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Disclosures

Before you begin trading securities, especially trading online, it is important to read the following disclosure language. Some of the disclosure information is contained in standardized documents distributed to all investors who invest in a certain class of securities (e.g. options); some of the disclosure language pertains to online trading at Planner Securities, LLC. Planner Securities, LLC in particular.


General Disclosure Information for all Planner Securities, LLC clients

Notice to Customers - Opening A New Account

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.

What this means for you: When you open account, we will ask for your name, address, date of birth and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.

Planner Securities, LLC Online Trading Disclosure

Although on-line trading has become a popular and reliable way to trade securities, there are a number of market- and technology-related variables of which you should be aware when placing orders. Before investing, you must also understand that these variables create potential problems including, but not limited to, order outcomes. High volumes of trading at market opening and at various points during the day may cause delays in execution and executions at prices significantly away from the market price quoted or displayed at the time the order was entered. Although many investors have come to expect quick executions at or near the quotes displayed on their computer screens, there are certain factors beyond our control. For example, Market Makers may execute orders manually or reduce their size guarantees during periods of volatility, possibly resulting in delays in order execution and losses.
Understanding the differences between market and limit orders and the benefits and risks of each is important for investors to understand. Firms are required to execute a market order fully and promptly without regard to price. That execution may be at a price significantly different from the current price quoted for the security. Limit orders are executed only at a specified price or better and while the investor receives price protection, but there is the possibility that a limit order may not be executed or may receive only a partial execution.
Customers who place market orders for initial public offerings (IPOs) – particularly those trading at a price significantly higher than their offering price – or in ‘hot stocks’, those that have recently traded under ‘fast market’ conditions in which the price changes so quickly that quotes for the stock cannot keep pace with its trading price, should be aware that market orders may be executed at prices that are significantly less than or more than the indicated price. On the first day of trading in an IPO, Planner Securities, LLC does not allow BUY MARKET orders. Generally, sufficient funds must be in your account in order to effect transactions. Paragraph 3 of the Customer Agreement discusses the possible effects of an account with inadequate funds. It is important to understand that the amount of funds available to purchase securities factors in the value of all open orders [If a customer enters an order, the value of that order (even if not yet executed) is immediately deducted from the amount of funds available to make further purchases]. Furthermore, if a customer owns securities and has a SELL ORDER that is OPEN to sell those securities, Planner Securities, LLC will generally not allow another sell order on the same security until the open sell order has been confirmed cancelled. Note that a "Cancel Acknowledged/Received" message does not indicate that an order is cancelled. The order is confirmed cancelled only when a "Cancelled by Broker" message is received. Planner Securities, LLC is available to accept phone orders between 6:30 AM and 8:00 PM EST during normal market days. If a customer enters a phone order, the Planner Securities, LLC trading platform may not subsequently allow the customer to cancel or alter the order, in which case the customer will have to call Planner Securities, LLC to request to cancel or alter the order. Marketable orders, including marketable limit orders, are not cancellable unless the customer calls in. In which case, the Planner Securities, LLC registered representative may attempt to cancel the order. Marketable limit orders are defined as sell orders set at a limit price at or below the current offer and buy orders set at a limit price at or above the current bid.
Good-Til-Cancelled ("GTC") orders may NOT be placed over the phone. Orders for which a "Received by [name of Planner Securities, LLC platform you’re using]" message is received and for which a "Received by broker" message does not subsequently appear within 60 seconds, may not have been received by our brokerage and should be cancelled by the customer.
Planner Securities, LLC allows its customers to establish a default routing destination to route orders. In cases where the customer selects a routing destination as the default and and that destination is unavailable at the time an order is placed, Planner Securities, LLC has the discretion to route the order elsewhere.
90 Second Lockout Rule for listed stocks sent to Trimark: When a customer's order is routed to Trimark, that customer will not be able to route another order (buy OR sell) for the SAME security to Trimark within 90 seconds. For example, if a customer places an order to buy 100 shares of LU that was routed to Trimark at 10:00:00 AM, he will not be able to route another LU order (buy OR sell) to Trimark until 10:01:30 AM. This does not prevent another Planner Securities, LLC customer from entering another order for the same security to Trimark within 90 seconds. Please note that cancelling an order does not remove the 90 second lockout.
Clearly Erroneous Policy: As defined by FINRA, a "clearly erroneous" transaction is one "when there is an obvious error in any term, such as price, number of shares or other unit of trading, or identification of the security." If a customer seeks to dispute a transaction because he/she feels that one of the terms of a transaction is clearly erroneous, the customer must contact Planner Securities, LLC’s trading desk within 15 minutes from the time of execution in order to submit a valid request.
If a stock split (forward or reverse) or a symbol change has become effective, Planner Securities, LLC will make its best efforts to promptly adjust the customers' accounts. An adjustment which has not been affected on the Planner Securities, LLC trading platform may prevent the customer from effecting transactions in the security. In such case, the customer must inform Planner Securities, LLC immediately. It is the customer's responsibility to be aware of their actual positions, selling or purchasing securities in excess of those owned, and the result of doing so, which may include, but is not limited to, margin calls.
Customers should reconcile balances and positions daily against their Trade Confirmations and Daily Summaries and monthly against their Monthly Statement. Planner Securities, LLC should be notified immediately if there is a discrepancy.
It is the customer’s obligation to notify Planner Securities, LLC in a timely manner of any discrepancy regarding their account. In the event of a trade dispute or any other issue relating to an order, Planner Securities, LLC expects our customers to notify our trading staff promptly (within ½ hour of the occurrence). Whether it be an improper fill or confirmation of order status, the earlier we receive your inquiry, the timelier we can resolve the issue.
There may be periods of time when you may be unable to access your accounts due to high volume. You may have difficulty accessing your accounts due to high Internet traffic or even because of systems capacity limitations. If on-line trading has been disabled or is not available, you may have difficulty reaching account representatives on the telephone during periods of high volume. Please be aware that you may suffer losses during periods of volatility due to delays in effecting buy and sell orders.
Orders may not be placed, adjusted or cancelled on the Chat Room (for those Planner Securities, LLC trading platforms that have Chat Rooms), via e-mail, nor by leaving a voice mail message. Orders may be placed only on your Planner Securities, LLC trading platform or by verbally speaking to a Planner Securities, LLC Registered Representative.
Customer support access may be limited at certain times due to market or technology related reasons. During these times, your best alternative is to e-mail trading@plannersecurities.com. Again, please be aware that orders may not be placed via e-mail.
Special note regarding non-network mutual funds: If you place a non-network mutual fund order, you will receive an execution at the close of the next business day. See List of Penson In-network Mutual Funds.
All orders routed to an electronic trading system are further subject to the terms and conditions of that electronic trading system and any additional terms Planner Securities, LLC may impose.
All other disclosure contained in "About Online Trading" on our website also apply.

