"John A. Weeks III" <john[at]johnweeks.com> writes:
- quote -

Actually, it depends on the company you end up working for.
If your employer is a broker/dealer, then they are going
to want to monitor your accounts and trades and depending
on the company may require your account to be either with
them or with some specific companies with whom they work
for tracking their employees accounts.

Fidelity is certainly quite capable of sending duplicate
copies of your statments and trade acknowledgements to
your employer - this is a very standard thing - but
you will need to talk to the new employer.

- quote -

That depends - the right place for an active, educated,
self-motivated investor might just be a discount house,
while that same investor might be a perfectly reasonable
employee at a more full-service place whose clientele
is folks who are not like himself.

Similarly, just because someone might be, say, the
manager of a bond fund doesn't mean that he should
have all (or even a substantial percentage) of his
own investments in either bonds or his own fund.


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Valueinv wrote:
- quote -

Hi Dan,
OK so "parent on the account" was as UGMA custodian, not as joint
account holder - that's good. I've seen where people simply add a
child's name to an account and as you may know that isn't a "completed
gift" so can create some problems.

-Tad

Tad,
Thank you for the CORRECT answer about acct. transfers, and for your RIA
suggestion. At age 18 I switched from UGMA status to UTMA. The annual gift
tax exclusion which is adjusted each year for inflation($11,000 in 2004)
has never been exceeded by my parents. The only tax problem I have run
into with my taxable brokerage account is the writing of a check for
$10,000+ each of the past 3 tax years for realized gains.

Dan

Valueinv wrote:
- quote -

Dan,
In a lot of firms yes you will be required to move your account
in-house. Not all, so you'd need to check with the firms you're considering.

This may sound unfair and a way to get more money/commissions in house
(possibly true) but I think there's a very practical reason why that's
the case, which is compliance. As a registered rep of the firm there's a
bunch of regulatory requirements that apply to you and your trading. And
heck, your firm needs to make sure you're not doing a pump & dump
between your account and your clients' accounts, and it's that much
easier to monitor things if the account is on the firm's own system. So
don't be surprised if you'd need to give up Fidelity as custodian.

Maybe the simple answer is, forget this wirehouse stuff and become a
registered investment advisor, or work at an RIA firm, instead (Fidelity
IBG is a big institutional custodian for RIAs - including myself). You
mentioned "financial planning" and that kind of firm might be a better
fit for you anyway, Fidelity issues aside.

-Tad

PS first financial planning project...does this:
"On top of the features at Fidelity one of my parents names has been on
my Taxable brokerage acct. since I opened it and they both hold large
portfolios at fidelity"
create any gift or estate tax problems in your state?

In article
<0943009b406ed84b67b7835b8a280940[at]localhost.talkaboutinvestments.com> ,
Valueinv <lbackerdm1[at]aol.com> wrote:

- quote -

No, you are not required to move your account. But why wouldn't
you? You get the commissions from your trades, you get your own
12b1 fees, and it counts towards you quotas.

And why not go to work for Fidelity? How could you consider
working at a company and going out in public trying to sell a
product if you didn't think it was the best product on the market?
Are you sure that you have the right kind of ethics to be handling
other people's money?

-john-

--
================================================== ==================
John A. Weeks III 952-432-2708 john[at]johnweeks.com
Newave Communications http://www.johnweeks.com
================================================== ==================

Say I have a large portfolio of stocks, bonds, mutual funds etc. at
Fidelity. I then finish school and decide to be a Financial Planner at one
of the following: Raymond-James, UBS or AG Edwards. Am I required to
transfer everything over to the company I work for? I am not sure I can
part with Fidelity lol... I have been spoiled by them, Fidelity is just
awsome with the overall website format, ease of use, choice of funds,
research tools and of course the active trader software. On top of the
features at Fidelity one of my parents names has been on my Taxable
brokerage acct. since I opened it and they both hold large portfolios at
fidelity so I have had preffered rates in every aspect since I began
investing 9 years ago at 11 yrs old and have been recieving the same deals
on my Roth IRA at fidelity since it was opened at age 15 because it is
linked to my Taxable Brokerage Acct. Has anyone had a similar experience?
Input is greatly apperciated!
Thanks,
Dan M.