QUALIFIED RETIREMENT PLAN ROLLOVER CHECKLIST

Qualified Retirement Plan Rollover Checklist

(QRP)
Client Name(s)*
Account title*
i.e. Robert Smith Traditional IRA
Advisor Name*
Advisor Email Address*
example@example.com
Date*

MonthDayYear
Date

1) GATHER INFORMATION FOR THE SOURCE QUALIFIED RETIREMENT PLAN QRP OR SOURCE INDIVIDUAL RETIREMENT ACCOUNT (IRA)
QRP/IRA: Obtain Client's Current Holdings. A list of the prospective client's current holdings in the QRP or IRA account should be obtained.*
QRP: Ascertain Loan Amounts. Ascertain if any loans are currently outstanding against the QRP assets by the prospective client.*
QRP: Ability of Prospective Client to Stay with the QRP. Some employers require retired plan participants to depart from the plan within a certain period of time, or by a certain age. This information is best found in the Summary Plan Document (SPD) for the plan, which should be available upon request from the plan administrator (or plan sponsor*
QRP: Available Investments. Obtain a list of all available investments inside the QRP. Specific attention should be given to ascertaining whether a Guaranteed Investment Contract (GIC) exists within the QRP, and if so both the current rate provided by such GIC and the liquidity constraints imposed. The adviser should ask the participant for a copy of the plan's 404a-5 disclosures (which are also known as participant disclosures and/or the Investment Comparative Chart These materials are provided to participants when initially eligible and, again, each year thereafter.*
QRP: Employer Stock. In connection with the foregoing, the adviser should ascertain if any of the current holdings in the QRP constitute employer stock.*
QRP: Annuitization Options. Ascertain the annuitization options that exist within the QRP*
QRP: Fees Charged to Plan Participants. Ascertain the fees charged by third-party administrators, recordkeepers, and/or retirement plan consultants and/or investment advisers (other than the investment product fees themselves), that are borne by the plan participant.*
QRP: Services Provided by Plan Sponsor. The services provided to plan participants, and any additional fees charged for such services, which might include but not limited to: (a) investment educational materials or web sites; (b) educational seminars (and a summary of the content thereof); (c) asset allocation software, if any; and (d) financial planning advice - in-person or via software or online portals, if any.*
IRAs/QRPs: Investment Policy (Statement) A determination should be undertaken as to whether an investment policy and/or strategy is utilized in connection with the prospective client's current investments, such as may be found in a "model portfolio" suggested by the plan's investment adviser, or as may be utilized within a target date (or similar) fund utilized by the prospective client, or as otherwise may have been suggested to or be utilized by the prospective client. If an Investment Policy Statement was prepared for the prospective client, a copy of this document should be obtained*

2) GATHER INFORMATION ABOUT THE PROSPECTIVE CLIENT.

Obtain information to formulate to determine suitability and to select the appropriate asset allocation.
Personal Information. The prospective client's and other relevant parties (e.g. spouse, heirs, etc information should be obtained.*
Personal Information. The prospective client's and other relevant parties (e.g. spouse, heirs, etc information should be obtained.*
Discover the Prospective Client's Personal Values and Goals. Attempt to ascertain the prospective client's lifetime financial goals.*
Personal Health. The presence of any medical conditions that might influence the prospective client's ability to accomplish their goals, and/or affect their life expectancies, should be explored.*
Statement of Personal Net Worth. Enough information should be gathered so that you can summarize the prospective client's current assets and liabilities*
Statement of Projected Income and Expenses. Determining an asset allocation for a prospective client is highly dependent upon the prospective client's need for funds. This, in turn, is driven by the client's projected income, from all sources, and projected expenses - both currently and during retirement years*
Complete a Risk Tolerance Questionnaire with the Prospective Client. While risk tolerance should be ascertained, risk capacity and the need and desire to take on risk should also be ascertained.*

3) ANALYZE THE CURRENT INVESTMENT STRATEGY
Undertake an analysis of the client's current investment strategy. What investment policies exist? Are the investment strategies utilized supported by sufficient evidence? How might current valuation levels of various asset classes influence the future results of the investment*

