Can my spouses employer legally prevent me from opening a personal broker account?
My wife and I both work for banks and we’re both considered “affiliated persons” by the SEC. Therefore, it’s my understanding that both of our employers must monitor both of our personal trading accounts for suspicious activity. My employer will allow me to have accounts at a pre-approved selection of 5 different brokers. (One of which happens to be my wife’s employer.) My wife’s employer will only approve accounts held at the bank where she works. This is a problem because they charge fees and commissions which are over 20 times higher than industry standard. They’ve repeatedly refused to allow me to open accounts at brokerages that are approved by my employer. Is this legal, and is there anything I can do?
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