My wife has recently accepted a part-time position (around 25 hours a week) as an administrative assistant/receptionist at a small, newly established wealth management office in California. However, they are requesting that we provide not only our investment account information but also my mom’s since she lives with us.
I understand that they might need basic details for a background check, such as a driver’s license number or Social Security number, but sharing extensive financial information feels excessive.
The firm claims that this information is necessary to avoid conflicts of interest, prevent insider trading, ensure regulatory compliance, and uphold firm-wide policies.
Is it typical for a role like this in the wealth management industry to require such extensive financial disclosures from an administrative assistant?
One response
It’s understandable to be wary about sharing sensitive financial information, especially when it comes to your family’s finances. In the wealth management industry, firms often have strict policies to avoid conflicts of interest and ensure compliance with regulations, particularly regarding insider trading.
However, asking for such extensive personal financial information, especially for a part-time administrative role, does seem excessive. Typically, positions like receptionists or administrative assistants wouldn’t require access to detailed financial data.
You might want to clarify a few things with the firm:
Scope of Responsibilities: Ask how this information directly relates to your wife’s role. If her duties don’t involve handling sensitive financial data, it may not be necessary for the firm to have access to it.
Data Protection: Inquire about how they will protect this information and whether it will be kept confidential, given its sensitive nature.
Industry Norms: It might be beneficial to research standard practices at similar firms to see if this type of request is common in the industry for administrative roles.
Ultimately, it’s important for you and your wife to feel comfortable with what is being requested. If it seems excessive or unnecessary, don’t hesitate to express those concerns to the employer. If your wife decides to move forward, ensuring that there are strong confidentiality policies in place is crucial.