Disclosing a parent's brokerage account
Hi all,
For context, I am an income intern working in sales and trading at a bank this summer in the US. I am completing onboarding, and have a dumb question. For the personal account disclosure, would I need to report my parents' brokerage accounts if we live in the same household? Dumb question I know, but I don't want to report anything I do not have to. Curious to see what others have done in the past.
Thanks in advance!
Based on the most helpful WSO content, when it comes to personal account disclosures during onboarding for a sales and trading internship, you typically need to disclose any accounts that you have a direct or indirect control over or benefit from. This often includes accounts of immediate family members, especially if you live in the same household, as they may be considered under your influence or accessible to you.
To ensure compliance, it's best to check with your firm's compliance team or HR department. They can provide specific guidance on whether your parents' brokerage accounts need to be disclosed. It's always better to err on the side of caution and disclose rather than risk non-compliance.
Sources: My dad is a client while I am an SA: How will this affect me?, Personal Account Trading Restrictions at MBB, https://www.wallstreetoasis.com/forum/investment-banking/to-summers-hitting-the-desks-monday-v2?customgpt=1, Need direction in life, Ask a bro: Thebrofessor's Q&A, 2016 edition
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