is it illegal for a stock broker/fiancial advisor to give out your information to a relative?
irishcountrybabe asked:
my grandmother and grandfather have a stock broker/financial advisor they use that there son also used to use and is sort of friends with, well my grandfather wanted to know how much money he had in their and what not so he called up and asked the guy not to tell his son that he called as it was none of his business anyway. well within an hour his son calls up and says that the guy called him and told him that his father called and he wanted to know why and everything…now is it illegal for the guy to call my grandfathers son and tell him this and to give him information on the accounts he has???
it is my grandfathers account my uncles name is not on the account in any way but my uncle and the advisor are sort of friends and my uncle also uses the guy. my grandfather called the advisor to find out how much money he himself had in his account it wasnt my uncles account then the advisor called my uncle and said my grandfather called and was wondering how much he had in their and what not….i think it was very wrong on the advisor to call my uncle when it had nothing to do with my uncle or his account with the guy this was between my grandfather and his own account
my grandmother and grandfather have a stock broker/financial advisor they use that there son also used to use and is sort of friends with, well my grandfather wanted to know how much money he had in their and what not so he called up and asked the guy not to tell his son that he called as it was none of his business anyway. well within an hour his son calls up and says that the guy called him and told him that his father called and he wanted to know why and everything…now is it illegal for the guy to call my grandfathers son and tell him this and to give him information on the accounts he has???
it is my grandfathers account my uncles name is not on the account in any way but my uncle and the advisor are sort of friends and my uncle also uses the guy. my grandfather called the advisor to find out how much money he himself had in his account it wasnt my uncles account then the advisor called my uncle and said my grandfather called and was wondering how much he had in their and what not….i think it was very wrong on the advisor to call my uncle when it had nothing to do with my uncle or his account with the guy this was between my grandfather and his own account
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Stephie April 20th
It is illegal for any person in any business to give out personal information like that. Whether it be money investments or your personal health.
I see it as this: If your Grandfather called his sons’ doctor to check up on his health, his doctor is obligated by law not to give out any information. That is what all this patient/doctor confidentiality laws are about. I think that in some way or another brokers/advisor’s have the same rules and regulations that prevents them from giving out personal information about their status’s in the stocks. Its like if you called Donald Trump’s broker/adviser and asked which stocks he invested into they cannot tell you.
I would look more up on this, you can google it and find laws and regulations about brokers and or advisor’s and go from there.
Good Luck!~
Jess2424 April 20th
Yes, it is wrong to give this information out unless there is prior authorization or their name is on the account. Technically, a husband’s IRA is private and a financial advisor isn’t allowed to give that information to his wife, unless prior authorization.
As for the financial advisor calling your grandfather’s son, YES, he is allowed to tell him and should call him and tell him if anybody is calling to inquire about his accounts. That financial advisor should call the son to first find out if he is allowed to release that information.
All of this was legal and if your grandfather wanted to know how much was in the account-why didn’t he just ask his son?
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