4 ANALYZE THE CURRENT INVESTMENTS AVAILABLE OR UTILIZED
QRPs Only. If the prospective client is retiring from the company, or has already retired, determine whether the plan sponsor allows the prospective client to remain with the QRP, and for how long.*
QRPs Only. Assess any guaranteed investment contract that provides a fixed return for a period of time with no interest rate risk. Determine the financial strength of the insurance company providing this guarantee.*
QRPs Only. Assess and summarize the characteristics of any lifetime annuitization or other annuitization options within the qualified retirement plan.*
QRPs Only. Undertake and summarize an assessment of the Target Date Fund that is most likely to be suitable for the client. Include a summary of its current asset allocation, fees, and costs.*
QRPs and IRAs. Undertake and summarize an assessment of each mutual fund, ETF or other investment vehicle currently utilized by the client including total expenses.*
QRPs: Services, Fees, and Costs. Summarize the services (including but not limited to investment education, investment advice, distribution mechanisms) of the qualified retirement plan, as well as the fees and costs associated with such services. Summarize any constraints existing as to those services,Summarize the fees associated with any distributions, if monthly or other distributions are likely desired by the monthly distributions directly from the QRP to a client's personal account are possible.*

5) SET FORTH THE INVESTMENT STRATEGY FOR THE DESTINATION IRA.
Minimize Idiosyncratic Risk in Your Investment Policy Design. In accordance with the requirements of the prudent investor rule, your investment strategy should be designed and be able to minimize idiosyncratic risk through broad diversification amongIdiosyncratic risk, also called diversifiable risk or unsystemic risk, is risk that is unrelated to the overall market risk. This risk can be mitigated by holding a diversified portfolio of individual securities. Unsystematic risk is also known as "specific risk" or "residual risk"*
Implementation Investment Securities/Products Should Be Available. Your investment strategy should be able to be implemented through investment securities or other investment or insurance products that possess relatively low costs.*
Investment Policy Statement. It is recommended that a summary of the firm's investment strategy be set forth in an Investment Policy Statement (IPS) prepared for the client*
Possess Proper Evidentiary Support for Your Recommended Investment Policy. Set forth a summary of the generally accepted academic research, back-testing, or other reliable and robust intellectual analyses that provide the basis for your current investment policy recommendations*

6) SET FORTH THE MATERIAL FACTS REGARDING EACH SPECIFIC INVESTMENT RECOMMENDATION.
Summarize Fees, Costs of Investment Products Recommended. Set forth the specific investment securities or products to be utilized in the rollover IRA, and discuss how the strategy and the specific securities meet the prudent investor rule's requirements to minimize idiosyncratic risks and meet the duty to avoid waste (as to fees and costs Broad diversification is strongly recommended as a means to reduce idiosyncratic risk within each asset. Formulate an estimate of the total fees and costs of the rollover IRA to the investor, including those from investment security/product fees (including an estimate of the costs of investment products not included in the annual expense ratio, such as the transaction and opportunity costs found within pooled investment vehicles, and including any offsets provided to the fund by securities lending revenue. Set forth a listing of the services to be provided during and following the IRA rollover, and the fees to be charged for such services. Such services might include those relating to investment design and management, financial planning, tax planning, concierge services, and more. These might be contained in your Client Services Agreement.*

7) SET FORTH YOUR SERVICES, FEES, AND VALUE PROPOSITION.
Undertake Benchmarking of Your Firm'sServices and Fees. While there is no requirement that the adviser charge the lowest fee in the marketplace, the adviser's fees must be "reasonable" given the level of services provided.*
Articulate and Set Forth In Writing Your "Value Proposition." Why are your fees justified? Your value proposition should be unique to you, and to the services that you provide.*

