Answer: This depends on the product and product company. Once Mutual receives the paperwork in good order, we submit the Change of Broker Dealer (“COBD”) forms to the product companies. We do not submit COBDs until all paperwork has been received in good order. Mutual fund direct accounts can take anywhere from 3-7 business days, while variable annuities can take anywhere from 7 to 30 business days. In the event that a product is held through a brokerage account and is not registered directly in the client’s name at the contra firm, the contra firm must have the product re-registered before it can be transferred, and this lengthens the time to transfer. The client must work directly with the contra firm, as Mutual cannot move the product via the COBD until it’s re-registered. For paperwork that has been signed/dated by a client, it is important to note that most product companies will not accept paperwork that is older than 30 days from when the client signed/dated it.

Mutual will provide the status of all accounts via our Evolve Client Portal and our Orion database.  

Answer: This is heavily dependent on the product and product company. Advisors should anticipate it could take up to 90 days following the successful transfer of the account. In some cases, it could take longer depending on the frequency with which the company reports through these various systems and when the actual transfer takes place during a calendar-quarter period. There are a small number of products that we have not been able to establish a feed for, and in those instances, Mutual will manually maintain account balances in Orion on a quarterly basis.