Series 66: 4.1.3.3. Other Custodial Accounts

Taken from our Series 66 Online Guide

4.1.3.3. Other Custodial Accounts

Custodial accounts are accounts administered by an independent person (custodian) for the benefit of an individual accountholder (beneficiary). When custodians have third-party trading authorization allowing them to make trades in the accounts, they too have a fiduciary responsibility. Custodial accounts include employee retirement accounts and accounts belonging to a minor. Trust and estate accounts are also considered to be custodian accounts, because the trustee administers the account for the beneficiaries.

A Uniform Gifts to Minors Act (UGMA) account is a custodial account where an adult opens and manages t

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