Privacy is on everyones mind these days, and with the complications to trust in professional advisory relationships brought about by high profile fraud events it bears discussing.
The advisor that you have selected to work with you on enhancing wealth is entrusted with the most personal data, from social insurance number to salary and health insurance details. If anything ever happened to him, what happens?
All of the information that you provide to your financial advisor is the property of the brokerage where he works, even if he works off site or in a home office. You should always know the name of the dealer and website or phone number, and keep it with your other important info. If you change advisors, update it.
The financial advisor certainly has use of your information while he is a member of the firm sponsoring his licence, but not otherwise. If the advisor changes firms, you could certainly expect a call from him to convince you to move your account to the new institution and maintain the advisory relationship. It would be out of bounds for any other data to be retained, statements or otherwise. There are exception to this rule, but if you are feeling uncertain, call the dealer and ask for compliance.
