Disclosures

Understanding the following disclosures is key to trading with confidence!

Before you begin trading securities, especially trading online, it is important to read the following disclosure language. Some of the disclosure information is contained in standardized documents distributed to all investors who invest in a certain class of securities (e.g. options); some of the disclosure language pertains to online trading at Planner Securities, LLC. Planner Securities, LLC in particular.

General Disclosure Information for all Planner Securities, LLC clients

Notice to Customers - Opening A New Account

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.

What this means for you: When you open account, we will ask for your name, address, date of birth and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.

  • Download Disclosure

  • Click here to view the Customer Relationship Summary

  • Click here to view SIPC and Account Protection

  • Click here to view the Day Trading Disclosure

  • Click here to view the Market Volatility Disclosure.

  • Click here to see After Hours Trading Disclosure

  • Click here for Customer Account Agreement.

  • SEC Rule 606 and 607 (Disclosure of Payment for Order Flow and Order Routing Information).

  • A referral or finder's fee may be paid by Planner Securities, LLC pursuant to an agreement with an independent agent that is not based in the United States. Compensation details available upon request.

  • The Physical Trade Fee CUSIP List represents those securities that are currently Non-DTCC eligible and are being held as a physical certificate. Customer accounts that trade these securities will be charged a fee of $300 for all transfer agents except Pacific Stock Transfer which will be $600 in each identified account on trade date plus one.

    The accounts subject to this charge will be those with a daily change in trade date position for securities that are non-DTCC eligible (subject to change). We will evaluate trading activity in each account and identify activity that results in a settlement. Trading activity that nets to zero on a daily basis will not result in a physical settlement, therefore no fee will be charged.

    Click here to download 3rd Quarter Trade Fee List - 2018.

    Click here to download 2nd Quarter Trade Fee List - 2018.

    Click here to download 1st Quarter Trade Fee List - 2018.

    Click here to download 4th Quarter Trade Fee List - 2017.

    Click here to download 3rd Quarter Trade Fee List - 2017.

  • Click here to view the Exchange Traded Funds (ETF) Disclosure.

  • Click here to view Low-Priced Security Disclosure

  • Please see our Fractional Shares Disclosure

Foreign Accounts

  • In accordance with U.S. anti-money laundering laws, the following policies shall apply to all foreign accounts.

    • Identifying documentation will be required in order to establish all international accounts, including international futures accounts. This requirement will necessitate a copy of a picture ID (verified by a governmental agency or authority, i.e., valid passport, driver's license, etc.) in addition to the standard account opening documentation. An account will not be opened or will not be permitted to remain open if all information on the new account application forms are not provided. The account will not be opened/will be closed immediately if all required documentation is not provided. The customer will not be permitted to decline providing financial or other personal information requested in connection with account opening documentation. In the event the customer fails to provide such information, the account may not be opened.
    • Any incoming funds will not be accepted unless all necessary paperwork has been received and processed.
    • All incoming funds in connection with international accounts (including check or wires drawn on a foreign bank
    • Account OR checks or wires for foreign accounts) will be required to go through BMO Harris Bank.
    • All incoming funds in connection with international accounts will be required to be in U.S. currency.
    • No third party transfers will be effected for international accounts.
    • No check writing will be available for international accounts.
    • Planner Securities and Apex Clearing will not accept cashiers' checks, money orders, bank drafts, credit card checks, travelers checks or electronic checks for international accounts.
    • Apex approval will be required for all outgoing funds for international accounts.
    • Incoming funds into international accounts will be required to be held at least 30 days before being dispersed.
    • International accounts will be run against the OFAC database on a quarterly basis. Accounts found to match with this database will be frozen/closed immediately.

Business Continuity Plan

Margin Trading

Options Trading

  • Equity option orders may be placed until the equity market closes at 4:02 PM EST. Index option orders may be placed until the index option market closes at 4:15 PM EST. Customers cannot place equity option orders between 4:02 and 4:15 for the next day queue.
    To write naked puts, accounts must have a minimum equity of $25,000. Additional criteria must be met before accounts are approved for naked put writing including:

    1. 20% of the current market value of the underlying security
    2. the premium of the option received
    3. initial (one-time) $10,000 for the first naked transaction
    4. additional $5,000 per 25 contracts.

    Please note that writing (shorting) of index options and shorting of naked calls are not permitted.
    As a reminder, every customer approved for option trading has verified in the option agreement that he/she has read and understands the information and risks contained in the risk disclosure document and any supplement issued by the various exchanges and the Options Clearing Corporation

  • Click here for OCC - Characteristics and Risks of Standardized Options.

