Will BD A notify BD B if a registered rep at BD B open an account at BD A? Please Help!
I work at a particular broker dealer that mandates advisors with discretion over client accounts to keep their account at that broker dealer so that they can monitor it and take action such as liquidate positions if we trade against our clients' accounts. The issue with this is that this BD charges fees for trading even to us their employees. I really do not want to open my account here unless I know that they will catch me if I open an account elsewhere. For instance, a place like Vanguard or Schwab has $0 trades. At my firm, you pay a brokerage trade fee + a commission. Before I joined this firm, I used to trade somewhat actively. I can't do so now because their fees will eat me alive. I would feel a bit different if I had a very large account relative to the fees, but alas, that is not the case.
If I try to open an account at another BD, it is going to ask if I am a registered rep at another BD. What is you guy's take on this?
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