Incoming SA for '21 summer. Traded a bunch on Robinhood this year and made some good money. Wondering what the general norm is with trading accounts before starting SA? Will my firm require me to liquidate the entire portfolio before starting or I simply cannot do trades while as an SA?
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Most likely just not allowed to make trades
I was allowed to keep mine as a SA. Just needed to pre-clear all trades and provide my statements while interning. I need to liquidate it when I start FT.
Were you required to liquidate for the sake of moving it to another platform? Or you had to liquidate regardless?
Robinhood isn’t an approved platform so I was planning on selling everything and buying different stuff. That said, it’s $75 to transfer to another broker, which I might do if I’m up enough.
If I were you I’d shoot an email after the holidays to your recruiter/hr person who runs the SA program and ask them. They will know the answer.
I was required to change brokerage accounts.
What do you mean?
He means that you may have to change your account from robinhood to a TD or more traditional service. Mine had it that you could use TD or another traditional one but had to clear it, robinhood was not allowed.
Most banks will let you keep it for SA with no trades, but force you to liquidate FT.
If you have time and can figure out which brokers your bank allows, switch over now to avoid a headache when you start full time.
Are you required to liquidate FT for the sake of moving it to another platform or would you be required to liquidate for FT regardless of if you're on TD/Schwab as well?
you can move your stocks to an approved brokerage (but robinhood charges a $75 fee for this). You can still have the robinhood account, for example if you wanted to use the cash management feature, you just can't trade securities with it.
You can still hold stocks but they have to be with an approved broker
Definitely recommend asking someone in the group though - most banks only allow 2-3 brokers and they might not be TD/Schwab
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