A client may ask you to provide information to a third party. Common requests include providing a 1099 to their tax preparer or providing account information to a mortgage lender.
Prior to providing financial information to a third party, it is required to have the client’s request/authorization in writing. Verbal requests are not permitted. In the past, Cetera permitted written authorization via letter or email. As of September 2024, however, Cetera requires the Consent to Share Information Form CA 975. This form documents an account owner’s authorization to share financial information with a third party. This includes sharing information with a spouse, CPA, attorney, or power of attorney. By completing this form, the account owner authorizes Cetera Advisors and/or the financial professional to share the following financial information with a third party: account statements, trade confirmations, tax forms, holdings, reports, balances, transactional information, and other account-related information. This consent does NOT authorize the interested party to make trades or request withdrawals. The authorization will remain in effect until it is revoked or modified by any of the listed account owners.
A situation could arise when a client urgently needs to provide financial information to a third party but has not yet signed the Consent to Share Information Form CA 975. If the client had already provided authorization in writing (prior to September 2024), it is permitted to provide the financial information one time, as long as the Consent to Share Information Form CA 975 is signed as soon as possible.
If the client had not previously provided written authorization to release information to the third party (prior to September 2024), the Consent to Share Information Form CA 975 must be completed and signed prior to providing any financial information to the third party.
An alternative in an urgent situation is to provide the information to the client and the client is free to provide the information or documents to the third party on their own.
We are recommending that you include a discussion of the Consent to Share Information Form CA 975 as part of your annual advisory client reviews.
Please contact the Prosperity Network Compliance Team with any questions: compliance@prosperityadvisors.com or 913-529-5500 Option 2.
Internal Use Only
Attachment: Form CA 975