Why would a fee-based investment advisor need my Social Security number?

I am planning on using an investment advisor to help better allocate my holdings. I would make all the trades through my online broker. Is there a reason that the advisor would need my Social Security number and other details?

Social Security, Choosing an Advisor
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May 2017
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As a Registered Investment Advisor, the advisor is required to know and understand his/her clients and asking for the SS number is very common.

On the other hand, if you are not opening an account with the advisor there is no real need to know the SS number.  However there may be a State requirement that the advisor have that info. Rules can vary by State.

 

 

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