As a Corp lawyer in big law, we obviously have prohibitions on trading in certain securities given that we (including the firm) likely have MNPI. Does that change if an advisor is the party solely responsible for making investment decisions (e.g., brokerage account, advisory account, etc.). If no, how are you investing for retirement outside of 401k and back door Roth? Was hoping to use an advisory account as a means of saving for short term expenses (3-5y) but am now thinking I can’t do this.

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You have to check your firm handbook for this or ask HR. My firm lets us invest in securities through an advisor if we have no control over investment decisions.

Again though, your firm will have its own specific policies for what you can/can’t do. For example, I’ve heard of patchwork policies re crypto holdings across different firms.

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Agree with this answer. Very firm specific. My firm allows me to have an advisor who trades in specific stock without requiring I get clearance every time as long as I have no say in the trades.

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Others have given you the right response to your first question, which is that it’s firm specific and you just need to carefully review the policy.

Regarding your second question - most people in their 20s and 30s should be investing in broad based index ETFs and mutual funds, and not trying to pick individual securities. Most firm trading policies have exceptions for index fund investments. Also, many savvy people find that a fee-based financial advisor (who takes 1-2% of your accumulated wealth EVERY YEAR) is not with it.

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Same as above for my firm. I have a broker who makes all the decisions for me.

We've given high level instructions, but he does everything for us.

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