From the company's point of view, having outside accounts is a compliance hassle.įascinating this was presented to you in a "code of ethics" document. You need to judge whether a $6 difference in trading fees and increased margin rates are worth more to you than the job. I understand that moving an account is normal within the financial industry, but I definitely don't want to pay the added fees and the ridiculous margin interest rate! What are the exceptions I can ask for? Why am I asking for an exception? Because the trading fees for my current brokerage account are about $1 per trade while with my new employer they are $7 per trade, margin interest rate with my current broker is ~3.7% while with my new employer it is ~7.5%. I called up Compliance to ask for an exception and they flatly said that they there are no exceptions, which sounds incorrect and ingenuous to me.
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My reps all drove Chrysler made vehicles.Īfter I joined a financial company, I was asked to sign a code of ethics document that asked me to agree to move my brokerage account to the new employer, and that if I got an exception to this rule I would agree to send trade confirmations to my new employer. Drive in with a foreign car and everyone forgets about the appointment. Drive in with another traditional American nameplate vehicle and the buyer is 15 minutes late and will excuse himself at the normal time, giving you 45 minutes instead of an hour.
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Drive in with a Chrysler vehicle, they see you (and they absolutely do look) and your appointment is on time. In addition to this, some factory buyers (I'm thinking Huntsville Chrysler) have glassed offices that overlook the visitor parking lot. If you have to drive your wife's Honda Accord because your Suburban is in the shop, you park in the D lot.not some highly visible lot. If you drive another nameplate, you park in the "D" lot. Those driving other US traditional nameplates park in the "C" lot, a bit farther away. Those driving other GM vehicles park in the "B" lot, next to the "A" lot. Those driving vehicles made at the facility get to park in the "A" lot, closest to the plant. Say the plant makes Chevy Tahoe/Suburban/GMC Yukon. Having worked as technical support for car companies, that wouldn't happen. If you like your current brokerage so much, maybe that is where you should be working. How do you think that looks to any company when you personally support their competitors? To me, it is the same as if you worked for a car manufacturer and drove a competitor's car to work each day and parked it in a highly visible spot.
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You can then keep that account but your firm will get the statements. Or you have a spouse who also works in the industry that has an account that is mandated to be at a different broker by their firm. You can have an account that is fully directed by a financial advisor. If you work in the industry, there are only two ways not to comply. They will use a provider (sometimes PTCC), who will look across all brokers for someone with your name/SSN.
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You are also giving them access to your trading records. I don’t see why you wouldn’t just continue to keep your funds wherever they are as long as you aren’t violating any federal or state laws.
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I’ve always wondered about this when I’ve seen the topic come up but haven’t seen this answered. Just curious.how would they have access to your personal financial transactions or knowledge of accounts you are in possession? They do not have access to your 1040 do they, as a mortgage company would when applying for a loan, etc?