I am asked to fill this form for compliance providing all my non-exempt brokerage info to WF. They also want to transfer these to WF Advisors. Is this crazy or what? I don't understand. Can anybody who has experience comment on this. What if I say I don't have any accounts.
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I am dying to know what role you got that this baffles you in WIM/WFA.. please share
Am the OP and My role
Software Engineer in WIM
My guess is that you are a new licensed banker. Yes you are not allowed to have a brokerage account at another firm. The compliance group needs to be able to monitor what you are doing with. Every other firm also requires this. Exceptions would be if a spouse holds restricted stock at their company. Just work with your branch FA and move the accounts or give up your license and take the pay cut.
I am dying to know what role you got that this baffles you in WIM/WFA.. please share
The WIM approach heavily implies you have to move your investments to WFA for obvious self interested reasons. It does not work like that for the other finra regulated parts of WF
Its also required for many areas of the bank. If your brokerage doesn't meet WF standard, you don't have to necessarily move it to WF. There are other brokerages accepted by WF. You also have to follow bank guidelines on buying or selling stock. The buy / sell guidelines do not apply if a managed account where someone is acting on your behalf or if you purchase a managed investment, ie mutual funds. Read the policy.
You could always call FINRA and tell them to change their rules
If you say you don’t have any accounts when you do be ready to say you don’t have a job when you don’t.
You must be new to WIM or WFA. This is standard industry practice if you work for a brokerage. All your and your spouses brokerage accounts must be held at the form. There is an exception process though.
You also must certify the info every year