Frequently
Asked Questions Regarding Portsmouth Financial Services
We
understand that most questions arise from personal experience
regarding a customers account or situation. The following
FAQS are grouped in sections and are by no means complete.
If you have a question or situation that is not addressed
here, please feel free to submit your query by using our online
form on the Contact page.
We hope
you find the following informative and look forward to hearing
from you.
Questions
regarding our Firm:
Questions
with respect to client accounts:
Questions
involving products and services:
Questions
involving resources:
Miscellaneous
questions:
What
type of brokerage firm is Portsmouth Financial Services?
Portsmouth
Financial is a full service brokerage firm.
How
does a full service firm differ from a discount broker?
A full service firm offers direct access to operations professionals
for problem solving. Generally, discount brokers offer bare
bones executions.
Who
is Pershing, LLC?
Pershing LLC, a subsidiary of The Bank of New York Mellon
Corporation, has offered execution, clearing, data processing,
and financial products and services to Broker Dealers since
1939.
What
is Portsmouth Financial Services relationship to Pershing,
LLC a subsidiary of The Bank of New York Mellon Corporation?
We are an introducing Broker-Dealer to Pershing utilizing
their vast resources to service our clients.
How
does this relationship benefit me as an investor?
You have access to Pershing's multitude of products and services
through Portsmouth toward serving your financial needs.
What
are your office hours?
Our offices are open from 6:30 AM until 4:00
PM Monday through Friday.
Can
I have online access to my account?
Yes! With a personal ID and secure password you can view your
account activity. Call 1-800-827-9258 to get setup for this
service.
What
is the difference between a confirm and a statement?
Confirmations are evidence that a requested transaction has
been completed. Statements (Monthly or Quarterly) are a comprehensive
list of your assets and activities for that time period.
How
often will I receive confirms and statements?
Whenever you effect a trade in your account you will receive
a confirmation. Statements, depending upon activity, are sent
Monthly or Quarterly.
Can
I get checking with my investment account?
Yes! It's called ProCash Plus Silver and it is free for accounts
carrying a minimum $5,000 balance; otherwise, a $2.00 monthly
fee applies. There is no annual fee for ProCash Plus Silver
accounts. Individual Retirement Accounts (IRA's) are also
elegible for free Resource Checking. For either of these services,
request an aplication and return it to your investment advisor.
Can
I have money sent directly to my bank account?
Yes! We can wire funds directly to your account on a request
basis; or, arrange to have automatic deposits made on whatever
periodic basis meets your needs.
How
fast can I have access to cash in my account?
Right away! However, for proceeds arising from trade transactions
there is a 3 day waiting period.
I
have different mutual funds. Do I have to bring them into
my investment account?
No! But it may be to your advantage to do so. By bringing
them into Portsmouth Financial Services, all your assets will
be on a combined statement.
What
is your policy protecting my privacy?
We are very diligent in protecting our customers' privacy.
Request a Privacy letter which explains our policy in detail.
You may also download and print our Disclosure page.
Can
I phone an order to trade directly to you?
Yes! Call 800-443-2227. Any of our personnel will be happy
to help you. Personal identification will be necessary for
your protection.
Do
I have to live in California to have an account with you?
Not at all! We are licensed in 36 states. Your legal address
can be in any of these states.
What
do I need to open an account?
A completed new account form with extensive
personal information plus a current form of ID such as a driver's
license or passport.
Do
you offer insurance?
Yes! We have an insurance/annuity specialist with many years
of experience who assists Portsmouth in these areas.
What
is an annuity?
An annuity is an insurance contract which allows income and
gains to be tax-deferred for various periods.
What
is a "margin" account?
A margin account allows you to borrow (leverage) against the
equity in your account. This type of account needs special
approval and carries more risk than a cash account.
Do
you do options trading?
Yes! Options trading requires a separate agreement and approval.
We have a registered Options Principal on site.
Are
my investments insured?
Yes! Through the combination of SIPC coverage and commercial
insurance provided by Pershing, protection is afforded for
the total value of your account. Accounts are not protected
against losses from the rise and fall in market value of investments.
Do
you have money market funds?
Yes. Our wide array of *money market funds are provided by
Federated Investors, Inc. Investors are advised to consider
carefully the investment objectives, risks, charges and expenses
of these investments which are contained in the Prospectus.
You may obtain a Prospectus by contacting your Account
Representative at Portsmouth Financial Services or call our
New Accounts Department at 1-800-827-9258. Please read
the Prospectus carefully before investing.
*"An
investment in the Funds is not insured or guaranteed by the
Federal Deposit Insurance Corporation or any other governmental
agency. Although the Funds seek to preserve the value of your
investment at $1.00 per share, it is possible to lose money
by investing in the Funds."
What
retirement products do you have?
We have virtually every retirement product available and can
structure a portfolio that will work for your long term goals.
See our section on Retirement Products in our website.
Do
you have the new Individual K Plans for the self-employed?
Yes! Please see the section on Retirement Plans in our website.
Is
there a way I can record my cost basis?
We have a Portfolio Evaluation System which will keep track
of your cost basis and report it on your statement.
How
can I donate stock to my favorite charity?
With a letter of authorization (LOA) from you and delivery
instructions for your designated charity, we can have shares
of stock sent to them electronically.
If
I create a Trust can I change my account?
Certainly. If you notify us that you would like to have your
account brought in under the name of your Trust, we will open
a new account and have your assets transfered over. To do
this we will send you a new account form and a letter of authorization
to sign. We will also need a copy of the Trust.
What
happens with an account when the account owner becomes deceased?
Upon the death of an account owner, the administrator or family
member taking charge, should notify us and forward a death
certificate as soon as possible. In general, all activity
will cease in the account until further direction from the
account's beneficiaries.
What
is the difference between an IRA and a Roth IRA?
The major difference between these two is the tax treatment
of funds both going in and coming out. A Roth IRA is funded
with money that you have paid taxes on already and receives
no special tax consideration, consequently, distribution,
after all time qualifications are met, is tax-free. An IRA
account receives tax-deduction treatment and, is taxed upon
distribution.
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