  • There are special risks associated with uncovered option writing which expose the investor to potentially significant loss. Therefore, this type of strategy may not be suitable for all customers approved for options transactions.

    1. The potential loss of uncovered call writing is unlimited. The writer of an uncovered call is in an extremely risky position, and may incur large losses if the value of the underlying instrument increases above the exercise price.
    2. As with writing uncovered calls, the risk of writing uncovered put options is substantial. The writer of an uncovered put option bears a risk of loss if the value of the underlying instrument declines below the exercise price. Such loss could be substantial if there is a significant decline in the value of the underlying instrument.
    3. Uncovered option writing is thus suitable only for the knowledgeable investor who understands the risks, has the financial capacity and willingness to incur potentially substantial losses, and has sufficient liquid assets to meet applicable margin requirements. In this regard, if the value of underlying instrument moves against an uncovered writer’s options position, the investor’s broker may request significant additional margin payments. If an investor does not make such margin payments, the broker may liquidate stock or options positions in the investor’s account, no prior notice in ccordance with the investor’s margin agreement.
    4. For combination writing, where the investor writes both a put and a call on the same underlying instrument, the potential risk is unlimited.
    5. If a secondary market in options were to become unavailable, investors could not engage in closing transactions, and an option writer would remain obligated until expiration or assignment.
    6. The writer of an American-style option is subject to being assigned an exercise at any time after he has written the option until the option expires. By contrast, the writer of a Europeanstyle option is subject to exercise assignment only during the exercise period.

    NOTE: It is expected that you will read the booklet entitled CHARACTARISTICS AND RISKS OF STANDARDIZED OPTIONS given to you at the time you opened your account. Additional copies are also available upon request from your broker. In particular your attention is directed to the chapter entitled Risks of Buying and Writing Options. This statement is not intended to enumerate all of the risks entailed in writing uncovered options.

Privacy Statements

  • Apex Clearing Corporation (“Apex”) carries your account as a clearing broker by arrangement with your broker/dealer as introducing broker. At Apex, we understand that privacy is an important issue for customers of our introducing firms. It is our policy to respect the privacy of all accounts that we maintain as clearing broker and to protect the security and confidentiality of non‐public personal information relating to those accounts. Please note that this policy applies to former customers as well as current customers.
    Personal Information Collected
    In order to service your account as clearing broker, information is provided to Apex by your introducing broker who collects information from you in order to provide the financial services that you have requested. The information collected by your introducing broker and provided to Apex may come from the following sources:

    1. Information received from you, such as your name, address, telephone number, social security number, occupation, and income;
    2. Information relating to your transactions, including account balances, positions, and activity;
    3. Information which may be received from consumer reporting agencies, such as credit bureau reports;
    4. Information relating to your creditworthiness;
    5. Information which may be received from other sources with your consent or with the consent of your introducing broker.

    Sharing of Nonpublic Personal Information
    Apex does not disclose nonpublic personal information relating to current or former customers of introducing brokers to any third parties, except as required or permitted by law, including but not limited to any obligations of Apex under the USA PATRIOT Act, and in order to facilitate the clearing of customer transactions in the ordinary course of business.
    Apex has multiple affiliates and relationships with third party companies. Examples of these companies include financial and non-financial companies that perform services such as data processing and companies that perform securities executions on your behalf. We may share information among our affiliates, as permitted by law, in order to better service your financial needs.
    Security Apex strives to ensure that our systems are secure and that they meet industry standards. We seek to protect non‐public personal information that is provided to Apex by your introducing broker by implementing physical and electronic safeguards. Where we believe appropriate, we employ firewalls, encryption technology, user authentication systems (i.e. passwords and personal identification numbers) and access control mechanisms to control access to systems and data. Apex endeavors to ensure that third party service providers who may have access to non‐public personal information are following appropriate standards of security and confidentiality. We instruct our employees to use strict standards of care in handling the personal financial information of customers. As a general policy our staff will not discuss or disclose information regarding an account except with authorized personnel of your introducing broker or Member FINRA, NYSE and SIPC 04/2015 as required by law or pursuant to regulatory request and/or authority.

    Access to Your Information You may access your account information through a variety of media offered by your introducing broker and Apex (i.e. statements or online services). Please contact your introducing broker if you require any additional information.
    Apex may use “cookies” in order to provide better service, to facilitate its customers’ use of the website, to track usage of the website, and to address security hazards. A cookie is a small piece of information that a website stores on a personal computer, and which it can later retrieve.
    Changes to Apex's Privacy Policy Apex reserves the right to make changes to this policy.

  • Click here for Planner Securities, LLC Privacy Policy Statement.

Notices and Changes

General Disclaimer

Market Data Agreements