What this document can tell you
Verify where investments are held, who can move money and how to reconcile adviser reports with independent statements.
Your reading route
Identify each firm's role
The adviser may make recommendations or manage the account while a qualified custodian holds the assets and produces statements. Record the legal names and verify contact details outside any email request. Ask whether the adviser or a related party has custody under applicable rules and read the disclosure explanation. Next step: Review custody and authority clauses.
Inventory account authority
Distinguish trading discretion, fee deduction, limited transfer authority and power to withdraw assets. Read the account and advisory forms instead of relying on a verbal description. Do not share passwords; use the custodian's authorised access process and multifactor authentication. Next step: Recognise dangerous access and payment requests.
Reconcile independent records
Compare holdings, trades, deposits, withdrawals and fees between the custodian statement and adviser report. Confirm that the statement came from the custodian's verified domain or portal. Report an unexplained difference promptly to both firms through known contact channels. Next step: Protect sensitive financial records.
Follow one detail through the document
An adviser dashboard shows a quarterly management fee, but the household cannot find it on the custodian statement. They ask the custodian to identify the debit and compare the amount with the agreement. Reconciliation confirms whether the charge and valuation basis are correct.
Document review checklist
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Primary sources
Questions about the document
Should an adviser hold my money directly?
Many advisers use a separate qualified custodian. The arrangement and any custody relationship should be disclosed. Verify the custodian and statement source independently.
Is an adviser performance report enough?
No. It can be useful analysis, but reconcile it with the independent custodian statement that records actual holdings and transactions.
Finish the review
- Verify custodian legal name
- List every granted authority
- Use independent login credentials
- Compare statements each period
This page is general education, not individual financial, investment, insurance, mortgage, legal or tax advice.