What does this stand for…..
The statements I have from my mothers IRA account has a sequence of letters and I am courious what they stand for…..
NFS/FMCT
IRA XXXXX (my moms name)
This is the Bank of America Statement
MLPF&S CUST
FPOFBO XXXXX(Her Name)
This is the Merrill Edge Statement
Permalink Submitted by Alan - IRA critic on Mon, 2017-07-10 16:32
Those letters abbreviate the IRA custodian or in some cases the clearing firm that actually has custody of the IRA investments. NFS (National Financial Services) is owned by Fidelity Investments. Perhaps this was the clearing firm used by Bank of America. MLPFS stands for Merrill Lynch Pierce Fenner and Smith which includes names of some of the original founders and acquisitions of ML back in the 30s and 40s. FBO is a common term (for benefit of) which indicates that these firms are holding investments on behalf of your mother. The majority of IRA custodians use one of the major clearing firms for back room operations.
Permalink Submitted by tara wright on Mon, 2017-07-10 19:47
Thank You.