Legg Mason Account Type

Legg Mason offers various types of brokerage accounts tailored to meet the diverse needs of investors. These account types include:

• Retail Accounts:
• Cash Accounts: Fully funded accounts where all transactions must be paid for in cash.
• Margin Accounts: Allow investors to borrow money from the brokerage to purchase securities, requiring a minimum balance to be maintained.
• Custodial Accounts: Designed for minors, where an adult manages the account until the child reaches adulthood.
• Trust Accounts: Accounts titled in the name of a trust, making them an asset of the trust.
• 529 Plan Accounts: For educational savings that can be managed through a self-directed brokerage account.
• Retirement Accounts:
• Traditional IRAs: Tax-deductible contributions with taxable withdrawals during retirement.
• Roth IRAs: Non-deductible contributions with tax-free withdrawals at retirement.
• SEP IRAs: For self-employed individuals.
• SIMPLE IRAs: Designed for small businesses.
• Self-Directed 401(k) Plans: For sole proprietors.
• Robo-Advisors: Automated investing services that use algorithms to manage portfolios based on individual risk tolerance and financial goals, typically with lower fees than traditional advisory services.

Legg Mason Broker Account Opening Process

Opening a brokerage account with Legg Mason involves several straightforward steps:

• Select the Type of Account: Determine whether you want a retail or retirement account based on your investment goals.

• Fill Out the Application:

• Complete the online application or visit a local branch.
• Provide personal information including your full name, physical and mailing addresses, Social Security number, tax filing status, and income bracket.

• Choose Your Account Preferences: Decide on the type of account you want to open, such as a cash or margin account, and select any additional features you may need.

• Fund Your Account:

• Transfer funds from another account, send a check, or initiate a bank transfer.
• Note that credit cards cannot be used to open a brokerage account.

• Complete Your Preferences: Choose how you want to receive trade confirmations and monthly statements, either by mail or email.

• Understand Your Fees: Familiarize yourself with the fee structure, including any commissions, account maintenance fees, or minimum balance requirements.

By following these steps, you can successfully open a brokerage account with Legg Mason and begin your investment journey.