Personal Investment & Financial Planning Q`s/Friend in Jail wants brokerage account

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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?
Thanks,
Kenneth

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.

David

Personal Investment & Financial Planning Q`s

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David Disraeli

Expertise

Questions relating to potential claims against brokers. Suitability, churning, breach of fiduciary duty, the FINRA arbitration process, how to determine if an actionable claim is present.

Experience

25 years in securities, insurance, financial planning, securities industry expert witness. Helped many attorneys prepare cases before NASD/FINRA, helped individuals proceed on their own. Have helped recover hundreds of thousands of dollars.

Organizations
CFP Board

Publications
Expert on this estate planning board - extremely high ratings: http://www.allexperts.com/ep/933-112345/Trusts-Estates-Law/David-Disraeli.htm Interviewed on local news stations,

Education/Credentials
CFP since 1994

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Individuals and attorneys. Jack Cunningham, Esq 512.441.1411

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