Custodian. A brokerage or other financial institution that holds and manages a client's securities or other assets on his/her behalf. This reduces the risk of the client losing his/her assets or having them stolen.
http://financial-dictionary.thefreedictionary.com/Custodian
Physical custody means that a parent has the right to have a child live with him or her. Some states will award joint physical custody when the child spends significant amounts of time with both parents.
http://www.nolo.com/legal-encyclopedia/types-of-child-custody-29667.html
As an advisor, your business is about building client relationships. SEI s administrative services help you create a more efficient, effective practice, taking labor-intensive tasks off your plate, like transaction processing, statements and performance reporting.
http://www.seic.com/enUS/advisors/464.htm
A: No. If the adviser does not return the securities to the sender within three business days, the adviser not only has custody but has also violated the amended rule's requirement that client securities be maintained in an account with a qualified custodian.
https://www.sec.gov/divisions/investment/custody_faq_030510.htm
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http://www.seic.com/enUS/advisors/464.htm
Custodian. A custodian is legally responsible for ensuring that an item or person is safe and secure. In investment terms, a custodian is the financial services company that maintains electronic records of financial assets or has physical possession of specific securities. The custodian's client may be another institution, such as a mutual fund, a corporation, or an individual.
http://financial-dictionary.thefreedictionary.com/Custodian
For example, if a pooled investment vehicle is included in the scope of an adviser’s surprise examination under the custody rule, the accountant performing the surprise examination would be prohibited from compiling the pooled investment vehicle’s financial statements.
https://www.sec.gov/divisions/investment/custody_faq_030510.htm
Staff Responses to Questions About the Custody Rule. The staff of the Division of Investment Management has prepared the following responses to questions about the rule 206(4)-2, the custody rule under the Investment Advisers Act of 1940 and expects to update from time to time our responses to additional questions.
https://www.sec.gov/divisions/investment/custody_faq_030510.htm
A: If the related person is a natural person and is both the legal and beneficial owner (e.g. , he or she is not the trustee of another person) of the account and the beneficial owner for purposes of the securities laws, this related person's access to his or her own account will not impute custody to the adviser.
https://www.sec.gov/divisions/investment/custody_faq_030510.htm
Sole Custody. One parent can have either sole legal custody or sole physical custody of a child. Courts generally won't hesitate to award sole physical custody to one parent if the other parent is deemed unfit -- for example, because of alcohol or drug dependency or charges of child abuse or neglect.
http://www.nolo.com/legal-encyclopedia/types-of-child-custody-29667.html
define financial custody
A financial custody is defined as, a brokerage or other financial institution that holds and manages a client's security or other assets on his or her behalf.