8) UNDERTAKE THE COMPARATIVE ANALYSIS.
KEY PRELIMINARY CONSIDERATIONS IN THE COMPARATIVE ANALYSIS. The final step in your analysis is comparing your analysis of the client's existing QRP options, or IRA account, to the investment policy and investment products that you recommend, as well as the services the client currently receives to the services you provide.
Annuitization Analysis. Contrasting any options available inside the QRP with those typically recommended by the adviser should be undertaken. In such connection, insurance company financial strength is a key consideration, and Comdex scores should be set forth in the analysis for each insurance company providing the annuity under consideration. Note: The Comdex score is the average ranking the insurance company receives from the major rating agencies.*
GIC Analysis. Another key component of any analysis will involve consideration as to whether to use the GIC contract present in a prospective client's QRP for a portion of the client's fixed income allocation. If so, a partial IRA rollover may be prudent, rather than a complete IRA rollover.*
401(k) Loan Analysis. If the prospective client has a loan against his or her QRP, the analysis should include whether, and how, such loan will be retired*
Liquidity Analysis. If the prospective client is not yet age 591/2, consideration should be given as to whether the current QRP loan provisions, if any, might be utilized in the future as a means of providing interim support, whether a 72(t) election should be undertaken (and if so, how), and/or whether the QRP plan permits penalty-free withdrawals at age 55 and thereafter. Greater attention might be paid to the issue of liquidity where the client possesses an inadequate cash reserve and/or no access to a home equity or other line of credit should a future short-term need for cash arise, and if the client does not possess savings/investments in non-qualified accounts.*
Fees/Cost Comparisons, Taking Into Account Differences in Education and Other Services Provided. The adviser needs to validate that the value added by their services and advice more than justifies the reasonable fees charged for those services.*
Other Material Tax/Financial Planning Issues. Part of such a comparative analysis might include the broad variety of financial and/or tax strategy issues that might be present or might arise. If such considerations significantly impact the other portions of the adviser's value proposition, they would be appropriate for at least a general discussion. Some other considerations may include protection from creditors and legal judgements, continued employment and required minimum distributions, significantly appreciated employer stock, etc.*
Additionally, it's important to note that the prudent investor rule generally requires that the adviser consider the other accounts and property of the client. These aspects of the due diligence analysis also highlight possible additional reasons that justify professional management of a client's accounts - at least these aspects of financial and tax planning are integrated with, or provided alongside, the investment advisory services.

REVIEW OF RECOMMENDATION (to be completed by Advisor)
Proposed Investment Recommendation*
Please list the services that will be provided as part of this investment recommendation*
What is the total dollar value of the proposed investment recommendation?*
What is the proposed "level fee" to be charged by Oakbourne Advisors to the client?*
What is the estimated total annual fee to be charged to the client including the "level fee" and any additional 3rd party transaction or underlying investment product or securities fees for this investment recommendation?*
What is the estimated total annual fee including all underlying investment product or securities fees presently charged to the client in their existing QRP or IRA account?*
Is NorthStar Asset Management, any individual investment adviser representative including yourself, or any affiliate of NorthStar Asset Management receiving any direct or indirect compensation in addition to the "level fee" charged by NorthStar Asset Management to the client?*
Do you believe the investment recommendation to rollover or switch the client's IRA in the Best Interests of the client?*
Please submit this checklist and any other relevant supplementary information or documentation to the Chief Compliance Officer for the Supervisor Review. The Chief Compliance Officer must approve this proposal before you provide this investment recommendation to the prospect or client.
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Qualified Retirement Plan Rollover Checklist

1) GATHER INFORMATION FOR THE SOURCE QUALIFIED RETIREMENT PLAN QRP OR SOURCE INDIVIDUAL RETIREMENT ACCOUNT (IRA)

2) GATHER INFORMATION ABOUT THE PROSPECTIVE CLIENT.

3) ANALYZE THE CURRENT INVESTMENT STRATEGY

4 ANALYZE THE CURRENT INVESTMENTS AVAILABLE OR UTILIZED

5) SET FORTH THE INVESTMENT STRATEGY FOR THE DESTINATION IRA.

6) SET FORTH THE MATERIAL FACTS REGARDING EACH SPECIFIC INVESTMENT RECOMMENDATION.

7) SET FORTH YOUR SERVICES, FEES, AND VALUE PROPOSITION.

8) UNDERTAKE THE COMPARATIVE ANALYSIS.

REVIEW OF RECOMMENDATION (to be completed by Advisor)

Please submit this checklist and any other relevant supplementary information or documentation to the Chief Compliance Officer for the Supervisor Review. The Chief Compliance Officer must approve this proposal before you provide this investment recommendation to the prospect or client.