After Hours Trading Disclosures

After-hours investing involves unique risks that investors should fully understand before placing an order after hours. These risks include, but are not limited to, greater price volatility, less liquidity, and wider bid/ask spreads than during regular market hours. Prior to participating in this unique after-hours session, you should review and be aware of the various risks and requirements involved with after-hours trading. For your convenience, below is a list of issues that we believe should be carefully considered before engaging in after hours trading.


After-Hours Trading Session: Currently, orders may be placed until 8:00 PM EST. Any day orders entered that are routed directly to an Exchange/ECN (NASDAQ or ARCA) will remain open until 8:00 pm. If you don't want your order subject to the after hours market, the order must be routed directly to the following routed destination (NITE, CitiATD, Penson). Any order entered after 4:00 PM EST will be routed to “next day” (sent out the following trading day) unless you choose to send it to an Exchange/ECN (NASDAQ or ARCA), in which case the order will remain open until 8 pm. Any unexecuted day order sent to the After Hours Market will be expire at 8 PM. A day order entered at 5 pm, for example, and routed to an Exchange/ECN will remain open until 8 pm and will not be in effect for the next day. If you want to enter an order after 4:00 PM for the next day, enter it as a GTC order. Be advised that GTC orders will remain open for 30 days unless they are executed or cancelled by the exchange (exchanges reserve the right to cancel orders, usually when they are experiencing technical difficulties and need to purge orders from their book). After 30 days it will be cancelled by Planner Securities, LLC. Any order entered in the after-market that is not eligible to be routed to the aforementioned Exchange/ECN, after hours, will be held in our database until the next market day and routed to a marketplace prior to the market open.

