Custodian

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Custodian

Either (1) a bank, agent, trust company, or other organization responsible for safeguarding financial assets, or (2) the individual who oversees the mutual fund assets of a minor's custodial account.

Custodian

A brokerage or other financial institution that holds and manages a client's securities or other assets on his/her behalf. This reduces the risk of the client losing his/her assets or having them stolen. They are also available to the brokerage to sell at the client's demand. Like a bank, a custodian provides an investor a place to store assets with little risk. Brokerages normally require a fee for custodial services. See also: Safekeeping.

custodian

An organization, typically a commercial bank, that holds in custody and safekeeping someone else's assets. These assets may be cash, securities, or virtually anything of value.

Custodian.

A custodian is legally responsible for ensuring that an item or person is safe and secure. In investment terms, a custodian is the financial services company that maintains electronic records of financial assets or has physical possession of specific securities.

The custodian's client may be another institution, such as a mutual fund, a corporation, or an individual. For example, with an individual retirement account (IRA), the custodian is the bank, brokerage firm, or other financial services company that holds your account.

Similarly, the Depository Trust Company, a subsidiary of the Depository Trust and Clearing Corporation (DTCC), is the custodian of millions of stock certificates held in its vaults.

References in periodicals archive ?
We are aware of several custodians that are proactively helping advisors avail themselves of the No Action relief.
While self-directed IRAs can be a safe way to invest retirement funds, investors should understand that third-party custodians have limited duties to investors," Beatty said.
The number of end clients served by fee-based financial advisor custodians will increase to 3.
The Act however, does not apply to all personal health information, but only to personal health information that is collected, used or disclosed by a custodian or that is in the custody or control of a custodian.
The COMSEC custodian and their assistant positions are identified as MOS 25B on Signal Modified Table of Organization and Equipment and Table of Distribution Allowance.
An IRA LLC speaks directly to the investor's ability to control the disbursement of funds and reduce fees paid to a custodian (since he or she does not have to rely on the firm for approval or pay a fee for each check written).
Property must be transferred to a custodian who holds it as custodian for the minor under the relevant state's Gifts or Transfers to Minors Act.
When Houston Independent School District took that route, officials decided to hire third-party custodians for new schools as they're built.
McCarty, who's active in the NEA Healthy Schools Caucus, reports that many custodians across the country still lack basic training on "environmental issues and responsibilities [and the] leadership skills needed to stand up and say, 'no, that's not right.
HSA trustees or custodians that do not sponsor high-deductible plans may (not must) request proof or certification that an individual is eligible to contribute.
Write thank-you notes or e-mail messages to the secretaries, custodians or grounds crew whenever they perform a special task or favor.
The origins of the abusive contract that favor custodians lie in the 19th century, when custodians lived in the schools because coal-burning furnaces required constant tending.