Setting up an investment account is a little more involved than buying a loaf of bread, but not much. Since Simpson Capital (SCM) is solely providing advisory services, Open Account involves establishing an account with a third party custodian to hold the assets, provide required reporting and facilitate trades, such as Charles Schwab & Co. All that is needed from you is a statement copy from where your existing assets are being held.
It takes a few easy steps, assisted by SCM, to establish a working relationship with Simpson Capital and the custodian. SCM will be the primary contact point throughout the Open Account process, which should take a week or two.
Generally, the Open Account process consists of putting a signature and current date on a few forms in addition to providing the current copy of your existing portfolio. These forms establish the client relationship with SCM (SCM Investment Advisory Agreement) and separately with the custodian (Account Application). The Account Transfer form gives the custodian authority to gather the assets. Here are the steps:
Contact SCM and answer a few questions
SCM’s number is (949) 495-7922. SCM will complete the necessary custodian Account Application and SCM Investment Advisory Agreement for you and then mail the completed forms to you for your signature and current date. Accompanying instructions will direct you to the appropriate fields.
Send signed forms back to SCM with statement
Please review the documents carefully and call with any questions. Once the Account Application and Investment Agreement are signed and dated, send them both back to SCM either by scanned email attachment (firstname.lastname@example.org), or fax (949) 495-5909 or US Postal Service. Please include a copy of your latest statement. SCM will forward the Account Application to the custodian.
Send Account Transfer form back to SCM
Once the account is setup with the custodian, SCM will complete and send the Account Transfer form for your signature and current date. Then, sign/date it and send it back to SCM either by scanned email attachment (email@example.com), or fax (949) 495-5909 or US Postal Service.
Enjoy your new found freedom while SCM takes on the investment management responsibility. The custodian will communicate with you directly via US mail and/or email with monthly account statements and trade confirmations. You can also access your custodian online.
Once up and running, we will have conversations to establish investment guidelines and periodically review the portfolio. SCM will provide quarter a written review, a newsletter, positions list and an invoice.
Feel free to call or email us with any type of question including ones which may not be related directly with your account. It is up to you to find a comfortable level of involvement in the management process.
To contact Charles Schwab & Co.: For client use only, visit the Schwab Alliance website or call (800) 515-2157