White Oak has experienced significant growth in the past few years, increasing both our number of clients and amount of assets under management. Therefore, we are happy to report that last August, White Oak shifted its registration from North Carolina (and other relevant states) to the Securities and Exchange Commission. In doing so, we updated the required regulatory documents provided to clients, which are linked here. Included is the new easy-to-read disclosure form called the Customer Relationship Summary, or Form CRS. If you have any questions, please get in touch.
- ADV Part 2
- FORM CRS
- WRAP Brochure (including our Privacy Policy)
Fidelity Core Transaction Account Option Change
You likely received an email from Fidelity last week regarding the above-titled action. Here’s what that means for you:
Up until this change we were able to specify that cash coming into a taxable account (deposit, proceeds of a stock sale, interest or dividend) would automatically go into a money market fund. (The change does not apply to qualified accounts like IRAs.) Fidelity changed it so that incoming cash now goes into a fund called FCASH. FCASH does earn interest – better than a bank – but not as good as the money market funds we use.
To get around this issue, we run reports at least once a week to look for accounts that have funds sitting in FCASH, then we manually move it over to the money market fund. Clients may lose a few days of the higher interest rate from the money market fund, but we are at the mercy of Fidelity. We are, however, working to develop other processes to get the funds moved more quickly.
Beneficiary Review
Statement Householding
Connecting your Bank Account to your Fidelity Accounts