Does your b/d require disclosure of your spouse's accounts?

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Jan 19, 2011 3:33 pm

Hi. Not sure if I'm posting in the right forum, but here goes.

I'm a RR for an indy b/d. Every year they ask for disclosure of my brokerage accts held with them or elsewhere. That I get.

But they also ask for acct numbers and custodians of accts held by family members... for example if my spouse had an etrade acct or an acct with options in it given to him by his employer. Personally I think accts that are held by someone else, of which I have no control or trading authority, are none of their business. I am sure there are plenty of people who don't even know of accts held by their spouses.

Does your indy b/d require this also? It's all very Big Brother if you ask me....

Jan 19, 2011 3:36 pm

All firms require this now. If you're at an indy firm, that sent messages about this today, we might be at the same place. It probably happened because some bigwigs at major firms, decided to act on inside information, sell away, front run, or other fun stuff...

Jan 19, 2011 4:27 pm

Hmmm. Was wondering if it was a FINRA requirement, or just more of the same Over The Top BS from my b/d.... requiring stuff that isn't technically required by law, going overboard w/their requirement that my network, and all resulting internet traffic/passwords/sites visited go thru their network (uhhh no thanks), etc.  Enough with the micromanagement!!

I can see why they ask it - spouse has etrade acct, dishonest RR gets inside info from client who works at Big Company XYZ and passes it on to said spouse for some nice cha-ching. 

OTOH, I know a couple who don't even share their salaries with each other - all financial stuff is totally separate. So some ppl might not know what acct their spouse has where....

Sigh.

Jan 19, 2011 4:54 pm

Yeah, pretty sure it is indeed FINRA driven. All the while, we give up incremental freedoms, all for things like pleasure, peace, luxury, power, safety...

Hey, just take a look at what is publicly available about YOU on Finra.org? My goodness, anyone without reason or cause, can get more than you'd care to disclose to the entire world. Wholesalers for example use that stuff for prospecting.   

And, not like any of this "regulation" ever stops the bad guys from doing more wrong. GS and JPM still pick our pockets each and every day, along with all sorts of other firms, some we've never even heard of.

Blue pill or red pill?

Jan 19, 2011 5:40 pm

So true, BFP....

Well on that note, now for a nice glass of wine!