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QUESTION: Firms Policies on Personal Accounts

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Dec 29, 2010 5:32 pm


Hopefully somebody has some experience with this... I am starting work for a BD who clears through NFS. All my personal accounts are held at NFS, however they are still requiring me to transfer my accts to their BD. I have offered to add them as interested parties to all my accounts and provide duplicate statements however this is not good enough. There is one account in particular that I do not want to transfer because it has certain features that I am grandfathered into, and I will loose forever if I transfer. I do not trade in this account, I only use it for cash management. If I were to transfer all of my NFS accounts except this one, would my new BD ever be able to find out?



Dec 29, 2010 5:44 pm

If it's a brokerage account, yes.  Once you change your employer status on that account the B/D will be notified that you work for a member firm and they'll be required to report your account to your B/D.  They'd be in hot water if they didn't and you'd probably get fired for not following the compliance mandates. 

Just FYI, if you're a new FA just starting, you won't have to worry about personal cash management.  You won't have any to manage.