Titling s/d accts when co. name always changing

Professional services firm where participants have their own accounts with the broker-dealer. Partners always changing, firm name always changing. How important is it that the trustee name be updated?

How important is that the right person have authority over the account?

2 hours ago, TPApril said:

Professional services firm where participants have their own accounts with the broker-dealer. Partners always changing, firm name always changing. How important is it that the trustee name be updated?

Remember that the name of the plan can essentially be anything they want. We had a client that just wanted "Retirement Plan" so that's what we used in the documents and on the TIN application. Everything has worked fine.

Also had another large professional group (doctors) where the firm name was consistent, but turnover in the ownership group. They made an application to the state board of financial institutions and received approval for the entity to be the trustee on the plan. Rare, but worked out well.

They could also just choose to go the corporate trustee route. The cost is likely much less than fees for plan/trust amendments and their time dealing with it.