Limit Orders: To minimize the potential effects of lower liquidity and greater volatility, only limit orders may be placed after hours and are subject to the normal limit order rules. Again, an order entered as GTC will be routed to a marketplace at 9:05 AM EST the next business day.


You should consider the following points before engaging in extended hours trading:"Extended hours trading" means trading outside of "regular trading hours"."Regular trading hours" generally means the time between 9:30 a.m. and 4:00 p.m. Eastern Standard Time.

  1. Risk of Lower Liquidity. Liquidity refers to the ability of market participants to buy and sell securities. Generally, the more orders that are available in a market, the greater the liquidity. Liquidity is important because with greater liquidity it is easier for investors to buy or sell securities, and as a result, investors are more likely to pay or receive a competitive price for securities purchased or sold. There may be lower liquidity in extended hours trading as compared to regular trading hours. As a result, your order may only be partially executed, or not at all.
  2. Risk of Higher Volatility. Volatility refers to the changes in price that securities undergo when trading. Generally, the higher the volatility of a security, the greater its price swings. There may be greater volatility in extended hours trading than in regular trading hours. As a result, your order may only be partially executed, or not at all, or you may receive an inferior price when engaging in extended hours trading than you would during regular trading hours.
  3. Risk of Changing Prices. The prices of securities traded in extended hours trading may not reflect the prices either at the end of regular trading hours, or upon the opening the next morning. As a result, you may receive an inferior price when engaging in extended hours trading than you would during regular trading hours.
  4. Risk of Unlinked Markets. Depending on the extended hours trading system or the time of day, the prices displayed on a particular extended hours trading system may not reflect the prices in other concurrently operating extended hours trading systems dealing in the same securities. Accordingly, you may receive an inferior price in one extended hours trading system than you would in another extended hours trading system.
  5. Risk of News Announcements. Normally, issuers make news announcements that may affect the price of their securities after regular trading hours. Similarly, important financial information is frequently announced outside of regular trading hours. In extended hours trading, these announcements may occur during trading, and if combined with lower liquidity and higher volatility, may cause an exaggerated and unsustainable effect on the price of a security.
  6. Risk of Wider Spreads. The spread refers to the difference in price between what you can buy a security for and what you can sell it for. Lower liquidity and higher volatility in extended hours trading may result in wider than normal spreads for a particular security.


Price of Execution: As mentioned, orders placed after hours are routed to a specific electronic trading system. That system may not have the best prices for a securities purchase or sale and cannot guarantee that its marketplace, at any given moment, represents the best price available for a particular security. Customers may actually pay less, equal, or more for securities traded on that system than what was executed on a similar order on another after-hours electronic trading system. Also, a limit order may be executed at a price away from the current market price.
For example,a customer enters an order at 11:00 PM EST to Buy 100 XYZ @ 62 and receives a message that the order will be routed at 9:05 AM the next market day. At 9:05 AM, the market for XYZ is at 59. The customer may be executed at 62 by a seller who sells its shares to the customer at 62.


Risk of Timing Of Order Entry: Orders entered by other investors may beat your order to the electronic trading system's order book, and thus remove from the order book an order you were trying to match. This may prevent your order from being executed, in whole or in part, or from being executed at the price you wanted. In addition, orders entered earlier into the electronic trading system at the same price level of your order will have a higher priority than your order. This means that, if there is an execution at that price level, those earlier orders will be executed before your order, unless you improve the price of your order to move you up in priority.


Quotations Subject to Change: Orders posted on the electronic trading system may be changed before your order has a chance to be matched against the posted orders. This means that there is no guarantee that there will be orders at any given price.

