Personal Investment & Financial Planning Q`s/Friend in Jail wants brokerage account
Expert: David Disraeli - 11/5/2013
Question I have a friend in jail. He has money that his father gave him and he wants to invest it. He is having trouble opening an investment account. He is willing to sign a power of attorney. Edward Jones company told me that they could not open an account for anyone in jail. Is that a company policy or a law for investment companies?
Answer Kenneth I am no expert on jail issues but lots of people have own property while they are in jail. I would think that a power of attorney will work. No one who is shown that would have any idea that he is in jail. You can try a different investment co. like Fidelity or I could help. I don't think you have any obligation to tell any financial institution that the owner is incarcerated unless it is on the form. You will need his social, dob and maybe some other information. Go to www.fideity.com and click on "open a new account". Get the poa first.
Let me know if I can help you.
Knowledgeability = 10
Clarity of Response = 10
Politeness = 10
Good to hear that another company may be able to help. Your response was rapid and sounds knowledgeable. Thank you very much for your help.
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