Current account tab

What is current account?

Current account is any funds your client needs to cover short-term withdrawal needs (i.e. whatever they plan to spend in the next year or so). This frees you from needing to manually place trades every month to cover their withdrawal needs.

Symplany℠ previously held these short-term distributions in the custodian sweep account, but money market funds have recently offered a higher yield. Click here if you wan to learn more about the difference between using sweep vs. a money market fund for current account.

There are three steps to set up current account:

1. Set aside sufficient funds in a money market fund to cover your client's short-term distributions,
2. Set up a corresponding systematic sell of that money market fund (AFGXX) several days in advance of the distribution (to ensure the account has sufficient liquidity), and
3. Establish periodic instructions to transfer money to the client from their investment account on a recurring basis (i.e. monthly, annually, etc.).

Step 1: Set up your client's current account

A. Enter your client's withdrawal needs on the current account tab

Go to the Liquidity & sweep page and open the Current account tab:

Capture your preferences:

1. Indicate when your next client review meeting will be (Symplany will set aside enough funds to cover recurring distributions until that time)
2. Select which account will cover the distributions
3. Give the recurring distribution a description
4. Enter the amount that will be withdrawn on recurring basis
5. Select the date of the next withdrawal
6. Select the frequency of the withdrawal (e.g. monthly, quarterly, etc.)
7. Click Save

B. Place trades

After you enter your current account requirements, Symplany will calculate trades to set aside sufficient funds to cover your client's short-term distributions.

Click here for instructions on how to finish editing the plan and place the trades.

Step 2. Set up a systematic sell in advance of the distribution.

⚠️ You can skip this step if you are using sweep in lieu of a money market fund to hold current account.

To ensure the account has sufficient cash to cover the recurring distribution, you need to set up a systematic sell in NetX of AFGXX. Advisors will usually schedule a systematic sell 3-4 days prior to the distribution.

Refer to Cetera's Systematic Reinvestment Redemption Job Aid for assistance with this task.

Step 3. Establish periodic instructions to transfer money to the client on a recurring basis

Refer to Cetera's How to Set Up Periodic Instructions Job Aid for assistance with this task.

Note: You can check the status of your clients' current accounts here.