Tag Archives: SLOA Reminder

SLOA mailed in May – What’s a SLOA? Standard Letter of Authorization (Clients) … Friday

As a regular practice for almost every client we have instructions on file to move money back and forth between other linked accounts a.k.a. SLOA – Standard Letter of Authorization –

Side note: We can remember when every request needed a signature and then was faxed AND THEN a day or two later is was processed… Eeeekkkk – ok, digressing!

From our back office:

“Dear Valued Advisor, 

In May 2023 we will mail the annual Standing Letter of Authorization (SLOA) confirmation notices to your clients, if applicable, listing all active SLOAs that we have on record for their accounts as of December 31, 2022. …

 

…Your clients will receive a confirmation notice for each account that maintains an active SLOA with TD Ameritrade Institutional. As required, we will continue to notify your clients whenever new SLOA instructions are established for an account. “

Here is what one looks like from prior years:

Take a peek and let us know if something is incorrect… we actually do not get a copy!

Happy Friday, and Happy May aka Schools out month, Weekend – Talk Next week!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.

A Dallas Texas based fee only

Financial Planning Total Wealth

Management firm.

jkfinancialinc

street-cents

“SLOA” – Standing Letter Of Authorizations Notice Reminder – Clients Snail Mail Letter Coming Soon of Linked Accounts

New rules of a few years ago, mandate a snail mailing of all standing authorizations of account linking.

Given the US postal service troubles over the last few years, and especially over the the last two, almost everyone who is a client … out of safety and convenience has an account linking allowing us to transfer funds to and from bank accounts, savings accounts and the like.

Coming soon via mail, is a relative new mandatory notice of these account links, that looks something like the following:

Take a peek, and if you see an old account that needs to be removed, just reach out and we can easily have the link terminated.

Have a Great “SLOA Reminder” day!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.

A Dallas Texas based fee only

Financial Planning Total Wealth

Management firm.

jkfinancialinc

street-cents

Another SLOA – Standard Letter of Authorization Reminder, No Action Needed

Due to new rules which came out several years ago an annual notification is mandated by our transaction Vendor. This notification is dubbed SLOA reminder!

The More Than Annual SLOA Reminder

Sharp eyed folks with a good memory who maybe poured over our Q 1 2021 Newsletter will recall we reminded of the annual SLOA – Standard Letter of Instructions both here at Street-Cents and in paper form in the Newsletter….

Here is what it looks like, and the reason we are repeating our selves as several showed up in our personal mailbox at the start of the week…. much to our repeat confusion!

Pretty vanilla, and only shows accounts connected that we can move money to and from for you!

Hmmmmm…. but why the duplicate?

At the bottom of our paper copy, we noticed the Schwab copyright…. a new addition to the letter.

Bet the merger created a duplicate need for SLOA letters…

Take a look and see if any old or unused accounts remain, let us know if they do and we will disconnect!

Oh… and if a bank has changed names (bought out or sold) but has the same bank account number, there is likely no need for an update…

Have a Great “Why the Duplicate SLOA Letter” Day!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.

A Dallas Texas based fee only

Financial Planning Total Wealth

Management firm.

jkfinancialinc

street-cents