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an account statement ends with a
comparison of the ending value of
the current period with that of the
previous to determine the account
has increased or decreased in value.
Your review, however, should not
end there. Investors are cautioned to
understand if a change in the value
was the result of a deposit or with-
drawal of cash or securities, or solely
based on an increase or decrease in
the securities that were already in the
account.
Third, investors are also cautioned
to analyze the activity section to con-
firm that all transactions were autho-
rized. In most brokerage accounts,
a transaction should not occur unless
and until the account owner specifi-
cally authorized the transaction(s) in
advance. Investors are advised to
compare the information contained in
the transaction confirmation generated
when the order is placed, against the
account statement to ensure that the
security, price, and total amount paid
or received is correct. All transactions
detailed in the statement should be
familiar to and have been approved
by the investor. If there is a discrep-
ancy, an investor should contact the
broker immediately and ask to have
the discrepancy investigated and to
confirm that any necessary adjust-
ments are made. If at any time an
investor feels uncomfortable with the
responses the broker is providing, the
firm’s compliance department should
be contacted immediately.
Investors should also confirm that the
fees or commissions charged match
BROKERAGE ACCOUNT...
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CONT I NU E S ON PAGE 42