Showing disclosures

In order to open a brokerage account with DriveWealth a customer must agree to pre-determined disclaimers and disclosures. The required disclaimers and disclosures change based upon the type of account a customer is opening, where the customer is located, and a few other variables that are listed below.

DriveWealth offers a page that can be hyperlinked in a Partners platform that includes all necessary items. This embedded disclosures page can be utilized along with path parameters that help preload the required agreements.

Standard language presented

Fundamentally, a customer must be prompted on the platform that they have read and agreed to the agreements provided to them prior to continuing through the onboarding process. Agreement can be identified by having the customer digitally sign their full legal name, or through a checkbox. Through either path, typical language includes the following pattern:

❗ "By checking the box below you acknowledge that you have read and agree to all disclaimers and disclosures presented

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Prior to exposing any disclosure language, review all material with legal counsel to ensure it complies with local regulations.

List of required disclosures

Customer Account Agreement (Cash Account)

Sets forth the terms and conditions under which DriveWealth will maintain a Customer’s Account and receive orders for the purchase and sale of securities and other assets

Customer Account Agreement (Margin)

Same as Customer Account Agreement (Margin) except the purchasing of securities is facilitated by borrowing money from DriveWealth for part of your transactions

Customer Account Agreement (LPMA)

Same as Customer Account Agreement (Margin) except the purchasing of securities is facilitated by borrowing money from DriveWealth for part of your transactions

Terms of Use

By visiting and using DriveWealth property you agree to all DriveWealth Terms

Cash Management Program (Bank Sweep)

Automatically invests or sweeps free credit balances in your DriveWealth brokerage accounts into a FDIC Bank Account.
❗ only required if entering into bank sweep program.

Cash Management Program (Money Market Sweep)

Automatically invests or sweeps free credit balances in your DriveWealth brokerage accounts into a Money Market Fund.
❗ only required if entering into money market fund

Rule 14b1(c)

A customer’s name, address and relevant investment holdings are required to be disclosed by DriveWealth to Issuers whose investment you own. A customer can opt out of providing this information to Issuers.

Market Data Agreements

Limited Power of Attorney and Fee Withdrawal Agreement

The Partner directs DriveWealth to accept the Advisor’s trading (cash and securities) direction and Advisor’s fee removal from the Customer’s account
❗ only required if accountManagementType includes RIA_MANAGED

EU/GDPR/CCPA

Privacy Policy and Data Sharing – Describes how DriveWealth needs to collect, use, disclose, transfer, store, retain or otherwise process customer personal data in order to service the brokerage account.

Passing acceptance through the API

After a customer has ackwnoledged they've read and accepted all the conveyed agreements, the Disclosures object to create the customers user should mark all the required fields as being true.

❗ There is a single exception to this rule. findersFee should always be marked as false

The API request additionally requires a digital signature be passed in. Simply put, this property take the string value of a customers full legal name as exampled below:

{
  "type": "DISCLOSURES",
  "data": {
    "termsOfUse": true,
    "customerAgreement": true,
    "marketDataAgreement": true,
    "rule14b": true,
    "findersFee": false,
    "privacyPolicy": true,
    "dataSharing": true,
    "signedBy": "Calvin Broadus Jr."
  }
}