I recently received a fulltime at an MM investment bank that I will likely accept. One odd thing I noticed was that, by default, the firm requires employees to move all investment accounts to be with the firm. Is this standard practice, or should that be concerning? I haven't seen many other firms do this and it seems a bit odd. Any thoughts on this would be great!
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I'm probably at teh same bank because same exact situation. Strange
no it is not unless things changed in the last few yrs
It depends on the bank but it is not unheard of. It makes it easier for them to ensure you are in compliance, especially when it is apparently pretty common for bankers to trade on inside info.
I believe there is a route to do this such that you simply transfer assets (i.e. no tax consequences), but not 100% sure.
This is perfectly normal. Either you move all your accounts in-house or you use one of their prefered partners and have your accounts Rule 407'd.
Firm probably wants to increase free cash flow....to the firm. Thank you.
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