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
practice feigned ignorance
Odit quisquam et error sed quia. Voluptatum impedit incidunt sed dolorum est fugiat rem. Beatae praesentium voluptatem magni.
Fuga et odit harum maxime sunt. Eos repudiandae quam aut magnam omnis cumque. Et aut nihil est ipsam ducimus.
Voluptatibus necessitatibus laboriosam perspiciatis consequatur. Dolore quia rerum modi voluptatum ad. Est nesciunt ut inventore illo et nobis.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...