Customer Account Statements

What this video covers

• Why quarterly is the regulatory floor for statement delivery, and when a dormant account with zero positions, zero balance, and zero activity falls completely outside the requirement
• The six content items every statement must contain, from total account value to fees charged, and why the beginning and ending dates of the period matter
• The difference between realized gains (security sold, taxable event, Form 1099-B) and unrealized gains (position still held, mark-to-market, not taxable)
• How mutual fund statements display NAV per share and cost basis, while variable annuity statements show accumulation unit value (AUV) and surrender value net of CDSC
• The four strict conditions for the Delivery versus Payment (DVP) / Receipt versus Payment (RVP) statement exception, and why written customer consent is non-negotiable
• Why a court-appointed fiduciary exception requires both written instructions from the fiduciary and a certified copy of the court appointment, not a phone call from a family member
• The rigid two-step process for third-party delivery, and why duplicate statements to the customer are always mandatory to protect against financial exploitation