How to Terminate My UMA Brokerage Accounts
Traditionally investment accounts have been set up to hold single products. Some were just for stocks, bonds or CDs. Others were set up for alternative investments. With so many accounts came lots of statements and cumbersome paperwork. This led to the creation of the unified managed account. These allow clients to get the diversification they sought with one single statement, which helped reduce redundancy and waste.
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Instructions
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Notification
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Notify the institution where your assets are held that you wish to terminate the management of your account or accounts and verify what paperwork is necessary.
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2
Specify which accounts you wish to terminate, as you may request that one or all your accounts be terminated.
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3
Be specific about how you want your accounts to terminate. For example, specify if you wish to liquidate all your assets, keep all the positions as they are or keep only some and liquidate others such as your stocks, bonds and mutual funds.
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4
Prepare something in writing, as institutions will ultimately need the request in writing from the account owner. Verify if a standard letter of authorization will be acceptable or whether the institution has its own notification of termination form. If a standard letter of authorization will be sufficient, ask them how it should be worded to avoid complications.
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Verify how the signature needs to be received. You may be able to fax it, or it may need to be mailed. Once you have this information, deliver the paperwork accordingly.
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After a few days, verify that your paperwork has been received and your request has been processed.
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References
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