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financial services job, how much disclosure?

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    financial services job, how much disclosure?

    for a position in financial services, how much disclosure of assets and investments is required?

    i expect brokerage accounts to be disclosed including personal trading and ira, but what about
    brokerage accounts with zero balances that are not yet closed? for example, td ameritrade assets that
    were withdrawn and transferred to tradeking, however td ameritrade is still active with zero balance.

    and what about non-brokerage such as checking, saving and cds?
    Last edited by pumpernickel; 09-09-2012, 07:10 AM.

    In general, you are required to report any securities related accounts because your firm has to monitor your trading activity (insider trading, front running, etc.), not because they want to know how much money you have at all times and where all you do your business.

    So, any open and active brokerage account for sure, regardless of balance. No one cares about closed accounts, because you can't trade in a closed account.

    Therefore, I do not believe you are required to report any non-securities related account. Checking, savings at your bank (unless you can buy stocks/MFs/etc. with it somehow), CDs, etc. should not matter.

    For all the specifics, you should ask your HR. Company policies may differ.


      +1 on above. It depends on the position and the firm though. If you're working backoffice for a firm that's not a broker dealer or SIPC member that might not be the case. However, if you're getting a Series 7 and acting as a rep or working for a broker you'll just have to make sure that copies of statements are sent to them. It shouldn't be complicated, just have your brokerage add them as a statement reciever. In cases where your brokerage requires you to have authorization from the sponsoring broker dealer you'll just have to file something with them from your employer saying they're aware and okay with the account.


        Better to disclose too much than not enough and have a compliance audit uncover something which gets you fired.