Can the TOB be signed electronically?

Yes. Electronic signatures are legally enforceable under the federal ESIGN Act (15 U.S.C. §7001) and UETA in most states. Verify any statutory exceptions for testamentary documents and specific categories excluded from e-signature coverage.

When is a notarization required?

Notarization depends on the document’s legal purpose and state law. Real estate transfers and some powers of attorney typically require notarization; confirm requirements with the relevant state statute or custodian.

What if a name or TIN is incorrect?

Incorrect taxpayer identification can trigger backup withholding at a 24% rate and IRS penalties for incorrect information returns (IRC §6721). Correct errors promptly and reissue amended documents when necessary.

Does HIPAA affect the TOB?

If the TOB collects protected health information or authorizes PHI disclosures, include HIPAA-compliant language and use a vendor that will sign a BAA when processing PHI; HIPAA retention is 6 years (45 CFR §164.530(j)).

How do I revoke or update the TOB?

Revocations and updates should be documented in writing, signed by the principal, and dated. Maintain the prior version and the revocation in records to preserve an audit trail for future disputes.

Is remote online notarization acceptable?

Many states permit Remote Online Notarization (RON) with identity proofing and audio-video recording requirements; check the target state’s notary commission rules before relying on RON for notarized elements.

Electronic Signature
Templates
Finance
Financial Life Core TOB

Financial Life Core TOB

This template is fully customizable. Edit the text, fill out the fields, and send it for signature. Give it a try!

FINANCIAL LIFE CORE TERMS OF BUSINESS

Parties and Engagement

This Terms of Business agreement ("Agreement") is entered into between the Adviser and the Client on the Effective Date specified below. The Adviser provides investment and financial planning services subject to the terms stated herein. The parties identify themselves as follows:

Adviser / Firm Name Adviser Address Adviser Contact Phone Client Name Client Address Client Contact Phone

Effective Date:

Scope of Services

The Adviser will provide the services checked below as part of the Financial Life Core offering. Services performed shall be in accordance with applicable law and professional standards.

Financial Planning Investment Management Retirement Planning

Estate Planning Advice Insurance Review Tax Planning (non-tax-return preparation)

Detailed Scope Notes

Fees and Billing

The Client agrees to pay the Adviser fees as set out in the Fee Schedule below. Fees are exclusive of taxes unless otherwise stated. The Adviser shall invoice the Client in accordance with the agreed billing frequency.

Description	Qty / Freq	Unit Rate	Amount

Subtotal: Tax (%): Shipping / Expenses:

Total Due:

Payment Terms and Methods

Late payment interest: % per month on overdue balances. Payment is due within days of invoice date.

Client Responsibilities

The Client shall provide full and accurate information reasonably requested by the Adviser, promptly respond to Adviser communications, and notify the Adviser of any material changes in financial circumstances. The Client acknowledges that the Adviser relies on information supplied by the Client and third parties.

Material Disclosures by Client

Confidentiality and Data

The Adviser will treat Client information as confidential and may only disclose such information as required by law or as necessary to perform the services. The Client consents to the Adviser retaining records and using Client data for service delivery, subject to applicable privacy laws. The Adviser will implement commercially reasonable safeguards to protect Client data.

Client consents to storage and processing of personal data: Yes

Liability, Indemnity and Limitation

The Adviser will perform services with reasonable skill and care. Except where prohibited by law, the Adviser’s liability for any claim arising under or in connection with this Agreement is limited to direct damages not exceeding the fees paid to the Adviser under this Agreement in the twelve months preceding the event giving rise to the claim. The Client shall indemnify the Adviser against third-party claims arising from the Client’s instructions, information provided by the Client, or the Client’s breach of this Agreement.

Term, Termination and Suspension

This Agreement commences on the Effective Date and continues until terminated by either party by providing written notice to the other. Either party may terminate immediately for material breach. On termination, outstanding fees and expenses incurred prior to termination remain payable. Notice period (days):

Conflicts of Interest

The Adviser shall disclose any material conflicts of interest that may reasonably be expected to affect impartiality. The Client acknowledges that the Adviser may receive third-party payments or commissions for certain products and consents to such arrangements where disclosed in writing.

Disclosed Conflicts or Third-Party Arrangements

Governing Law and Dispute Resolution

This Agreement is governed by the laws of: . Any dispute shall be resolved by good faith negotiation; if unresolved, disputes shall be submitted to binding arbitration under the chosen rules of the parties.

Preferred dispute resolution method: Arbitration Mediation Court Proceedings

Amendments and Entire Agreement

No variation of this Agreement is effective unless agreed in writing by both parties. This Agreement, together with any schedules and written fee schedules, constitutes the entire agreement between the parties regarding the subject matter herein.

Additional Terms or Special Instructions

Acknowledgement

By signing below, the Client acknowledges having read and understood this Agreement, including fee arrangements, the scope of services, confidentiality provisions, and limitations of liability, and agrees to be bound by its terms.

