Brokerage firm mandating use of their services

[RedLeg]

I live in TEXAS and I'm considering an employment offer from a non-banking subsidiary of a fortune 500 commercial banking firm. They are mandating that all employees that hold personal assests in a non-company brokerage account move those funds to a company brokerage account. They also require the same of an employee's spouse (non-employee) if they too have a brokerage account else where. This cannot be a legal practice can it?!?!? How can they dictate where an individual maintains their personal funds? I'm just very curious and would like to hear some feedback on this, this can't be right.

 

[Beth3]

Yes, it's legal. If you don't care for their policy on this, then don't accept the offer.

 

[pattytx]

Yes, it's legal. If you don't care for their policy on this, then don't accept the offer.

Agree. And, I'd not be accepting the offer, were this me.

 

[anteater]

The OP is kind of vague about exactly what business this is. If it is securities-related, this kind of requirement is very common for compliance reasons.

 

[RedLeg]

Yes, the company is a broker-dealer, part of the private client services group of Wells Fargo. Thanks for the input everyone.