should i disclose my brokerage account?

**kork13** · 12-05-2009, 01:44 PM

It's a part of FTC rules that you must disclose your investments when you go to work for a financial services company. So disclosing it is not an option, because to not do so could cause all kinds of legal problems for you. However, your company cannot require to you move your assets to their investments. It's your money, not theirs! Stand your ground, do what you feel is right for your money.

**bachib** · 12-05-2009, 01:51 PM

Thanks for the reply. This transferring of assets was on the offer letter which I signed. I did not take this seriously when signing the offer letter. If I don't disclose is there a way for my current financial services company to know that i have a brokerage account with another company?

Thanks in advance,

b

**disneysteve** · 12-05-2009, 01:58 PM

Originally posted by kork13 View Post

your company cannot require to you move your assets to their investments. It's your money, not theirs! Stand your ground, do what you feel is right for your money.

Actually, I believe they can require that. I have several friends and relatives who work in the financial industry and they all are held to that standard. Their investments MUST be with the company they are employed by. It isn't optional. I assume it is done so that your accounts can be monitored for suspicious trading activity.

Sorry, OP, but I believe that comes with the job. If you don't like it, you may need to find another line of work.

**kork13** · 12-05-2009, 03:07 PM

Originally posted by bachib View Post

If I don't disclose is there a way for my current financial services company to know that i have a brokerage account with another company?

It's really not that simple. It would be a federal crime for you to not disclose all of your assets and investments. It's not a choice for you to make, unless you either a) don't want to work there; or b) you have aspirations for picking up a criminal record. To answer your question, yes -- when you file your taxes, the IRS will see it, as will the FTC, as will, in short order, the FBI.

Originally posted by disneysteve View Post

Actually, I believe they can require that. I have several friends and relatives who work in the financial industry and they all are held to that standard. Their investments MUST be with the company they are employed by. It isn't optional. I assume it is done so that your accounts can be monitored for suspicious trading activity.

That's interesting, it would seem that the entire point of upfront disclosure is just that, so that the appropriate agencies are able to watch stuff like that... But, what do I know?

**disneysteve** · 12-05-2009, 03:21 PM

I'm not 100% sure. I'm going to e-mail someone and ask. I'll post back if I get an answer.

**EconoMutt** · 12-05-2009, 03:59 PM

When I was in the industry we had the option of using our own or the company's account. I started out using my own, but the reporting was a pain and very time consuming.
I'm sure they are more strict today.

**creditcardfree** · 12-05-2009, 05:57 PM

Disclose. Or you could lose your job.

Is it possible as an employee you get a discount on the brokerage fees? When I worked at a mutual fund company, we were able to purchase shares at NAV (net asset value).

**bachib** · 12-05-2009, 06:49 PM

Thanks for the reply. I do not get any discount.

**GrimJack** · 12-07-2009, 06:32 PM

If it was in the offer letter, it is part of your employment contract - I can't see any way out of that. Am I missing something?

**creditcardfree** · 12-08-2009, 12:25 PM

Originally posted by GrimJack View Post

If it was in the offer letter, it is part of your employment contract - I can't see any way out of that. Am I missing something?

The only way out is to find another job outside of the financial industry.

**toboramai** · 12-08-2009, 05:28 PM

Disclose as it is a federal crime not to do so. I have a similar situation where I have to tell my firm all my investments and I can't have financial interest in or with certain firms because of federal compliance issues.

Feel free to PM if you want more detail information\guidance.

should i disclose my brokerage account?