Born John Stephen Sudduth in Louisiana, Mikky Ekko had a restless childhood as the son of a preacher, moving around America's deep south. Having settled briefly in Tupelo, Mississippi, and absorbed as much gospel as he could, he relocated to Nashville, Tennessee, and started playing in bands.
In the vast majority of cases, all these securities are held in the name of your brokerâs nominee company. A nominee company is a custodian charged with the safekeeping of investorsâ securities. It should be a separate entity from the broker itself. Your investments are held for you â on trust â in a nominee account. This means that while the nominee is the legal owner of the securities, you retain actual ownership as the beneficiary.
The parent or legal guardian can act as the custodian or name another adult to serve in this capacity. Generally, the custodianâs role is to manage the assets of a custodial account to buy, sell and/or reinvest earnings. If necessary, the custodian can withdraw money from the account when it benefits the child. The law requires that all assets in a custodial account be used only to benefit the minor child.