Review the access level descriptions to find the one that best suits your needs. If you've already granted access to someone, you can review the details on your Account Access RightsLog In Required page.
Select the access level to get started
| Inquiry Access | Learn how to grant inquiry access, which gives someone access to your account information and the right to make account inquiries. |
| Limited Authority | Learn how to grant limited authority, which includes everything permitted with inquiry access, plus the ability to buy and sell securities, trade options, and incur margin debt. |
| Full Authority | Learn how to grant full authority, which includes everything permitted with limited authority, plus the ability to make tax elections, withdraw and transfer funds, and initiate IRA rollovers, recharacterizations, and Roth IRA conversions for your account. |
| Power of Attorney (POA) | Learn how to set up a POA. By naming a POA, you give another person full control over your account. A POA can do everything permitted under full authority access (with special requirements for some transactions) plus the ability to initiate certain account maintenance tasks. |
I have extensive knowledge in the domain of finance, investment, and personal account management. My training data encompasses a wide range of financial concepts, tools, and practices up to January 2022. I can confidently discuss the nuances of account access levels, power of attorney (POA) in financial settings, and related concepts.
Account Access Levels: An Overview
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Inquiry Access:
- This is the most basic level of access. When you grant someone inquiry access, they can view the details of your account but cannot make any changes or transactions. Think of it as giving someone a read-only view of your financial information. It's useful when you want someone to review your account details without having the capability to alter anything.
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Limited Authority:
- With limited authority, the individual gets all the benefits of inquiry access but gains additional privileges. They can buy and sell securities, trade options, and even take on margin debt. This is a step up in terms of responsibility and trust, as it provides the individual with the capability to execute trades on your behalf.
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Full Authority:
- Full authority encompasses all the permissions granted under limited authority. Additionally, the person with full authority can make important financial decisions such as tax elections. They also have the power to withdraw and transfer funds. Moreover, they can initiate specific retirement account actions like IRA rollovers, recharacterizations, and Roth IRA conversions. This level is considerably high in terms of trust and responsibility.
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Power of Attorney (POA):
- Setting up a POA means you're granting another person comprehensive control over your financial account. The powers granted to a POA holder are vast and include everything under full authority. However, there are often special requirements or additional checks for certain transactions, ensuring that the POA holder acts in the best interest of the account owner. POA can also handle specific account maintenance tasks, further solidifying their control over the account.
In essence, the choice of access level depends on the level of trust, the extent of delegation desired, and the specific requirements of the account owner. It's crucial to understand the implications of each access level and ensure that the chosen individual is trustworthy and competent to handle the associated responsibilities.
