Transcript Roth IRA Conversions: What to Look For

Understanding Your First
Clearing Statements
Presented by:
Matthew J. Curfman, CFP®
Senior Vice President of Investment Services
Richmond Brothers Financial Management
Specialists, Inc.
Disclosures
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Matt Curfman is a Registered Representative in
the states of MI, AZ, CA, FL, GA, IA, IN, KS, KY,
CO, MN, NC, NY, OH, TX
Licensed to sell securities, annuities, & insurance
Affiliated with Sammons Securities Co.®, LLC,
member FINRA/SIPC & Midland National
Richmond Brothers Financial Management
Specialists, Inc. offers securities through
Sammons Securities Co.®, LLC, member
FINRA/SIPC
Disclosures

Richmond Brothers offers securities through Sammons
Securities Co.®, LLC, member FINRA/SIPC. The
broker/dealer for Midland National’s variable products is
Sammons Securities Co. Sammons Securities Co. is a
registered broker/dealer under the Securities Exchange Act
of 1934. Sammons Securities Co. is an indirect wholly
owned subsidiary of Sammons Enterprises, Inc., of Dallas,
Texas, the ultimate parent company of Midland National.
Disclosures
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This material is provided for general and educational
purposes only and is not intended as tax, legal or
investment advice
There will be an opportunity to schedule an appointment for
an individual consultation at the end of this Webinar which
may result in a recommendation of specific financial
products that may help you achieve your financial goals
There is no obligation to schedule an appointment or
purchase a product
First Clearing, LLC, is a Member of NYSE/SIPC. Investment
and Insurance Products: NOT FDIC Insured, NO Bank
Guarantee, MAY Lose Value Accounts
Agenda
 Online
access
 Linking
Accounts
 Snapshot
 Detailed
View
View
Online Access
 FCC
Account Access available
through Richmond Brothers’ website:
www.richmondbrothers.com
– offers real-time account data
– downloads into Quicken® and
Microsoft® Money
 call
FCC toll-free at 1-877-488-3748
for step by step directions to set up
online accounts
Linking Accounts
 Combined
snapshot for a more
holistic view of accounts
 Contact Cindy at
[email protected] or
517-536-5000 ext. 32 to link
accounts
Snapshot View
 Summary
month
of activity during previous
– If accounts linked, you will have a
combined snapshot
Note: sample statements shown may include more information than
what you have on your statement, depending on the types of
investments in your portfolio
Snapshot View
Snapshot View Explanations
Section #1
 Progress summary
– provides values for all of the cash flowing into and out of
the account along with the change-in-value for the
period

Value over time
– illustrates your progress during the current year
Section #2
 Portfolio summary
– categorizes your investments by asset type for the last
two periods
– shows both dollar values and portfolio percentages
– current month’s allocation percentage displayed in the
pie chart
Snapshot View
Snapshot View Explanations
Section #3
 Cash flow summary
– displays all of your cash additions and subtractions, which lets
you easily see your current-period and year-to-date cash flow
Section #4
 Income summary
– provides an overview of the various types of income your
account has earned during the current period and for the full
year
– broken down into taxable and federally tax-exempt categories
based on the type of securities you hold
– breakout does not occur for IRA accounts
Section #5
 Gain/loss summary
– displays total realized and unrealized gains and losses
– section is included only if your account provides cost basis
information on your statement
Snapshot View
Snapshot View Explanations
Section #6
 Account profile
– overviews important account information, including your
Investment objective/Risk tolerance
– Contact Richmond Brothers if this section needs to be
updated
Section #7
 Document delivery status
– Shows if you’ve elected to receive electronic or paper
statements
Section #8
 Market indices
– current month end and previous year end are available if
this feature has been set to display
Detailed View
 Want
to know more about your
account’s activity and positions
 Noticed something in the Snapshot
that you would like to know more
about
Detailed View
Detailed View Explanations
Section #1
 Bond maturity schedule
– graph and table summarize the maturity dates and
maturing amounts for your account’s fixed-income
securities (if set to display)
Section #2
 Additional information
– appears only if one or more of the categories applies to
your account.
– can be useful when working with your tax advisor
Section #3
 Expense tracking summary
– If you code expenses on your checks, you will see
exactly where your money goes every month
Detailed View
Detailed View Explanations
Section #4
 Portfolio detail
– lists cash and sweep balances, stocks and options, fixedincome securities, mutual funds, unit investment trusts,
and other assets based on your account’s holdings
– all asset classes itemized with a total value, by category,
for the current month
Section #5
 of Account column
– percent held of each individual position in comparison to
your entire account value
Section #6
 Adj Price/Orig Price, Adj Cost/Orig Cost
– identify potential tax-related opportunities
– For securities that include cost basis adjustments, FCC
provides the original unit price and original total cost
– Please note: this section is included only if your account
provides cost basis information on your statement
Detailed View Explanations
Section #7
 Estimated Annual Income & Estimated
Annual Yield
– provided to give you an idea of how much
income the account will receive
Section #8
 Held in Margin
– indicates whether any portion of that position
is held in your margin account
– ticker symbol appears under the description for
applicable securities
Detailed View
Detailed View Explanations
Section #9
 Reinvestment
– indicates that you’ve elected to use dividends and capital gains
(mutual funds only) to purchase additional shares
Section #10
 S and L indicators
–
–
–
–
displayed for each tax lot
securities held fewer than 12 months are short-term (S)
securities held longer than one year are long-term (L)
show only if your account provides cost basis information on
your statement
Section #11
 Annuities/Insurance
– provide data received directly from the insurance companies
– include variable and fixed annuities
Detailed View
Detailed View Explanations
Section #12
 Cash Activity detail
– shows the cash flowing into and out of your account
since your last statement
– Advantage accounts can be listed by date, type or a
combination of the two (default is by type)
– contact Richmond Brothers to change your display
Section #13
 Activity
– each type is totaled
Section #14
 Amount
– displays total transaction value
Detailed View
Detailed View Explanations
Section #15
 ATM and CheckCard activity
– lists transactions by activity date
Section #16
 Withdrawals by check
– listed sequentially
– include the date paid, check number and payee
Section #17
 Expense Code
– description, as well as number, is included to help track
expenses for budgeting purposes
– five standard categories and up to five customized categories
to track any expenses chosen
Section #18
 Account Type
– indicates whether the transaction took place in the cash or
margin portion of the account
Detailed View
Detailed View Explanations
Section #19
 Non cash activity detail
– shows all transfers of positions into and out of the account and
provides each position’s value on the transfer day
– positions’ valuations help provide an accurate picture of
account’s progress
Section #20
 Cash sweep activity
– shows the sweep that occurs between your account and the
cash sweep option, including reinvested dividends and interest
Section #21
 Open orders
– unfulfilled orders at month’s end are displayed
– help keep track of those orders FCC received but did not yet
execute
Detailed View
Detailed View Explanations
Section #22
 Realized gain/loss
– provides the current-period and year-to-date net gain or loss
on securities closing transactions in account
– monthly statement will include details of closing transactions
only for the statement period
– year-end package will contain a recap of detail information for
the entire year
Section #23
 Adj Price/Orig Price and Adj Cost/Orig Cost
– for accounts that show cost basis adjustments, the following
items are displayed: the original unit price, original total cost,
adjusted unit price and adjusted total cost
– is compared to the Proceeds to calculate your realized
Gain/Loss
Section #24
 Index options
– if any were closed during the period
Thank You
For more information: www.richmondbrothers.com