Communications Delays: The potential risk of delay that can be caused by problems related to communications between customers and Planner Securities, LLC and between Planner Securities, LLC and the after-hour marketplace may cause delays in, or prevent execution of your order.

Trading Halts: If securities have been halted during the regular trading session, such trading halts will continue to be in effect during the after-hours trading session. No trading halts will be initiated by the after-hour trading system itself during the after-hours trading session.

Risks of Cancellation and/or Change Requests: Cancellation and/or change requests may not be accepted if the order you want to cancel/change is executed first: You may change or cancel your order any time before it is executed. If all or a portion of your order is executed before your change or cancellation is received (see above for the risk of communications delays), that portion of your order which was executed cannot be changed or cancelled. This means that you will be responsible for settling the portion of your order that was executed. In addition, once an order is partially executed, the remaining portion cannot be changed, but can only be cancelled and replaced by a new order. Changing an order may also cause a loss of time priority. Orders are ranked within the electronic trading system first by price (better priced orders come first), and second by time priority (earlier orders at the same price level come first). If you change your order, and that change is accepted (see above), your change is treated as a cancellation and replacement. This means that your change is treated as a new order, which may cause it to lose its time priority.

The same disclosures for After-hours trading also apply to Pre-open (before the market opens) orders including, but not limited to, lower liquidity and increased volatility.

Planner Securities, LLC Customer Agreement
FAQ - Information we require

What types of information will I need to provide?
When you open an account, your firm is required to collect information such as the following from you: your name, address, date of birth, Identification number (for US citizens, this identification number is your Social Security number or your employer identification number, and for non-US citizens, this identification number is your passport number, your alien-identification card number or government issued identification number), as well as other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.
US Department of the Treasury, Securities and Exchange Commission, FINRA, and New York Stock Exchange rules already require you to provide additional information, such as net worth, annual income, occupation, employment information, investment experience and objectives, and risk tolerance.
What happens if I don't provide the information requested or my identity can't be verified?
We may not be able to open an account or carry out transactions for you. If we have already opened an account for you, we may have to close it.
We thank you for your patience and hope that you will support the financial industry's efforts to deny access to America's financial system by terrorists and money launderers.

Disclosure of Order Routing (SEC 606 and 607 )
Referral / Finder’s fee disclosure

A referral or finder's fee may be paid by Planner Securities, LLC pursuant to an agreement with an independent agent that is not based in the United States. Compensation details available upon request.

What You Need to Know About Dormant Accounts

Any account that has a net liquidating value of $250.00 or less and has had no client initiated activity for a period of 12 months, may be charged a $100 Annual Maintenance fee. The Annual fee of $100 will continue until the account is either reactivated or the balance drops to zero.
How to avoid an inactivity fee:
It’s simple! Execute a commission generating transaction in your Planner Securities account.
Accounts that execute less than the minimum posted or agreed upon commission or trades, the account may be subject to the monthly required minimum charge.
Subject to broker discretion

What You Need to Know About Inactive Accounts

Due to an increase in clearing and operating costs, as of January, 1st 2017, accounts not enabled for web trading access or do not execute a commission generating transaction within a calendar month period, will be assessed an account maintenance fee of $8.95 a quarter.

How we attempt to avoid negative balances:

Any account in danger of generating a negative balance due to fees, may be closed and statements will be available upon request to cs@plannersecurities.com.
Subject to broker discretion

Physical Trade Fee CUSIP Inventory List

The Physical Trade Fee CUSIP List represents those securities that are currently Non-DTCC eligible and are being held as a physical certificate. Customer accounts that trade these securities will be charged a fee of $300 for all transfer agents except Pacific Stock Transfer which will be $600 in each identified account on trade date plus one.

The accounts subject to this charge will be those with a daily change in trade date position for securities that are non-DTCC eligible (subject to change). We will evaluate trading activity in each account and identify activity that results in a settlement. Trading activity that nets to zero on a daily basis will not result in a physical settlement, therefore no fee will be charged.

