Common use of Broker Selection Clause in Contracts

Broker Selection. Stock Management LLC and its related persons do not have the authority to determine the broker or dealer to be used or the commission rates paid. The broker is established at the time the account is opened and funded. Clients may specify the broker to be used, but are advised that a discount broker is recommended, such as Schwab, Fidelity or Scottrade, which allow appropriate management of client accounts and have reasonable fees. No broker is paid extra commissions in recognition of the value of services provided, unless the client has specifically requested the more expensive brokerage agreement. In such a case, no portion would go to Stock Management LLC. The custodian shall at all times be responsible for the physical custody of all assets held in such custodianship, and for the collection of interest, dividends and other income attributable thereof. Stock Management LLC shall have no liability for any acts or omissions of any custodian or administrator.