Custodial Agency Accounts are for those who wish to retain full control over the selection and management of their investment portfolio, but wish to be relieved of the tedious record keeping responsibilities. The basic Custody Service we offer features:
1. Receipt and safekeeping of securities deposited with us.
2. Execution of purchases, sales and delivery of securities in accordance with your directions.
3. Collection of income and reinvestment or distribution of income in accordance with your directions.
4. Collection of matured or called bonds.
5. A computerized system which screens your account daily, automatically transferring cash as it is received to a money market fund so that your funds will remain fully invested at all times.
6. Sale or exercise of rights associated with deposited securities in accordance with your directions.
7. Detailed record keeping of all transactions.
8. Preparation and mailing of a periodic statement reflecting the investments held in your account and all transactions affecting your account.
9. Furnishing an annual income tax information statement, including a categorized schedule of income received and a schedule of capital gains and losses.
Benefits of a Custodial Account:
· Safekeeping of securities
· Provides complete records and reports of all transactions
· Income collection and investment
· Custodian can carry out purchases or sales according to your instructions
· Routine and time consuming details are completed for you
· Custodial service can “centralize” investment tax records
· Offers protection against costly oversights