What Happens to Your FINRA Gateway Account When You Die
Quick Facts
Filing
U5 termination filing required
Client accounts
Must be reassigned
Compliance
Broker-dealer handles filing
Step-by-Step Guide
Notify the broker-dealer
Contact the employing broker-dealer immediately. The firm is responsible for filing a U5 termination notice with FINRA within 30 days.
Ensure U5 is filed
Verify that the broker-dealer files the Form U5 (Uniform Termination Notice) with FINRA. The reason for termination should indicate death.
Reassign client accounts
Work with the firm's compliance department to ensure all client accounts are reassigned to another registered representative.
Review trailing commissions
Determine if trailing commissions or deferred compensation are owed to the estate. Review the employment agreement and compensation schedule.
Document Now Checklist
- CRD (Central Registration Depository) number
- Employing broker-dealer name and contact
- Series licenses held (Series 7, 66, etc.)
- Client account list
- Compensation and trailing commission agreements
Last verified: June 2026. Platform policies may change. Verify current procedures directly with FINRA Gateway. This guide is for informational purposes only and does not constitute legal advice.
Related Guides
Social Security
Social Security must be notified of death immediately. Benefits paid after death must be returned. Survivor benefits may be available.
IRS / Tax Returns
A final individual tax return must be filed for the year of death. Estates over $13.61M may owe federal estate tax.
Veterans Affairs (VA)
Veterans are entitled to burial benefits, a headstone or marker, a burial flag, and Presidential Memorial Certificate — all at no cost.
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