Financial Advisors Within The Credit Union Environment

1694 WordsJun 23, 20157 Pages
Financial Advisors within the credit union environment have a unique situation. This section details items Advisors need to know, understand and utilize when in the credit union environment. Several important guidelines must be followed: 1. All broker/dealer activities must be handled by registered personal only. Non-registered personnel may assist in clearly defined administrative duties, and no others. 2. All securities-related incoming mail must be handled by a person who has been fingerprinted and is an associated person with FINRA through Navy Federal Brokerage Services, LLC. S/he must be fingerprinted, complete a portion of Form U-4 for registration as an associated person with FINRA through Navy Federal Brokerage Services, LLC and submit these documents to the Licensing & Contracting Department. S/he must be trained to identify customer complaints, securities, and customer funds that arrive by mail. This is a FINRA requirement, to ensure that those who handle incoming customer correspondence have passed a thorough background investigation by the firm and are properly trained. While the associate may be bonded by the credit union, s/he must still submit copies of their fingerprint cards with a portion of Form U-4 to Navy Federal Brokerage Services, LLC for FINRA registration as an associated person of the firm. Contact the NFBS Compliance Department for additional information. 3. Customers must be advised that investments sold by a Navy Federal Brokerage Services, LLC
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