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#2106890 - 11/10/16 05:04 PM IRA Disclosure Content
TeamComply Offline
Gold Star
Joined: Aug 2016
Posts: 393
We provide a disclosure (basically a TISA) to all IRA account holders at the time the account is opened. The disclosure includes this "additional term" information, questioning if this is required to be disclosed?

"The following additional terms apply to this account: This investment direction revokes any prior investment directions regarding the investment of funds deposited by me in the above Custodial Account on or after this date and for any deposits maturing on or after this date."

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#2107110 - 11/13/16 02:35 PM Re: IRA Disclosure Content TeamComply
Elwood P. Dowd Offline
10K Club
Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
Frankly, the statement borders on being unintelligible, appearing to rely on some document that constitutes a direction regarding an investment?

Either way, it does not reflect a disclosure required by TISA or the Internal Revenue Code.
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#2107111 - 11/13/16 04:19 PM Re: IRA Disclosure Content TeamComply
Rocky P Online
Power Poster
Joined: Jun 2003
Posts: 7,232
Florida
TC, welcome to BOL. Might that have come from language in a Trust document or Wealth Management Group where they have custodial accounts and the client gives (discretionary) investment authorities to the Trust, etc.

Either way - what Ken said.^^^^^
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