My husband works in a financial firm. According to the employment contract, our family must keep all our shares in their accounts. I want to buy some shares for 200k, but I will have to pay them a lot of fees. Will the firm ever know if I create a Fidelity account and invest there myself?
Just divorce your husband
Buy with whatever broker you like, then transfer shares via the ACATS request. You have to keep them there, but not necessarily acquire via them.
When he was hired, they requested full access to our investment accounts (which we disclosed to them) and transferred stocks themselves, closing the original accounts. They said that now purchases are made only through us. Is it even possible to find out that I opened a new account?
Yes, you and your husband are what's called 'reporting persons'. FINRA aggregates and sees all your transactions. Brokers proactively send all transactions to them. You could try hiding under 3rd parties, but once discovered, that would be like admitting the malefice.
??? I definitely am not signing a contract that says I need to only invest with that financial firm. How do they even enforce that? Do you move your ESPP and vested RSUs immediately?
In certain financial services, like asset management, you and your family must report and ask for permission to run any transaction like that. Supposedly to prevent conflict of interests. It sucks, but this is how the industry has been.
This is because OP’s spouse works for them?
Isn’t this why they pay him the big bucks? To not care about the trade commissions?
It's not that big, and rules apply to small fish in the industry, too
Haha sounds like he should quit and be a house husband :)
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When they find out, is it worth getting fired over? Are the fees really that high?