Own Brokerage Accounts

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Jul 17, 2009 6:35 pm

I know that if your licensed, your suppose to let your BD know about brokerage accts you have open/want to open --- and more times than not they want you to open them w/ them................. but how exactly would they enforce this???


 
for example, if I open up a etrade acct, how is my BD even going to know??? yes they ask your employer info, but what if I just said unemployed-- or self employed??
 
main reason is bc my senior partner doesnt want me 'having distractions' which is fine, but c'mon .......... what they don't know can't hurt them, can it? Or better phrased, 'hurt me'??
 
 
Thanks
Jul 17, 2009 8:16 pm

Don't take this personally, but you're an idiot.

Of course it could hurt you

Jul 17, 2009 9:56 pm

Ditto to Sportsfreakbob.  At first read, I took you as some poor wet-behind-the-ears noob broker that just didn't know any better.  I was going to give you a straight honest answer.  But then I read a couple of your previous posts to see that you only open 8, 9, or 10 figure accounts.  So you should seriously know better. You don't need my input.  I'm just a schmuck that's lucky to get a hand job from the wife when I open a $250k account.  

Jul 18, 2009 12:40 pm

When you open an ETrade or whatever they will ask you if you are registered. If you say no you have given them a material misrepresentation. They are required to give your firm records of all activity in the account.

 
You would probably not only lose you job but probably your registration to boot.
 
I would say Sportsfreakbob's accessment of your post hits the nail on the head.
 
Aug 26, 2009 3:34 pm

QUESTION:  I am interested in knowing, does your firm charges you a fee if you insist on maintaining an outside brokerage account. 

 
The firm with which I'm affiliated has a policy of charging a $100 fee for each outside brokerage account I maintain, e.g., at E*Trade.  This fee supposedly represents the extra cost for monitoring the outside brokerage account; but the fee would be waived if I instead transfer the funds to the firm with which I'm affiliated because my activity can supposedly be easier monitored.  
 
Thanks,
Aug 26, 2009 4:00 pm
Newdog:

QUESTION:  I am interested in knowing, does your firm charges you a fee if you insist on maintaining an outside brokerage account. 

 
The firm with which I'm affiliated has a policy of charging a $100 fee for each outside brokerage account I maintain, e.g., at E*Trade.  This fee supposedly represents the extra cost for monitoring the outside brokerage account; but the fee would be waived if I instead transfer the funds to the firm with which I'm affiliated because my activity can supposedly be easier monitored.  
 
Thanks,
 
I can see that happening.  Most firm monitor employee trading through electric data feeds from the B/D - which costs money to set up.  If employees have accounts at 15 different B/Ds, then that's a lot of money to monitor the activity.
Aug 26, 2009 5:26 pm
KensLoveChild:

Ditto to Sportsfreakbob.  At first read, I took you as some poor wet-behind-the-ears noob broker that just didn't know any better.  I was going to give you a straight honest answer.  But then I read a couple of your previous posts to see that you only open 8, 9, or 10 figure accounts.  So you should seriously know better. You don't need my input.  I'm just a schmuck that's lucky to get a hand job from the wife when I open a $250k account.