Investment account
What type of investment account would you like to open?
Which option should I choose?
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Individual: The simplest form of registration is an account registered in
the name of one owner. The sole owner of the account is the only person who can act or make
transactions on the account.
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Joint owner: This form of registration allows two or more people to share
ownership and authority to act on the account. Joint Tenants with Rights of Survivorship
(JTWROS) is the default registration. Any tenant can make a trade on the account. Each person
has equal interest in the account. If one tenant is deceased, the remaining tenants
automatically own the assets in the account. (The default registration for joint owners who
are residents of Louisiana is TIC [Tenants in Common]. With this
registration, ownership portions are not necessarily equal. Also, if one tenant is deceased,
ownership passes to that tenant's heirs, not the remaining owners.)
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Custodian to minor account: Eligible investors may establish an investment
account for a minor. A minor can own a mutual fund account, but a third party, the custodian,
must control the account until the minor reaches legal age. There may be only one custodian
and one minor per account. The custodian is the only person authorized to act on the account.
Specific questions relating to regulations must be directed to the applicant’s
attorney.
Under Uniform Transfers to Minors Act (UTMA), the assets are an
irrevocable gift or transfer to minor, meaning they cannot be taken back by
the donor. At the age of majority (which is determined by the state), either the custodian or
the minor can re-register the account in the minor’s name.
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Trust: Eligible investors may establish an account in the name of a trust
established solely by one or more eligible investors. The trustees are the only people
authorized to act on the account.
You will need the following information if you plan to fund your account with an electronic payment from your bank:
- Bank name, address, phone number, and routing number
- Account number and type (checking/savings)