SIE: Custodial Accounts

Taken from our SIE Online Guide

Custodial Accounts

Custodial accounts are accounts where a third party manages the account for a customer. These accounts are sometimes referred to as fiduciary accounts because the third party is called a fiduciary. Fiduciaries must put the client’s interests before their own. You will need to know about two specific types of custodial accounts: UGMA and UTMA accounts.

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