We offer general investing, retirement, corporate and trust accounts. Learn more about account types here. Before you set up an account for a client you must first set the client up in our system.
To set up a new client:
The process of setting up a new client is distinguished from creating an account. Once a new client is created, accounts may be opened.
After you set up a client, you can open an account:
If, on the Set Up a Client: Set Up Completed page, you do not select Create an account you can open an account for a client at a later time by:
If you live in more than one state, you will need to determine which is your permanent residence. All states have different definitions of permanent residency. For tax purposes, these definitions often depend on:
You may find more information on the state Websites using the official state abbreviation in the URL to locate the site. For example, view www.state.ca.us to view California’s Web site. For New York, view www.state.ny.us. For Texas, view www.state.tx.us.
For federal tax purposes, you are considered a U.S. person if you are:
(Source: 2011 IRS Form W9)
A person is considered a resident alien if they hold an immigrant visa, also known as a green card, or they meet the substantial presence test. To meet the substantial presence test, a person must have lived in the US for:
Resident aliens may open an account with us.
A person is considered a non-resident alien if they are not a U.S. citizen and do not meet the resident alien guidelines above. Non-resident aliens cannot open accounts even if they have a current U.S. residence.
If a non-resident alien opens an account with us, then moves out of the U.S., their account will be restricted. They will be asked to liquidate their holdings or transfer them to another brokerage.
Accounts are available to U.S. Citizens and U.S. Permanent Residents with a U.S. address only.
There is no required minimum account balance to maintain your advised accounts on our platform. However, your Advisory Firm may have account balance minimums for clients.
To open an account, a client must meet the following requirements:
The IRS notifies taxpayers if they are subject to backup withholding. Any of the following reasons may cause your account to be subject to backup withholding:
Important: If you have been notified by the IRS concerning your backup withholding status, you must state so when opening an account. If you are unsure of your backup withholding status, all questions should be directed to a tax advisor or the IRS.
Total Net Worth as defined by the Financial Industry Regulatory Authority is the value of your assets minus your liabilities.
Assets include stocks, bonds, mutual funds, other securities, bank accounts, and other personal property. Do not include your primary residence among your assets.
Liabilities include any outstanding loans, credit card balances, taxes, etc. Do not include your mortgage unless a portion of your mortgage debt is greater than the estimated fair market value of your residence, in which case include the amount in excess of the estimated fair market value. In addition, if you incurred additional mortgage debt in the last 60 days—other than as a result of the acquisition of your primary residence include that debt as a liability as well.
Liquid Net Worth as defined by the Financial Industry Regulatory Authority is your net worth minus assets that cannot be converted quickly and easily into cash, such as real estate, business equity, personal property and automobiles, expected inheritances, assets earmarked for other purposes, and investments or accounts subject to substantial penalties if they were sold or if assets were withdrawn from them.
Examples of liquid assets:
Assets that would not be included here are those that you cannot sell for a fair price quickly and easily. Examples of illiquid assets:
Corporate accounts are opened under the name and tax identification number of an incorporated business.
General Partnership accounts are opened under the name and tax identification of a general partnership. At least one partner can place trades on behalf of the partnership.
Limited Liability Company accounts are opened under the name and tax identification of the LLC.
Limited Partnership accounts are opened under the name and tax identification of a limited partnership. At least one partner can place trades on behalf of the partnership.
Sole Proprietorship accounts are opened under the name of an unincorporated business that is wholly owned by one individual.
Investment Club accounts can be opened on behalf of investment club clients. The members of the club own the account. The club must have its own tax identification number.
Business trusts are typically created by individuals, who are then referred to as grantors. The trust’s assets are managed by designated trustees on behalf of the trust’s beneficiaries. The provisions of the trust cannot be changed or terminated by the creators without the agreement of the beneficiaries. All property placed in the trust must stay there. Trustees cannot be replaced unless they die or resign.
Any taxes the trust accrues are paid by the trust. When a trustee dies, no estate taxes will be charged on the trust’s assets. In short, an Business Trust offers tax advantages without the flexibility of a Revocable Trust.
Unincorporated Organization accounts are opened under the name and tax identification number of the unincorporated organization, such as a charity, foundation, labor union, government entity, educational institution, or religious group.
You can open an account online only if your firm has already:
Your firm should notify you if you are authorized to use this service. In addition, your firm will also provide:
You will need to input these two numbers when you sign up to use our site.
If you need your due diligence or compliance officer to execute a Selling Agreement…
If you are a principal and authorized to sign a selling agreement on behalf of your broker/dealer or Registered Investment Advisor…
If a change in employment has altered your affiliation (or the affiliation of an immediate family member) with FINRA (Financial Industry Regulatory Authority), please contact us. Please include:
He can either Sign Electronically or Print and Sign.
If you use our e-Signature process to have your client Sign Electronically:
For help on our e-Signature process, please refer to our Advisor and Client guides
If you decide to have your client Print and Sign:
Once we receive the documents, we will lift the restriction on your client’s account.
To set up a business or Qualified Retirement Plan account:
If your client is signing remotely, refer to the question above for instructions on how to sign the required account opening documents remotely.
To open additional accounts for a client:
If your client is signing remotely, refer to the question above for instructions on how to sign the required account opening documents remotely.