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Old 12-08-2019, 10:21 AM   #1
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Mail Service Address with Morgan Stanley

Anybody use Morgan Stanley as their Investment Firm? I just recently opened an account using my mail service address from Your Best Address in SD and they flagged it as a PMB and want a physical address. Unfortunately I only have my children's addresses to use in NJ and do not want that as my legal address to avoid any tax issues. I am working with my financial advisor to resolve but was wondering if anyone has encountered this issue and were able to resolve? What did you or your financial advisor do?

Thanks. Any input would be appreciated.
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Old 12-08-2019, 10:41 AM   #2
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We had similar issue but with RBC. We use Dakota Post. I made a point to insist that no mail go to our daughter ( in CA) for same reasons, itís been several years and no problem. Everything legal is in SD. Wills, trust accounts, investment accounts, voteing, cars , medical etc all use SD. No issues but Iíve become a good ambassador as to how great it is to ď liveĒ in SD.
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Old 12-08-2019, 11:08 AM   #3
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Your money, move to another financial institution. BTW, if you are paying for 'financial advisor' tell the person to 'get it fixed!'. Again, your money, and money talks!
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Old 12-08-2019, 12:43 PM   #4
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Originally Posted by deanansley View Post
We had similar issue but with RBC. We use Dakota Post. I made a point to insist that no mail go to our daughter ( in CA) for same reasons, itís been several years and no problem. Everything legal is in SD. Wills, trust accounts, investment accounts, voteing, cars , medical etc all use SD. No issues but Iíve become a good ambassador as to how great it is to ď liveĒ in SD.
Thanks. Everything else is all SD also. My only concern is tax reporting - that interest and dividend income not get reported to the legal address that they have as in NJ.
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Old 12-08-2019, 12:49 PM   #5
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Your money, move to another financial institution. BTW, if you are paying for 'financial advisor' tell the person to 'get it fixed!'. Again, your money, and money talks!
I agree, but I'd like to stay. Just looking for suggestions to help the financial advisor. I've worked in the financial services industry and sometimes its a knowing what to say to compliance and auditors.
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Old 12-08-2019, 04:25 PM   #6
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Originally Posted by RamblingRoze View Post
I just recently opened an account using my mail service address from Your Best Address in SD and they flagged it as a PMB and want a physical address. Unfortunately I only have my children's addresses to use in NJ and do not want that as my legal address to avoid any tax issues.
You probably got "caught" by Morgan's Patriot Act CIP (Customer Information Program).

If so, according to law, you only need to supply a contact person's (family, friend, etc) physical address (see Page 480, bottom right column of Anti-Money Laundering Programs). The address of the contact person should not cause any tax issues as it's not your address.

If Morgan Stanley doesn't know what you're talking about, ask to speak to someone in their Compliance Department.

If your financial advisor doesn't know (or gives you a blank stare) when you talk about the Patriot Act CIP, get a new advisor.
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Old 12-10-2019, 07:19 PM   #7
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Yikes. We use Charles Schwab and another financial company and Dakota Post. No one has complained.
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Old 12-11-2019, 12:07 AM   #8
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Yikes. We use Charles Schwab and another financial company and Dakota Post. No one has complained.
I opened a new account. If you were an existing customer I think you are fine. None of my other financial companies said anything when I changed my address. The only issue was my bank which would not accept the change online, had to call, but I've been a customer for decades.
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