How do I add a portfolio?

• Navigate to My Portfolios and click on Add Portfolio. 
• Enter information in all fields and click on Add account. 

If you need more information, please read the detailed answer below. 

A Portfolio is a place where all the holdings owned by an Account are displayed. An Account is an entity from which the Individual Investor makes investment decisions. An Account is linked to a Bank Account.

There are two types of Accounts on the iownit platform: Individual and Joint. On the My Portfolios page, Portfolios are grouped by these two account types. You select an account type when creating a Portfolio and can change it at a later point in time, if needed.  

Individual accounts 

The traditional individual brokerage account is a cash account. With a cash account, you must deposit the full cost of any purchases by the settlement date of the transaction. An individual account is a standard brokerage account with only one owner. The account owner can assign a beneficiary, and upon death all assets in the brokerage account are passed to the beneficiary.

Joint accounts 

A joint account is a bank or brokerage account that is shared between two or more individuals. There are three types of joint accounts on the iownit platform, either one of which you can select when creating a Portfolio: 

1. Joint Tenants with Right of Survivorship
   The account is opened in the name of two or more persons who have reached the age of 18. Each has an undivided interest in the entire account’s assets and assumes responsibility for the entire account’s activity. Upon the death of 1 or more account holders, the surviving account holder(s) assumes full ownership of the account’s assets in a new account. Joint Tenants WROS is not a recognized form of property ownership in Louisiana.
2. Joint Tenants in Common
   The account is opened in the name of two or more persons who have reached the age of majority (18). Each has a divisible interest (not necessarily equal) in the account’s assets but assumes responsibility for the entire account’s activity. Upon the death of 1 or more account holders, an estate account is opened for each decedent, and a new account is opened for the surviving account holders. Non-resident aliens are not eligible for this account, i.e., no SSN, no such account.
3. Joint Community Property
   Opened in the names of 2 legally married people, age 18 or over. Each spouse has an equal interest in the property of the account. Upon divorce or death the property is treated as belonging half to each spouse. Only married couples may open this account. Eligible only to those who are residents of Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Wisconsin, or Washington.

Bank account

On the iownit platform, every type of account can have only one bank account. There can be multiple portfolios with the same bank information.

To add a portfolio, please follow the steps below: 

• Navigate to My Portfolios and click on Add Portfolio. 

• Enter information in all fields: Portfolio Name, Type (Individual or Joint Account), Bank Name, ABA Number, Account Number.
• Click the Add account button. 

The new portfolio is added to the list of existing portfolios on the My Portfolios page.