I am about to start a new job in PWM at a smaller IB.
The job offer states that employees cannot hold any investment accounts with other brokerages (personal, IRA, etc.). All personal accounts you have must be closed and may be transferred to the employer's in house brokerage.
I understand this may be common industry rules, but I'm new and I don't know if that's the case, or if they're just being a-holes.
I would rather not close my etrade account and move over to a cumbersome full service brokerage through my new employer, so could anyone tell me:
Is this standard industry practice? Will they find out if I keep my personal account? (I doubt it) Anything else I should consider?
Thanks
It is standard industry practice.
Thanks Seth.
Would it be reckless to keep outside accounts open, or do banks just have to say that? I'm not trying to break rules, but it's such a hassle to convert my 2 accounts, and I have a good margin and options allowance with my current broker.
How can they enforce that?
A lot has to do with compliance. It is much easier for them to see your activities if you are registered with your bank's brokerage services.
You also want to keep anybody from having doubts on your integrity, so I suggest you comply.
Yes it is standard industry practice and yes it would be reckless to keep outside accounts. This is common sense. Change to an accepted broker.
Yeah, I guess I better not risk sabotaging my career for added trading convenience.
Now that I know everyone has to do it (and the possible consequences for not), I feel better. Thanks.
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