Privacy between Broker and Client

[maril]

What is the name of your state? Texas
I just found out that my Broker has been sending duplicate copies of my statements to my daughter without my permission. Is this legal?

 

[maril]

Is this legal?

 

[I AM ALWAYS LIABLE]

My response:

Your question can't simply be answered yes or no.

I think you may have left out many facts, and I'm in no mood to play "20 Questions".

IAAL

 

[maril]

Daughter and I use the same broker. I just found out from his secretary that she has been getting duplicate copies of my statemants for the past several years. The secretary said that recently daughter requested to no longer recieve the duplicates of my statements. I feel like my privacy has been invaded. I also found out that she had recently contacted a friend of mine asking help in getting me sent to a nursing home. I am very able to take care of myself and never ask daughter to do anything for me. In fact, I am too young for a nursing home.

 

[I AM ALWAYS LIABLE]

My response:

Change brokers. Simple.

Tell daughter to stick the nursing home up her . . .

IAAL

 

[maril]

Thanks. I have been very upset by this. A friend told me it was illegal for my broker to give out my information without my approval.

 

[failenn216]

I'm not an expert on this, but my mom is elderly and recently asked her brokerage to send me duplicate copies of statements. They sent an authorization to her to sign first, and then sent the copy to me to sign. So you had to agree, or else the authorization was forged. Your brokerage should have a copy of this, and you should request it!!

 

[maril]

Thanks. I will ask broker and see what he says. I still can't believe they can just give my information to someone without my consent.

 

[failenn216]

Another consideration: Have you ever, to your knowledge, executed a Power of Attorney document appointing your daughter as your attorney-in-fact? When attorneys draft wills for clients, many advise their clients to appoint a family member as power-of-attorney at the same time.

This would not obviate the requirement that you give the broker permission for her to receive duplicate statements, but it would allow her the right to manage your financial affairs and give her very broad powers. You may want to check for any power of attorney documents if you have ever had a Will drawn up.

 

[maril]

No power of attorney for her. She is not even executrix. I can't trust her.