How to Open a Brokerage Account

 

how to open an accountOpening an account can seem daunting, however there will be certain traits common to opening any account no matter who the broker is.

Having these details at hand will make the process easier for you:

  1. Type of account (E.g. Individual, Joint, Sole Trader, Company, Superfund/Trust, Registered Body)
  2. For Companies and Trustees - ACN/ ABN or ABRN
  3. Name(s) of the Account
  4. Address (Individual and joint accounts to provide a residential address. Companies, superannuation and trust accounts to provide the registered address)
  5. Postal Address (If different to above)
  6. Contact Details (Phone (h), Phone (m), Email Address)
  7. Occupation
  8. Tax File Number(s)
  9. Date of Birth(s)
  10. Banking Details

Identification

You will generally need 100 points of ID to open an account. This can vary with some companies requiring only one form of ‘Type A’ identification such as a driver’s licence. Some brokers will require certified identification.

Certified Copies

Certified copy means a document that has been certified as a true copy of an original document by an Authorised Person. To produce a certified copy, you must make a photocopy of the original document and take the original and the copy of an Authorised Person.

The Authorised Person must write ‘I (John Smith) certify this to be a true copy of the document shown and reported to me as the original’ along with their name, occupation/qualification, registration details (if any), the date and their signature.

If you want to transfer existing stock into your account you will need a copy of your share certificate(s) or dividend statement (s) that or either a SRN (security reference number) or HIN (holder identification number).

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