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Click for Webinar Calendar
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California Professional Development
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Recorded Thursday, October 9th, 2008
The Institute of Certified BankersTM(ICB) is dedicated to promoting the highest standards of performance and ethics within the financial services industry. This webinar has been approved for 2.5 CISP, CRSP, CTFA, & FP credits.
One of the most confusing and incorrectly reported areas of the IRA world is - without a doubt - the rollover / transfer dilemma. Some may say “whatever – what’s the difference?” There is a BIG difference and you’ve got to get it right. Customers and members are increasingly receiving letters from the IRS when these transactions are not reported correctly. In addition, your accountholders are not always getting correct information regarding how to acquire the most favorable tax advantages when moving their money from their employer plans to IRAs or from IRA to IRA.
Although the financial institution should never be in the position of giving “advice”, you are allowed to give “information” up to your comfort and expertise level.
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- The advantages of IRA transfers vs. IRA rollovers
- The “mini-loan” allowed from an IRA plan once a year and how it is reported
- The Qualified Employer plan direct and indirect rollover
- The direct rollover by a nonspouse beneficiary to a Traditional IRA effective 2007
- NEW*** The direct rollover by a spouse or nonspouse from a QP to a Roth IRA effective 2008
- The difference between a direct rollover and a transfer
- The “cheat sheet” Transfer/Rollover Comparison Chart is included
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New Account Representatives, Certificate of Deposit Personnel, Savings Counselors, Accountholder Service Representatives, Investment and Trust Personnel who are newly involved in the opening, selling, marketing, or administration of IRAs. Any officer/manager who "oversees" the IRA department and may be responsible for answering IRA accountholders questions or concerns but does not actually open IRA accounts - including call center personnel. Experienced IRA representatives who would like a review of the less and more complicated issues of IRAs.
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 Patrice M. Konarik, CFP®, is president and founder of Sunwest Training Corp. located near Galveston, Texas. With over 25 years experience in the financial industry, Patrice has focused her expertise on the retirement and new account areas and is currently providing training in 22 states. She has a BS from New York’s Binghamton University and earned her Certified Financial Planner™ designation in 1990. Patrice brings the information to life with her humorous approach, in-depth knowledge and an unlimited supply of "true life" examples.
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