Cetera recently announced a policy change regarding personal brokerage accounts held away from Cetera. As of February 17, 2025, all new personal brokerage accounts that are being opened must be opened exclusively with electronic dealers. Per regulatory requirements and Cetera’s Code of Ethics, all associated persons must report all personal brokerage accounts into the PTA/ECM tool. This includes personal accounts, related accounts and accounts of which they have beneficial ownership.
What do you need to do if you already have a personal brokerage account opened?
There is nothing for you to do at this time. However, please note that past brokerage accounts set up with non-electronic dealers will be grandfathered in, and a maintenance fee of $100 per account charged annually will be introduced later this year. If you choose to move your account to one of the electronic dealers (**see below for a list of supporting brokerage firms) prior to the end of 2025, you will not incur the maintenance fee.
Please note that most brokerage firms are on the supported firms list. The most likely scenarios where the fee would be assessed are brokerage accounts opened at a local bank or at lesser-known online investment companies (ex. SoFi Invest).
Supported Firms** as of July 2024:
• Ameriprise
• Cetera Investment Services
• Charles Schwab / TD Ameritrade
• Chase Wealth Management / Chase
Investments
• Citibank Wealth Management
• Edward Jones
• Fidelity
• Interactive Brokers
• Janney Montgomery
• JP Morgan Securities
• LPL
• Merrill Lynch
• Morgan Stanley / E*TRADE
• Pershing (for Cetera accounts)
• Raymond James
• RBC Wealth Management
• Robinhood
• RW Baird
• Stifel Nicolaus
• T. Rowe Price
• Truist (SunTrust)
• UBS
• USAA
• Vanguard
• Wells Fargo
Additional Information: