{"id":8386,"date":"2019-06-26T12:11:20","date_gmt":"2019-06-26T16:11:20","guid":{"rendered":"https:\/\/www.silverlaw.com\/blog\/?p=8386"},"modified":"2019-06-26T12:11:20","modified_gmt":"2019-06-26T16:11:20","slug":"stockbrokers-are-prohibited-from-inheriting-money-from-clients","status":"publish","type":"post","link":"https:\/\/www.silverlaw.com\/blog\/stockbrokers-are-prohibited-from-inheriting-money-from-clients\/","title":{"rendered":"Stockbrokers Are Prohibited From Inheriting Money From Clients"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-8388 size-medium\" src=\"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2019\/06\/Old2-300x200.jpg\" alt=\"Has a broker or financial advisor asked to be a beneficiary in your will? Financial advisors should not be participating in a client\u2019s estate. Senators Catherine Cortez Masto, (D-Nev.), Mike Rounds, (R.-S.D.), Tina Smith, (D-Minn.) and Chris Van Hollen, (D-Md.) recently sent a formal letter to FINRA requesting that the agency draft and enact new regulations for both advisors and firms prohibiting them from receiving these types of inheritances, and requiring any inheritances to be forfeited. It also requests that the representatives and\/or firms pay large fines, and restrict individuals from serving as financial advisors and representatives in the future. Current regulations allow brokers and financial representatives to accept inheritances from their clients. However, many brokerage firms prohibit the practice.\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2019\/06\/Old2.jpg 300w, https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2019\/06\/Old2-180x120.jpg 180w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/>Has a broker or financial advisor asked to be a beneficiary in your will? Financial advisors should not be participating in a client\u2019s estate.<\/p>\n<p>Senators Catherine Cortez Masto, (D-Nev.), Mike Rounds, (R.-S.D.), Tina Smith, (D-Minn.) and Chris Van Hollen, (D-Md.) recently sent a formal letter to FINRA requesting that the agency draft and enact new regulations for both advisors and firms prohibiting them from receiving these types of inheritances, and requiring any inheritances to be forfeited. It also requests that the representatives and\/or firms pay large fines, and restrict individuals from serving as financial advisors and representatives in the future. Current regulations allow brokers and financial representatives to accept inheritances from their clients. However, many brokerage firms prohibit the practice.  <a href=\"https:\/\/www.silverlaw.com\/blog\/stockbrokers-are-prohibited-from-inheriting-money-from-clients\/#more-8386\" class=\"more-link\">Continue reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Has a broker or financial advisor asked to be a beneficiary in your will? Financial advisors should not be participating in a client\u2019s estate. Senators Catherine Cortez Masto, (D-Nev.), Mike Rounds, (R.-S.D.), Tina Smith, (D-Minn.) and Chris Van Hollen, (D-Md.) recently sent a formal letter to FINRA requesting that the agency draft and enact new regulations for both advisors and firms prohibiting them from receiving these types of inheritances, and requiring any inheritances to be forfeited. It also requests that the representatives and\/or firms pay large fines, and restrict individuals from serving as financial advisors and representatives in the future. Current regulations allow brokers and financial representatives to accept inheritances from their clients. However, many brokerage firms prohibit the practice.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[611,582],"tags":[],"class_list":["post-8386","post","type-post","status-publish","format-standard","hentry","category-conflicts-of-interest","category-elder-fraud"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Stockbrokers Are Prohibited From Inheriting Money From Clients &#8212;<\/title>\n<meta name=\"description\" content=\"Stockbrokers or financial advisors have asked to be a beneficiary in a client&#039;s will, but they should not be participating in a client\u2019s estate.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.silverlaw.com\/blog\/stockbrokers-are-prohibited-from-inheriting-money-from-clients\/#article","isPartOf":{"@id":"https:\/\/www.silverlaw.com\/blog\/stockbrokers-are-prohibited-from-inheriting-money-from-clients\/"},"author":{"name":"Silver Law Group","@id":"https:\/\/www.silverlaw.com\/blog\/#\/schema\/person\/de64d999508b1ad10d608a99f0d2e752"},"headline":"Stockbrokers Are Prohibited From Inheriting Money From Clients","datePublished":"2019-06-26T16:11:20+00:00","mainEntityOfPage":{"@id":"https:\/\/www.silverlaw.com\/blog\/stockbrokers-are-prohibited-from-inheriting-money-from-clients\/"},"wordCount":624,"image":{"@id":"https:\/\/www.silverlaw.com\/blog\/stockbrokers-are-prohibited-from-inheriting-money-from-clients\/#primaryimage"},"thumbnailUrl":"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2019\/06\/Old2-300x200.jpg","articleSection":["Conflicts of Interest","Elder 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