Click here to download 4th Quarter Trade Fee List.

Click here to download 3rd Quarter Trade Fee List.

Foreign Accounts

Important Note for Foreign Accounts

In accordance with U.S. anti-money laundering laws, the following policies shall apply to all foreign accounts.

  • Identifying documentation will be required in order to establish all international accounts, including international futures accounts. This requirement will necessitate a copy of a picture ID (verified by a governmental agency or authority, i.e., valid passport, driver's license, etc.) in addition to the standard account opening documentation. An account will not be opened or will not be permitted to remain open if all information on the new account application forms are not provided. The account will not be opened/will be closed immediately if all required documentation is not provided. The customer will not be permitted to decline providing financial or other personal information requested in connection with account opening documentation. In the event the customer fails to provide such information, the account may not be opened.
  • Any incoming funds will not be accepted unless all necessary paperwork has been received and processed.
  • All incoming funds in connection with international accounts (including check or wires drawn on a foreign bank
  • Account OR checks or wires for foreign accounts) will be required to go through BMO Harris Bank.
  • All incoming funds in connection with international accounts will be required to be in U.S. currency.
  • No third party transfers will be effected for international accounts.
  • No check writing will be available for international accounts.
  • Planner Securities and Apex Clearing will not accept cashiers' checks, money orders, bank drafts, credit card checks, travelers checks or electronic checks for international accounts.
  • Apex approval will be required for all outgoing funds for international accounts.
  • Incoming funds into international accounts will be required to be held at least 30 days before being dispersed.
  • International accounts will be run against the OFAC database on a quarterly basis. Accounts found to match with this database will be frozen/closed immediately.

Business Continuity Plan

Summary Disclosure Statement

Margin Trading

FINRA Guidance on Margin
Disclosure Statement
FINRA Daytrading Information

Options Trading

Options Trading at Planner Securities, LLC

Equity option orders may be placed until the equity market closes at 4:02 PM EST. Index option orders may be placed until the index option market closes at 4:15 PM EST. Customers cannot place equity option orders between 4:02 and 4:15 for next day queue.
To write naked puts, accounts must have a minimum equity of $25,000. Additional criteria must be met before accounts are approved for naked put writing including:

  1. 20% of the current market value of the underlying security
  2. the premium of the option received
  3. initial (one-time) $10,000 for the first naked transaction
  4. additional $5,000 per 25 contracts.

Please note that writing (shorting) of index options and shorting of naked calls are not permitted.
As a reminder, every customer approved for option trading has verified in the option agreement that he/she has read and understands the information and risks contained in the risk disclosure document and any supplement issued by the various exchanges and the Options Clearing Corporation

OCC - Characteristics and Risks of Standardized
Special Statement for Uncovered Options Writers

There are special risks associated with uncovered option writing which expose the investor to potentially significant loss. Therefore, this type of strategy may not be suitable for all customers approved for options transactions.

  1. The potential loss of uncovered call writing is unlimited. The writer of an uncovered call is in an extremely risky position, and may incur large losses if the value of the underlying instrument increases above the exercise price.
  2. As with writing uncovered calls, the risk of writing uncovered put options is substantial. The writer of an uncovered put option bears a risk of loss if the value of the underlying instrument declines below the exercise price. Such loss could be substantial if there is a significant decline in the value of the underlying instrument.
  3. Uncovered option writing is thus suitable only for the knowledgeable investor who understands the risks, has the financial capacity and willingness to incur potentially substantial losses, and has sufficient liquid assets to meet applicable margin requirements. In this regard, if the value of underlying instrument moves against an uncovered writer’s options position, the investor’s broker may request significant additional margin payments. If an investor does not make such margin payments, the broker may liquidate stock or options positions in the investor’s account, no prior notice in ccordance with the investor’s margin agreement.
  4. For combination writing, where the investor writes both a put and a call on the same underlying instrument, the potential risk is unlimited.
  5. If a secondary market in options were to become unavailable, investors could not engage in closing transactions, and an option writer would remain obligated until expiration or assignment.
  6. The writer of an American-style option is subject to being assigned an exercise at any time after he has written the option until the option expires. By contrast, the writer of a Europeanstyle option is subject to exercise assignment only during the exercise period.

