corporation as set forth in its articles or certificate of incorporation (as same may have been amended). Most states require "Inc.," "Incorporated," "Corp.," "Corporation," "Co." or "Company" at the end of a valid corporate name. Corporations are creatures of state law and that law varies from state to state. Included with the account opening forms are certifications on which you must set forth the names of the officers or managers who are authorized to act on behalf of the corporation with respect to the account.

General Partnership

This is an account owned by a general partnership. The account must be in the full name of the partnership as set forth in the written partnership agreement and/or the partnership's fictitious name filing or certificate of general partnership (if any) (as same may have been amended). General partnerships are creatures of state law and that law varies from state to state. Included with the account opening forms are certifications on which you must set forth the names of the general partners who are authorized to act on behalf of the partnership with respect to the account. If any of those general partners is a corporation or limited liability company, certified resolutions that set forth the names of the officers, members or managers who are authorized to act on behalf of that corporation or limited liability company will also be required.

Trust

A trust is a legal entity created by a grantor for the benefit of designated beneficiaries and evidenced by a written document called the "trust agreement." Trusts are creatures of state law and that law varies from state to state. Accounts opened by a trust must be in the name of the trust. That is, the full name of the trust (as set forth in the trust agreement), must appear as the account title. Example: "The Joseph Smith Revocable Trust dated (or UAD) January 3, 1999." Included with the account opening forms are certifications on which you must set forth the name of the trust and name(s) of the trustee(s) who is/are authorized to act on behalf of the trust with respect to the account.

Limited Liability Company

This is an account owned by a limited liability company. The account must be in the full, legal name of the limited liability company as set forth in the articles or certificate of organization (as same may have been amended). Most states require "LLC" or "LC" at the end of a valid limited liability company name. Limited liability companies are creatures of state law and that law varies from state to state. Included with the account opening forms are certifications on which you must set forth the names of the officers, members or managers who are authorized to act on behalf of the limited liability company with respect to the account.

Sole Proprietorship

A sole proprietorship is a business owned by one individual and conducted under a company name (often called a "fictitious" name). An example of how the name of a sole proprietorship is expressed is: "Joseph Smith d/b/a ABC Company." The abbreviation "d/b/a" means "doing business as." This is the form in which the name of the account should be set forth. There is no entity of any kind associated with a sole proprietorship; it is simply an individual owning 100% of a business. Laws relating to sole proprietorships vary from state to state.

Custodial

An account created at a bank, brokerage firm, or mutual fund company that is managed by an adult for a minor that is under the age of 18 to 21 (depending on state legislation). The transactions are settled on a cash basis. The investments managed within a custodial account are typically limited to mutual funds and other similar products offered by regulated investment companies.

DVP/RVP

A DVP/RVP account is an equity account in which the buyer's payment for securities is due at the time of delivery. Security delivery and payment are simultaneous. This allows a client to trade with a broker and give-up to the client's custodian. The client's buying power is based on a percentage of the equity held at the custodian.