Can I Access My Mother’s Fidelity Account Safely?
Summary:
- The user is concerned about whether they can use their mother’s Fidelity account without it affecting her taxes or linking the accounts.
- Fidelity clarified that the user should not use their mother’s login credentials and cannot trade using her accounts.
- To manage their own investments, the user needs to open a separate account, as any tax activity will be associated with their mother’s accounts.
- Since the user is under 18, Fidelity suggested exploring the Fidelity Youth Account, which allows teens to start investing.
- More information on the Youth Account can be found on Fidelity’s website, and the user can ask additional questions as needed.
Here’s the full thread
My mother has an account on Fidelity. I opened a separate account on her account. I plan on using it by logging into her account and using my account. Will this work out or will the accounts be linked and it won’t work?
Thanks for reaching out to us regarding this.
To open an account, your mother will need to complete her own account application. If she is unable to complete the application online, you can download a paper application for her. You can access forms and account applications in the links below.
Open an Account Online: https://www.fidelity.com/open-account/overview
Download a Paper Application: https://www.fidelity.com/customer-service/forms-applications/all-forms
Keep in mind, it is against our customer agreement to open an account in the name of someone else. You and your mother must also each establish your own username and password for our site. That information cannot be shared with any other person.
Once your mother has created an account, she grant account authority to you by processing a form online. Once the authority is granted, you will be able to view her account by using your login credentials. You may not use her login credentials to access her account.
Grant Account Authority (login required): https://digital.fidelity.com/prgw/digital/login/full-page?exp=new&AuthRedUrl=https://oltx.fidelity.com/ftgw/fbc/ofsummary/defaultPage&AuthOrigUrl=https://accountmaint.fidelity.com/ftgw/onlineforms/action/init
Please let us know if you have any additional questions. 🟢
No I’m sorry I don’t understand. My mother already has an account can I screenshot to explain the question?
It said on the top right corner of the fidelity screen that the portfolio has 3 accounts.
Can I use one of the accounts and it won’t link to her taxes or anything
Thank you for following up with us. Happy to clarify.
It is important that you understand that you should not be using her login credentials to access her account or open another account in her name.
If your mother has 3 accounts, it is not okay for you to use one of her accounts for your own trades or investments. You are able to open an account for yourself and process your trades and investments in that account. Any tax activity within your mother’s accounts will be tracked and may appear in her tax documents.
Ok thank you. If I’m under 18 how do I open a linked account that I can use?
Happy to assist with that!
As I’m sure you’re aware, you cannot open a regular brokerage account for yourself until you are 18 years old. That being said, we offer the Fidelity Youth Account for teens to use to get started investing.
You can learn more here: https://www.fidelity.com/go/youth-account/youth-overview?adobe_mc_sdid=SDID%3D0296A437CC995B6D-49464A9925207829%7CMCORGID%3DEDCF01AC512D2B770A490D4C%40AdobeOrg%7CTS%3D1689603845&adobe_mc_ref=https%3A%2F%2Fdigital.fidelity.com%2F
Keep the questions coming!
Are there any benefits to the youth account?
I was aware but I thought there would be too much restrictions to buy and sell stocks normally.