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If an adviser has the ID number and password to a clients pension fund account to rebalance and adjust investments in the account, does the adviser have custody?

April 26, 2017account adviser client fund Id password Pension rebalance

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If an adviser has the ID number and password to a clients pension fund account to rebalance and adjust investments in the account, does the adviser have custody?

1 Answer

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The adviser has custody if password access provides the adviser with the ability to withdraw funds or securities or transfer them to an account not in the client’s name at a qualified custodian.