ACATs can have a variety of statuses. Assuming there are no issues with the transfer request, an ACAT will typically go through the following steps: Initiate Request > Request > Review > Settle Prep > Settle Close > Transfer Complete.
Occasionally, a transfer request will not be in good order. Below are the variety of statuses it may enter if something is out of good order and the recommended actions to take.
| State | Description | Actions |
| PENDING APPROVAL | The transfer has been drafted by an advisor or someone in operations, but the client has yet to approve it | The client needs to log into the platform and approve the transfer. If the transfer has been attached to the account application, they can approve it during the account opening experience |
| READY TO SUBMIT | The transfer has been approved or submitted by the client and is ready to submit. This is a brief intermediate state that should only be displayed for 10-20 minutes | No action needed unless you see it persist beyond a couple of minutes. If you notice the status remaining longer than a couple of minutes, please contact Zoe's Client Success team. |
| INITIATE REQUEST | Incoming transfer request has been submitted | No action needed |
| PARTIAL REQUEST | Partial Transfer request has been submitted to the contra firm successfully | No action needed |
| REQUEST | Transfer request has been submitted to the contra firm successfully | No action needed |
| REVIEW | Both the custodian and contra firm are reviewing the assets expected to transfer | No action needed |
| REVIEW ACCELERATE | Accelerated transfer, reducing settlement by one day | No action needed |
| SETTLE PREP | The day before settlement | No action needed |
| SETTLE CLOSE | The transfer settled and assets were transferred to the account | No action needed |
| TRANSFER COMPLETE | The transfer settled and assets were transferred. The client's account now has a balance and reflects the transferred assets. Please note: If the transfer is completed intra day, the balance and assets will not be viewable on the Zoe Wealth Platform until Zoe has received the start of day files on the following day | No action needed |
| REVIEW ERROR | The contra firm has an error on asset input | The contra firm has 24 hours to adjust; if no action is taken by, request will need to be re-submitted. The Zoe Client Success team will monitor any ACATS in this status and will follow up with the associated advisor if further action is required |
| REQUEST REJECT | "Soft" reject by the contra firm that can be amended within 24 hours |
The Zoe Client Success team can submit amendment instructions within 24 hours. This status is most commonly associated with Beneficiary IRA transfers where the decedent's name may not have been properly submitted to the contra firm. In most cases, Zoe is able to successfully provide amendment instructions, and the transfer is delayed by a day. The client success team will reach out to the associated advisor and notify them of the current status. If the amendment isn't accepted, we will follow up and provide a recommendation for next steps |
| REQUEST ADJUST | Previously rejected ACAT has been resubmitted by the contra party firm | The contra party firm adjusted and resubmitted the request |
| REJECT | There was an issue with the transfer, processing was stopped | See below for detailed explanation |
| ERROR | Issue with the transfer at National Securities Clearing Corporation (NSCC), the counterparty that provides clearing between brokerages | See below for detailed explanation |
| UNDEFINED | The internal error state, meaning the request was received but there was an error before it was submitting the request forward to NSCC | In most cases, we are able to resubmit this request without intervention from the client or advisor. When this status is received, the Zoe Client Success team will coordinate the resubmission. The client success team will reach out to the associated advisor and notify them of the current status. If we are unable to resubmit the request, we will follow up and provide a recommendation for next steps |
If a transfer is status “Reject” or “Error”
If Zoe receives a reject or error status on an account transfer, we will first review any memo notes provided by the contra party to do an initial diagnosis of why the transfer failed. We will also work to contact the contra party directly and request additional details.
Within 30 minutes to an hour of the transfer being rejected, we will contact the associated advisor. If we know with a high degree of certainty why the request failed, we will provide our recommendations for next steps. If further information is needed and there hasn’t followed up, we will request that the advisor provide an investment statement that the Client Success Team can review.
At this point, the Client Success Team is generally able to determine what next steps should be, whether the request needs to be modified and resubmitted or the transfer cannot be submitted via the ACATS system and will require paperwork. We will then provide this recommendation to the advisor.
If we cannot determine why the transfer failed based on all information provided, it is generally advisable that the client call the contra firm to request additional information. It is recommended that a member of the Zoe Client Success Team join that call, so we can ensure to ask detailed questions or provide information to the contra firm that would help facilitate a successful transfer.
If you need any additional assistance, you can contact your Zoe relationship manager or the Zoe Client Success team at clientsupport@zoefin.com or 646-264-4449.