I decided to move an inherited IRA (opened in 2016) from Vanguard to Schwab. I've had a conversation with a recommended CSR there (after interviewing a couple), and they've sent me the Schwab application to open an inherited IRA account; once that is open, then they will initiate the move from Vanguard.
That all sounds fine but I am utterly gob-smacked at the inherited IRA application they've sent. Yes, it has all the usual questions for opening an account but then there is a section they preface with "Securities industry regulations require that we collect this information:" Investment experience (none, limited, good or extensive), annual income and liquid net worth.
Huh? My annual income is irrelevant to opening this account. And I have absolutely no intention of telling Schwab my net worth.
I've had a look at the forms from Vanguard, Fidelity and TRowePrice for opening an inherited IRA account, and none of them are so intrusive. If Securities industry regulations required it, then surely they would ask ...
I am more than a little irked at this. Has anyone else encountered something like this with Schwab or elsewhere? Are they overstepping boundaries -- badly? Am I over-reacting?
Maybe the question is required but an answer is not. Try leaving it blank.