Opening a joint brokerage account typically involves the following steps:
Research and select a brokerage firm that offers joint accounts and meets your investment needs. All the options on this page offer joint brokerage accounts.
Provide the brokerage with both account holders’ personal information, including Social Security numbers, employment details and financial information.
Wait for the brokerage to review and approve the application, after which the account will be active and ready for use.
Fund the account once approved and begin making investments according to your joint financial plan.
Advantages of a joint brokerage account
Opening a joint brokerage account enables two people to combine their resources and collaborate on achieving shared financial goals, all while offering easier management of their investments.
Here are the main advantages:
Achieving shared financial goals by working together.
Pooling resources to increase investment potential.
Providing equal access to funds for ease of management between account holders.
Transferring assets to the surviving holder without probate if both account holders are listed as the designated beneficiary.
Types of joint brokerage accounts
The following are different types of joint brokerage accounts.
Joint tenants with right of survivorship (JTWROS)
Both account holders have equal ownership, and when one dies, the assets automatically pass to the surviving account holder. Currently, Robinhood only offers this type of joint account.
Tenancy in common (TIC)
Each account holder owns a percentage of the account, which does not automatically pass to the surviving holder upon death. Instead, the deceased’s portion will be handled by their estate.
Joint tenancy by the entirety (TBE)
Similar to JTWROS, but these joint accounts are only available to married couples.
Who can I open a joint account with?
Any two consenting adults can open a joint brokerage account, but the following individuals are the most common:
A spouse or partner
Family members such as parents, children, siblings or other relatives
Business partners
Friends
Trusted individuals with whom you have a financial relationship
Before opening a joint brokerage account, it’s extremely important that both parties understand that each account holder will have equal access to and control over the account. Trust and clear communication are essential to making sure everything runs smoothly.
Paid non-client promotion. Finder does not invest money with providers on this page. If a brand is a referral partner, we're paid when you click or tap through to, open an account with or provide your contact information to the provider. Partnerships are not a recommendation for you to invest with any one company. Learn more about how we make money.
Finder is not an advisor or brokerage service. Information on this page is for educational purposes only and not a recommendation to invest with any one company, trade specific stocks or fund specific investments. All editorial opinions are our own.
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