Adviser / Firm:

By:

Date:

Client Name:

By:

Date:

What the Financial Life Core TOB Is and when it applies

The Financial Life Core TOB is a standardized financial disclosure and authorization template used to collect core personal and financial information, permissions, and lifecycle instructions for an individual’s financial affairs. It typically combines identity data, account and asset summaries, beneficiary designations, consent for data sharing, and instructions for handling accounts upon disability or death. The form is designed to support estate planning, advisory onboarding, and internal compliance workflows by consolidating essential items into a single, reusable document that can be retained, updated, and executed by authorized signers.

Why the Financial Life Core TOB matters for financial planning

A consolidated Financial Life Core TOB reduces duplication across account opening and estate planning documents, clarifies signatory authority, and documents consumer consent for data sharing and electronic delivery. It creates an auditable record of intent and permissions that helps advisors, fiduciaries, and institutions meet regulatory and audit requirements while simplifying later updates.

Who typically completes the Financial Life Core TOB

The form is completed by individuals working with financial professionals, family fiduciaries, or anyone establishing comprehensive financial instructions.

Individual clients who need consolidated account and beneficiary information in one place.
Financial advisors and wealth managers streamlining client intake and compliance checks.
Estate executors, trustees, or family members organizing successor instructions and permissions.

Organizations that rely on standardized data — wealth managers, trust departments, payroll teams — use the TOB to speed onboarding and reduce downstream questions.

Primary signer and approver roles

Individual

The primary account holder or client who provides personal data, signs authorizations, and names beneficiaries. They must use their legal name and confirm consent for electronic delivery when required by statute.

Fiduciary

An executor, trustee, or designated agent authorized to act on behalf of the individual. The fiduciary must present proof of authority and may need notarization or witnesses depending on state law.

Core sections included in a professional Financial Life Core TOB

A complete TOB organizes data into clearly labeled sections so reviewers can find identity, authorization, and disposition instructions quickly.

Identity and Contact

Full legal name, previous names, date of birth, primary and mailing addresses, phone and email. Accurate identity data supports tax reporting, KYC checks, and later notarization if required.

Account Inventory

A concise list of financial accounts, institutions, account numbers (or masked), and account types. This inventory helps trustees and advisors locate assets after incapacity or death.

Beneficiary Designations

Named beneficiaries for specified accounts or assets plus contingency beneficiaries and percentage allocations. Clear beneficiary language prevents distribution disputes.

Data Sharing Consent

Explicit authorizations to share financial information with named advisors, attorneys, or family members, including electronic delivery and third-party access permissions.

Disability & Disposition Instructions

Instructions for managing accounts during incapacity and desired disposition of assets after death, including payable-on-death or transfer-on-death designations.

Signatures & Authentication

Signature blocks for the principal and any co-signers, with fields for date, printed name, and witness or notary blocks when state law or institutional policy requires them.

Step-by-step: filling and finalizing the Financial Life Core TOB

Follow these sequential steps to complete the form accurately, verify identity, and preserve legal effect.

01

Prepare Documents: Gather IDs, account statements, and beneficiary information before you begin.
02

Complete Fields: Enter required data exactly as shown on supporting documents.
03

Authenticate: Provide requested authentication, such as ID upload, SMS code, or notarization.
04

Save and Distribute: Save final copies in PDF and share signed copies with named parties.

Typical online workflow configuration for the TOB

Configure a digital workflow that controls signer order, authentication, and notifications to match institutional policies.

Field	Configuration
Signer Order	Sequential or parallel based on roles; choose role-based routing.
Authentication	Email link, SMS code, or knowledge-based authentication as required.
Conditional Fields	Use conditional visibility to show only relevant sections per user answers.
Notifications	Enable email receipts and reminders for outstanding signatures.

How electronic completion and routing typically works

An online signing workflow creates a clear trail from upload to execution and delivery.

Upload: Sender uploads the TOB PDF or DOCX to the signing platform.
Place Fields: Sender adds signature, date, and data fields for each party.
Send: Platform emails or generates a signing link for recipients.
Complete: Signer authenticates, reviews, and signs; a certificate of completion is saved.

Digital signing and platform prerequisites

Ensure the platform supports required authentication, audit trails, and export formats before e-signing.

Authentication: Email, SMS, KBA, or SSO options depending on risk profile.
Audit Trail: Timestamp, IP, and action log for each signer.
File Formats: PDF, DOCX, and audit-ready exports required.

Timing considerations and common deadlines

Certain financial and tax-related items tied to the TOB follow statutory or institutional deadlines; plan for timely submission.

W-9 Provisioning:

Provide a completed W-9 when requested; there is no fixed statutory filing deadline.

1099/Tax Reporting:

Information returns such as 1099-NEC are due to recipients and the IRS by January 31.

Individual Tax Return:

File Form 1040 by April 15; extensions use Form 4868.

I-9 Retention:

Retain I-9 forms for 3 years after hire or 1 year after termination, whichever is later.

