Stock licence?
I am planning on starting up a drip account on GE & WMT.
In order to do so, you own to own at least 1 share (intial shares) to actually start the drip.
Problem:
I own GE,WMT, but inside a brokerage base IRA.
The stock certificate has to be contained by my name, not custodial in the brokerage, contained by order for me to claim I am owner.
Remember, you are not truely a full owner of a stock purchased thru any brokerage.
I assume its not practical to try to move some shares of GE,WMT from the IRA, to do this?
Am i correct surrounded by presuming I am better off going ahead & buying new initial shares directly instead?
Answers: You can not deliver the stock that is to say currently in your IRA held at a B/D to participate surrounded by a DRIP plan, you will have to buy shares direct.
The stock certificate held at the B/D is not within a custodial account, the stock is held in street mark for the trustee of your IRA.
Stocks held at a B/D, the customer is always the benefical owner, the nominee of the B/D is the registered ownder/
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In order to do so, you own to own at least 1 share (intial shares) to actually start the drip.
Problem:
I own GE,WMT, but inside a brokerage base IRA.
The stock certificate has to be contained by my name, not custodial in the brokerage, contained by order for me to claim I am owner.
Remember, you are not truely a full owner of a stock purchased thru any brokerage.
I assume its not practical to try to move some shares of GE,WMT from the IRA, to do this?
Am i correct surrounded by presuming I am better off going ahead & buying new initial shares directly instead?
Answers: You can not deliver the stock that is to say currently in your IRA held at a B/D to participate surrounded by a DRIP plan, you will have to buy shares direct.
The stock certificate held at the B/D is not within a custodial account, the stock is held in street mark for the trustee of your IRA.
Stocks held at a B/D, the customer is always the benefical owner, the nominee of the B/D is the registered ownder/