Privacy in brokerage account

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Topic Author
langlands
Posts: 562
Joined: Wed Apr 03, 2019 10:05 pm

Privacy in brokerage account

Post by langlands »

How much information can a customer rep at a brokerage see about my investment account? The idea of a random person at Fidelity/TDAmeritrade being able to access all my account balances or trades that I've placed is a little unsettling.
ohai
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Joined: Wed Dec 27, 2017 2:10 pm

Re: Privacy in brokerage account

Post by ohai »

Although they have rules about information sharing, I'm sure there's some covered employee at those places who can see all your information if they wanted to.
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SmileyFace
Posts: 5695
Joined: Wed Feb 19, 2014 10:11 am

Re: Privacy in brokerage account

Post by SmileyFace »

Great question - something I've wondered myself as I got a call one day "I have some ideas about your investments". Simply told them I was all set and not to call again but they are apparently watching me.
I am also concerned as I have a relative working at one of the brokerages I have money with now - wondering if they can peek in on my account....
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RickBoglehead
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Re: Privacy in brokerage account

Post by RickBoglehead »

I can tell you that every view of an account is logged. Reps are assigned accounts, and are presented with views of those accounts that they are authorized to see. If Bob, your Uncle, looked up your account, it would be logged. Then it's up to his company's compliance officer to slap his wrist.
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Topic Author
langlands
Posts: 562
Joined: Wed Apr 03, 2019 10:05 pm

Re: Privacy in brokerage account

Post by langlands »

RickBoglehead wrote: Fri Jan 17, 2020 11:58 am I can tell you that every view of an account is logged. Reps are assigned accounts, and are presented with views of those accounts that they are authorized to see. If Bob, your Uncle, looked up your account, it would be logged. Then it's up to his company's compliance officer to slap his wrist.
Interesting. So a random subset are allowed to look at my accounts and this activity is logged. I guess that's to be expected for them to know who to target for their marketing. Do you know if there are any federal laws in place limiting the access, or is it just up to each company to decide how they want to regulate this?
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