Notarization Windows:

If a notary is needed, verify office hours and RON session availability in advance.

Key processing milestones from preparation to filing

Use this milestone sequence to track the TOB lifecycle from drafting through secure archiving.

01

Draft Completion

All required fields populated and supporting documents attached.

02

Internal Review

Advisor or compliance reviews entries for completeness and accuracy.

03

Execution

Signatures and notarizations obtained; audit trail preserved.

04

Archival

Final PDF and metadata stored in secure records retention system.

Common mistakes to avoid when preparing the TOB

Using a nickname or abbreviated name instead of the legal full name, which can prevent acceptance by custodians or trustees.
Omitting beneficiary SSNs or account identifiers when the receiving institution specifically requires them for verification.
Failing to obtain required witness signatures or notarization for documents that state law or institution policy requires.
Saving only a signed image without the audit trail; this can undermine proof of intent and signature attribution.

Penalties and legal risks from incorrect or late filings

Information Return Penalties: IRC §6721 penalties for incorrect 1099 filings can be $60–$330 per form.

Intentional Disregard: Intentional disregard penalties are $660+ per form with no maximum.

Backup Withholding: Missing or incorrect TIN can trigger 24% backup withholding.

I-9 Violations: I-9 paperwork failures carry fines from $281 to $2,789 per violation.

Estate Disputes: Ambiguous beneficiary language can result in probate litigation and delay distributions.

Data Privacy Liability: Failing to protect patient or consumer data can trigger HIPAA or state privacy penalties.

Representative eSignature vendor pricing and capability comparison

Select a vendor based on required compliance features and pricing model. The table shows starting prices and common capabilities across major providers.

	signNow	DocuSign	Adobe Sign	PandaDoc	HelloSign
Starting Price	$8/user/mo	$15/user/mo	$14/user/mo	$19/user/mo	$15/user/mo
Free Trial	Yes, 7-day trial	Varies	Varies	Varies	Varies
Bulk Send	Yes	Yes	Yes	Yes	No
Audit Trail	Yes	Yes	Yes	Yes	Yes
HIPAA Compliant	Yes	Yes	Yes	No	No
Envelope Cap	No cap	100 envelopes/user/year	Varies by plan	Varies by plan	Varies by plan

Real-world examples of the TOB in use

These brief examples show how organizations use a consolidated TOB to simplify processes and maintain compliance.

Optica Ventures

Optica consolidated client onboarding into a single TOB to reduce paperwork and tracking.

The TOB captured account and beneficiary data in one file.
As a result, Optica reduced processing time and improved customer clarity, enabling easier audits and a single source of truth for client financial instructions.

Fertility Centers of Illinois

A medical practice added data-sharing consent to the TOB for insurance coordination.

The TOB included HIPAA-consented data-sharing blocks.
This approach centralized patient financial authorizations and reduced duplicate forms while preserving required privacy controls and consent records.

Practical tips for accurate and efficient completion

Adopt these best practices to reduce errors and speed downstream processing for the TOB.

Verify identity documents

Compare names, dates of birth, and address entries against government-issued ID to prevent mismatches that delay verification and create compliance flags.

Use consistent naming

Always use the legal entity or individual name consistently across related documents, account registrations, and tax reporting fields to prevent reconciliation issues.

Record version control

Maintain a version history and note the effective date for each TOB iteration to preserve an auditable chain of custody for changes and revocations.

Confirm consent disclosures

For consumer-facing financial or health data requests, present ESIGN consumer disclosures and record affirmative consent per 15 U.S.C. §7001.

Frequently asked questions about executing the Financial Life Core TOB

Answers to common questions about e-signing, notarization, revisions, and legal effect when using a consolidated financial TOB.

Need help? Contact support

Can the TOB be signed electronically?
Yes. Electronic signatures are legally enforceable under the federal ESIGN Act (15 U.S.C. §7001) and UETA in most states. Verify any statutory exceptions for testamentary documents and specific categories excluded from e-signature coverage.
When is a notarization required?
Notarization depends on the document’s legal purpose and state law. Real estate transfers and some powers of attorney typically require notarization; confirm requirements with the relevant state statute or custodian.
What if a name or TIN is incorrect?
Incorrect taxpayer identification can trigger backup withholding at a 24% rate and IRS penalties for incorrect information returns (IRC §6721). Correct errors promptly and reissue amended documents when necessary.
Does HIPAA affect the TOB?
If the TOB collects protected health information or authorizes PHI disclosures, include HIPAA-compliant language and use a vendor that will sign a BAA when processing PHI; HIPAA retention is 6 years (45 CFR §164.530(j)).
How do I revoke or update the TOB?
Revocations and updates should be documented in writing, signed by the principal, and dated. Maintain the prior version and the revocation in records to preserve an audit trail for future disputes.
Is remote online notarization acceptable?
Many states permit Remote Online Notarization (RON) with identity proofing and audio-video recording requirements; check the target state’s notary commission rules before relying on RON for notarized elements.

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