NOTE: It is expected that you will read the booklet entitled CHARACTARISTICS AND RISKS OF STANDARDIZED OPTIONS given to you at the time you opened your account. Additional copies are also available upon request from your broker. In particular your attention is directed to the chapter entitled Risks of Buying and Writing Options. This statement is not intended to enumerate all of the risks entailed in writing uncovered options.

Privacy Statements

APEX (Planner Securities, LLC clearing firm) Privacy Policy

Apex Clearing Corporation (“Apex”) carries your account as a clearing broker by arrangement with your broker/dealer as introducing broker. At Apex, we understand that privacy is an important issue for customers of our introducing firms. It is our policy to respect the privacy of all accounts that we maintain as clearing broker and to protect the security and confidentiality of non‐public personal information relating to those accounts. Please note that this policy applies to former customers as well as current customers.
Personal Information Collected
In order to service your account as clearing broker, information is provided to Apex by your introducing broker who collects information from you in order to provide the financial services that you have requested. The information collected by your introducing broker and provided to Apex may come from the following sources:

  1. Information received from you, such as your name, address, telephone number, social security number, occupation, and income;
  2. Information relating to your transactions, including account balances, positions, and activity;
  3. Information which may be received from consumer reporting agencies, such as credit bureau reports;
  4. Information relating to your creditworthiness;
  5. Information which may be received from other sources with your consent or with the consent of your introducing broker.
Sharing of Nonpublic Personal Information
Apex does not disclose nonpublic personal information relating to current or former customers of introducing brokers to any third parties, except as required or permitted by law, including but not limited to any obligations of Apex under the USA PATRIOT Act, and in order to facilitate the clearing of customer transactions in the ordinary course of business.
Apex has multiple affiliates and relationships with third party companies. Examples of these companies include financial and non-financial companies that perform services such as data processing and companies that perform securities executions on your behalf. We may share information among our affiliates, as permitted by law, in order to better service your financial needs.
Security Apex strives to ensure that our systems are secure and that they meet industry standards. We seek to protect non‐public personal information that is provided to Apex by your introducing broker by implementing physical and electronic safeguards. Where we believe appropriate, we employ firewalls, encryption technology, user authentication systems (i.e. passwords and personal identification numbers) and access control mechanisms to control access to systems and data. Apex endeavors to ensure that third party service providers who may have access to non‐public personal information are following appropriate standards of security and confidentiality. We instruct our employees to use strict standards of care in handling the personal financial information of customers. As a general policy our staff will not discuss or disclose information regarding an account except with authorized personnel of your introducing broker or Member FINRA, NYSE and SIPC 04/2015 as required by law or pursuant to regulatory request and/or authority.
Access to Your Information You may access your account information through a variety of media offered by your introducing broker and Apex (i.e. statements or online services). Please contact your introducing broker if you require any additional information.
Apex may use “cookies” in order to provide better service, to facilitate its customers’ use of the website, to track usage of the website, and to address security hazards. A cookie is a small piece of information that a website stores on a personal computer, and which it can later retrieve.
Changes to Apex's Privacy Policy Apex reserves the right to make changes to this policy.

Planner Securities, LLC Privacy Policy Statement

Notices and Changes

Policy Update February 2017
Disclaimer for social media

The links to third party material are being provided to you for educational purposes only. The content has been written or presented by a third party not affiliated with Planner Securities LLC or any of its affiliates. Planner Securities LLC and its affiliates are not responsible for the content. Neither Planner Securities LLC nor any of its affiliates is affiliated with the third party providing the content. No information presented constitutes a recommendation by Planner Securities LLC. or its affiliates to buy, sell or hold any security, financial product or instrument discussed therein or to engage in any specific investment strategy.

Planner Securities LLC and its affiliates do not provide tax advice, and you always should consult your own tax adviser regarding your personal circumstances before taking any action that may have tax consequences.