Weird Info to Open Vanguard Account

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  •  Peds 
    Status: Physician
    Posts: 2699
    Joined: 01/08/2016

    Had to open new account for spouse (havent needed to do anything in years).

    Vanguard needed info on employer, income, and liquid assets. Something to do with regulatory requirements.


    The employer we gave. Doesnt bother me.

    However we make $1, and have a liquid NW of <20K (lowest answer possible) in their eyes.


    Similar issue with other brokers? A weird Vanguard thing? Seems very completely utterly unnecessary.

    #189386 Reply
    Vagabond MD Vagabond MD 
    Status: Physician
    Posts: 2950
    Joined: 01/21/2016

    I recall providing that information for opening new brokerage accounts.

    "Wealth is the slave of the wise man and the master of the fool.” -Seneca the Younger

    #189390 Reply
    ACN ACN 
    Status: Physician
    Posts: 459
    Joined: 01/08/2016

    Standard for new brokerage accounts.  I don’t think your answers matter.  Just like when opening a new credit card and they ask your annual income to set your credit limit.

    If you're ever having a bad day, just remember in 1976 Ronald Wayne sold his 10% stake in Apple for $2,300.

    #189396 Reply
    Status: Physician
    Posts: 2699
    Joined: 01/08/2016
    Disability Insurance
    Standard for new brokerage accounts

    Click to expand…

    i wonder why?

    agree. i answered $1 in income when i set up my last bank account. guy just laughed and put it in.

    #189403 Reply
     Larry Ragman 
    Status: Other Professional
    Posts: 361
    Joined: 08/30/2018

    I don’t pay close attention to the regulations, but I think what you are seeing here is the flip side of the “accredited investor” issue. The SEC regulates mutual fund companies, brokers, etc to protect the public from information asymmetries (i.e., financial sharpies ripping us off). Investment firms are allowed to sell much higher risk products to accredited investors. The info you cite documents who’s who.

    #189434 Reply
    Liked by jfoxcpacfp

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