A New Chapter for Centennial Securities and Our Clients

Since the day our doors opened in 1978, we have and will continue to recognize that it’s not prudent to take a “one size fits all” approach to wealth management. We combine this methodology with a mission to act in the best interest of our clients in order to provide premier products and outstanding service. We recognize that each of our clients’ priorities and goals are unique, and it’s imperative that our service model reflects this mission.

 

In late 2018, Centennial Securities’ management surveyed the firm to assess and evaluate our current clearing firm to determine the level of satisfaction of the custodial services available for our clients. The role of the clearing and custody firm has changed over the years from simply providing back-office and custodial services into a holistic partner as technology has evolved. In January 2020, we made the decision to utilize RBC Correspondent Services (RBC CS), a division of RBC Capital Markets, LLC, effective July 27, 2020.

 

RBC CS provides clearing and custody services for nearly 200 correspondent firms. We are confident this new chapter will provide key upticks for our clients in order to deliver comprehensive wealth management solutions. With that in mind, we are launching a best-in-class client portal with improvised tools, allowing us to collaborate more closely with you. To learn more about what a clearing firm is and how our relationship with RBC CS will work, please click here.  

 

A few examples of some of the solutions that will be available to your financial advisor (and by extension you) include:

 

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Envestnet's MoneyGuidePro is one of the top preferred planning tools for financial advisors today. This collaborative tool allows you to be part of the planning process and work on your plan with your advisor when it's convenient for you.
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Riskalyze Logo
Riskalyze is a program that allows advisors to ask their clients a list of questions related to financial risk and then assigns a number based on those answers. Advisors can use the numbers generated by this program to craft portfolios that contain exactly the right amount of risk.
CircleBlack Logo
CircleBlack is a wealth management platform that gives a complete financial overview of your portfolio in one simple-to-access location. Using CircleBlack, your advisor will be able to see all of your assets, including those not held with Centennial Securities, allowing them to advise you based on the complete picture of your finances.

 

Your Questions Answered.

 

In late June, Centennial Securities will be mailing packages to all clients with more information about the conversion. Depending on the type of account(s) you have (e.g. individual, joint, IRA, etc.), action may be required by you to get everything reestablished at RBC CS.  A prepaid business reply envelope will be included for your convenience. It is our goal to make this conversion straightforward with clear instructions.

 

We’ve put together some commonly asked questions to give you more information about this conversion, what to expect, and how it will affect your account. Our goal is to keep you informed every step of the way. You may receive additional notifications in the next several months, and your Investment Professional will contact you if any paperwork needs your attention.

 

 

 

Question: When will this change go into effect?
Answer: The conversion process is scheduled to be completed on July 27, 2020, but as is possible with any project, that could change. We will keep you informed of any changes.

 

Question: Will I keep my current Financial Advisor / Investment Professional?
Answer: Yes, your Financial Advisor / Investment Professional will remain the same.

 

Question: Will all holdings and cost basis information convert into my account(s)?
Answer: Yes, each holding and cost basis information will convert seamlessly into your new account(s).

 

Question: How will my online access be impacted?
Answer: After Friday, July 24, you will no longer have access to your current online access.  Clients who have their accounts converted to RBC CS will need to sign up for online access to their account through Investor Connect®, a free service that is available 24 hours a day, 7 days a week.  Clients can enroll in this service beginning July 10 at: www.investor-connect.com and click "Register now."  Account balance and position information will not be viewable until the week of July 27.  If you have technical or functional questions about this site, call Client Support Services, toll-free at: 1-800-933-9946, weekdays from 8am to 10pm EST and Saturday from 10am to 6pm EST.  You can learn more about the site by clicking here.

 

Question: How is tax reporting affected?
Answer: You will receive one 1099 from First Clearing and one 1099 from RBC CS for calendar year 2020 for each account.

 

Question: For the month of conversion, what statements will I receive?
Answer: For the month of July, you will receive two account statements in August.  The first will be from First Clearing, showing account activity and the transfer of all your investment positions as of July 24, 2020.  The second will be from RBC CS showing the receipt of all your investment positions and account activity for the remainder of the month.  Some clients may receie a statement from First Clearing for the month of August as well depeding on residual sweeps after conversion (e.g. corporate actions, dividends, etc.).

 

Question: Do I need to sign anything?
Answer: Depending on your account type, you may need to sign and return forms (these forms will be included in the package sent to you by Centennial Securities). We will make it as simple as possible by pre-populating what information we can.  See above these questions for an illustration regarding the process.

 

Question: Why did Centennial Securities make this switch?
Answer: Our team spent over 12 months evaluating several new platforms and comparing the offerings with our current provider. Centennial Securities is committed to having a clearing and custody firm that provides the best possible services, tool, and products available for our advisors, support staff, and most importantly, clients.  Ultimately, we chose the RBC CS platform as it will give your advisor superior tools to service your accounts and will give you an enhanced set of online tools at your fingertips.

 

Question: Will the client account packages be sent out per account or household?
Answer: Due to the regulatory constraints surrounding conversions such as these, all accounts packages must be sent out individually.

 

Question: Who should I contact with any questions?
Answer: Please do not hesitate to contact your Financial Advisor / Investment Professional with any questions.  Click here for a list of our office and contact information.

 

 

During this time of transition, it is important to us to be able to contact you an keep you updated regarding any new developments. To ensure that we have the most up-to-date contact information so that we can keep you informed, please click here.

 

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