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DISCRETIONARY ACCOUNT PURCHASE SUMMARY PLEASE NOTE: A Funds ERV subscription form must be completed & submitted along with this document by each Advisor placing discretionary purchase orders PLEASE

How to fill out discretionary account purchase summary

How to fill out a discretionary account purchase summary:

1. Gather all relevant information: Before starting to fill out the discretionary account purchase summary, make sure you have all the necessary information handy. This may include details about the account holder, the specific purchases being made, and any additional instructions or requirements.
2. Identify the account holder: Clearly indicate the name and contact information of the individual or entity for whom the discretionary account is being used. This helps ensure that the summary is attributed to the correct account.
3. Provide an overview of the purchases: In the summary section, briefly describe the purchases being made through the discretionary account. Include details such as the date, the quantity or amount of items being purchased, and any special considerations or specifications.
4. Specify the cost and payment details: Clearly state the total cost of the purchases being made, including any taxes, fees, or other charges. Specify the preferred method of payment, whether it is by credit card, bank transfer, or another accepted means of payment.
5. Include any necessary documentation: Attach any supporting documents that may be required, such as invoices, receipts, or purchase orders. This helps provide a complete and accurate record of the transactions.

Who needs a discretionary account purchase summary?

1. Individual investors: Discretionary account purchase summaries are particularly relevant for individual investors who utilize discretionary accounts to manage their investments. It provides them with a comprehensive record of their purchases and helps them track their investment activity.
2. Financial advisors: Financial advisors who manage discretionary accounts on behalf of their clients also need to maintain purchase summaries. These summaries enable them to keep accurate records of their clients' investments, assess performance, and provide updates to their clients as needed.
3. Compliance departments: Compliance departments within financial institutions often require discretionary account purchase summaries for regulatory purposes. These summaries help ensure transparency, accountability, and adherence to applicable laws and regulations.

In conclusion, filling out a discretionary account purchase summary requires gathering relevant information, identifying the account holder, providing an overview of the purchases, specifying the cost and payment details, and including any necessary documentation. This summary is essential for individual investors, financial advisors, and compliance departments to maintain accurate records and ensure transparency in investment transactions.

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What is discretionary account purchase summary?

Discretionary account purchase summary is a report that provides a summary of purchases made on a discretionary account over a specified period of time.

Who is required to file discretionary account purchase summary?

Investment firms and financial institutions are required to file discretionary account purchase summary.

How to fill out discretionary account purchase summary?

To fill out discretionary account purchase summary, you need to provide details of all purchases made on the discretionary account, including the date, description, and amount of each transaction.

What is the purpose of discretionary account purchase summary?

The purpose of discretionary account purchase summary is to ensure transparency and accountability in the management of discretionary accounts.

What information must be reported on discretionary account purchase summary?

Information such as the date of purchase, description of the transaction, and amount of each purchase must be reported on discretionary account purchase summary.