Customer Account Information
Chapters in this video
- 0:00 The core account file: six must-have data points
- 1:26 The signature trap: principal required, representative not
- 2:57 Trusted Contact Person rules and the age-18 floor
- 4:35 Custodial, margin, and discretionary account overlays
- 5:49 The 36-month verification and 6-year retention cycle
- 7:15 Account information versus suitability: keeping them separate
- 7:50 Rapid-fire exam recap
What this video covers
- The six core data points every account file must contain, and why the principal's signature is required while the representative's signature is not
- How legal age is determined by the customer's state of residence, not the firm's home state, with the exam's favorite border-state trap
- The Trusted Contact Person (TCP) age floor of 18, the mandatory firm request versus optional customer designation, and why TCP status never confers trading authority
- The custodial account trap: why the minor's taxpayer identification number (TIN) is reportable, never the custodian's
- Margin account timing: why the margin agreement is signed promptly after the first margin trade, not before
- The 36-month periodic verification cycle, the reasonable-effort standard for unreturned forms, and the 6-year post-closure retention requirement
- The bright-line separation between the customer account information rule (identity and contact data) and the suitability framework (investment objectives and risk tolerance)
Read the full lesson, free
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