1. I received my new paperwork, what happens next?

Action Items:

  1. Review paperwork for errors
  2. Input information where missing
  3. Sign all documents where prompted.

Please Note: Unsigned portions of the paperwork could cause a delay in the processing of your account, and will require us to send the paperwork back to you for your signature. Please take the time to ensure you have signed each required document.

  1. If you would like online access and eDelivery of statements, please be sure to fill out all of the required information on the User ID and eDelivery Request Form including your email address.

Tanager will

  1. Process all paperwork with Pershing to open your brokerage account
  2. Work alongside Pershing to facilitate the transfer of all assets and associated cost basis.
  3. Work with our old custodian to close your accounts and reconcile that everything transferred correctly
2. I received an email from Docusign, what do I need to do?

Action Items:

  1. Review electronic documents for errors
  2. Input information where missing
  3. Sign all documents where prompted.

Please Note: You will be unable to complete the electronic account opening process without signing where indicated. You may also be asked to upload a recent proof of address so please scan a utility bill and have this ready.

If you would like online access and eDelivery of statements, please be sure to fill out all of the required information on the User ID and eDelivery Request Form including your email address.

Tanager will

  1. Process all paperwork with Pershing to open your brokerage account
  2. Work alongside Pershing to facilitate the transfer of all assets and associated cost basis.
  3. Work with our old custodian to close your accounts and reconcile that everything transferred correctly
3. What types of communications should I expect from Pershing during the transition?

You should expect to receive various communications from Pershing regarding your accounts.

Communications from Pershing regarding brokerage accounts during the transition:

  • You will receive the first communication from Pershing 3-5 days following the successful opening of your brokerage account via mail. This mailing will include a Welcome letter and Pershing’s 382 Disclosure Statement.
  • If you enrolled in eDelivery, you will receive both an email and a letter 2-5 days after the eDelivery settings have been turned on confirming your participation and providing details on the program.
  • If you have standing or periodic instructions set up on your existing accounts and have requested to mirror these instructions on your new account, you will receive a letter via email or mail to confirm the request 2-3 days after your account is opened.
4. Why is Tanager recommending this change?

Your financial needs are complex and require special care. A key role as your fiduciary is ensuring we consistently reevaluate our businesses processes and partners to offer you the highest service levels, the most comprehensive wealth management solutions – and strong counterparties.

We review all vendors that we recommend to our clients, as well as monitoring other providers. As a result Tanager has been approved by Pershing at a time when our existing platform was unable to satisfactorily meet our clients’ complex requirements.

Three key areas stood out as opportunities for us to improve our service to you:

  • More robust international capabilities
  • Wealth management solutions that are critical to your complex needs
  • An improved electronic delivery of statements and tax documents

After significant due diligence, the firm that has the ability to meet these needs and provide you and us with the strength and stability we require to safekeep your US-domiciled assets is BNY Mellon and it’s affiliate, Pershing.

5. Will I be able to access my account online?

Yes. If you enroll in NetXInvestor, Pershing’s investor site, you will be able to see your accounts online at www.netxinvestor.com.

6. Can assets be lost in this transition?

No. We have a full report by lot level and account of all holdings today, and will consistently monitor Pershing’s reports as assets transfer. The transition process will not be complete until every position is accounted for on the Pershing system.

7. What portfolio insurance coverage will clients have?

Pershing Brokerage Custody

Securities Investor Protection Corporation® (SIPC®) Coverage

Pershing is a member of SIPC, which protects securities customers of its members up to $500,000 (including $250,000 for claims for cash). Explanatory brochure available upon request or at http://www/sipc.org

Excess of SIPC Coverage through Underwriters at Lloyd’s

In addition to SIPC protection, Pershing provides coverage in excess of SIPC limits from certain underwriters in Lloyd’s insurance market. The excess of SIPC insurance program is valid through February, 2017 for Pershing LLC accounts. It provides the following protection for Pershing LLC’s global client assets:

  • An aggregate loss limit of $1 billion for eligible securities—over all client accounts
  • A per-client loss limit of $1.9 million for cash awaiting reinvestment—within the aggregate loss limit of $1 billion

SIPC and the excess of SIPC insurance policy do not protect against loss due to market fluctuation. An excess of SIPC claim would only arise if Pershing failed financially and client assets for covered accounts—as defined by SIPC—cannot be located due to theft, misplacement, destruction, burglary, robbery, embezzlement, abstraction, failure to obtain or maintain possession or control of client securities, or to maintain the special reserve bank account required by applicable rules.

8. Who will compile our account data and prepare statements?

As custodian, Pershing will independently prepare monthly statements for your brokerage accounts. We recommend clients select a paperless option for security and access this information via the Pershing site.

9. Will Pershing / BNY Mellon capture our cost basis data?

Yes.

10. Who are Pershing’s auditors?

KPMG.