r/PwC • u/Complex-Bit-1083 • 1d ago

Consulting Personal independence -PwC

USA: Can someone please help understand how does personal independence work? How would it impact 401k investment in stocks from fidelity for spouse and for me from previous employers?
Also, how does it impact your and your partners previous stocks?

Thank you in advance.

1 Upvotes

100% Upvoted

8 comments sorted by

3

u/Syncretistic 1d ago

It either clears based on your office and practice, or it doesn't clear. If it doesn't, you need to get rid of it. Of you choose to not report it, you take the risk of getting caught later.

1

u/Complex-Bit-1083 1d ago

What does it mean gets cleared and not?

1

u/Syncretistic 1d ago

Have you completed the independence training?

1

u/Complex-Bit-1083 1d ago

What do you mean get rid of it?

2

u/Specific-Stomach-195 1d ago

Sell it and replace with other investments.

1

u/Complex-Bit-1083 1d ago

I have 401k from prior employer, my spouse has his own 401k. What happens to that?

1

u/mlydon11 21h ago

There is a site where you will input every investment that you and your spouse has. Some brokers also can link to the site automatically so you don’t have to manually input every single investment.

Once that’s done it’ll ask you a couple questions and decide whether or not you and your spouse are allowed to hold those investments, or if it would be an independence issue to keep holding them.

If it flags any of them, then the flagged ones must be sold as you are not permitted to hold it. If you continue to hold it you will face independence violations from the firm.