Cloning Accounts - Best Practices

Make Sure the Data is Complete. Start by entering all of the data for the primary account owner into the account wizard. The registration for this entry should be set to Individual. This item will be saved in your Saved Queue and be used as your cloning base.
Check Your Data. After you have entered all of the information for the Primary Account Holder, you can clone that saved item and use it to populate a new transaction with a new reference #. You can change the registration type and add in any additional required information. Before cloning the saved item, we recommend the following:
1. Review the transaction and make sure you have entered all the required and optional data points that you want to transfer over to the new account wizard transaction before you clone it.
2. Next, run the Pre Submission Check to identify missing fields. This identifies any data that is required, but is not filled in.
3. Once you are comfortable with the data in the saved item, you are ready to clone the saved item.
Does Cloning Make Sense? There are two types of registrations, personal and entity. Cloning works best when you clone similar registration types Personal to Personal and Entity to Entity. Each type requires different types of account holder information. For example, an Individual account requires only the information for the primary account holder. An Estate account does not require a primary account holder, buy it does require both the entity information and the estate executor’s info in the additional account holder section. Because of this, there are some best practices about which registrations work best as cloning bases for other registration types. To get started, here are some general guidelines.
- This detailed resource chart outlines some best practices.
Individual accounts work well for cloning personal registrations to other personal registrations. Examples:
- Clone Individual Registrations > to an IRA Registrations (any type if IRA Registration): The data for the primary account owner, the affiliation information and the account details (financials, investment profile, product knowledge and account characteristics) will all be transferred into to the cloned account. However, you will also need to either manually enter the data for the beneficiary or load the beneficiary info from your contacts, because that info did not exist in the original cloned account.
- Clone an Individual Registration > to a Joint Account (JTWROS, Joint Tenant In Common, Joint Tenants by Entirety): The data for the primary account owner will populate. However, you will have to either manually enter the data for the additional account owners or load them from the contact manager, if available.