At a glance
- The rule amends the state's regulation on dishonest or unethical business practices, and Missouri appears to be the first state to put the prohibition into regulation.
- The division cited account security, possible breaches of user agreements, custody of funds and recordkeeping.
- Advisors with Missouri clients who use credential-sharing tools to rebalance held-away 401(k)s now face a state rule against the practice.
Missouri has adopted a rule barring advisors from using third-party technology to manage clients' held-away 401(k) assets through shared logins, InvestmentNews reported. The rule amends the state's regulation on dishonest or unethical business practices, and Missouri appears to be the first state to put the prohibition into regulation.
The Missouri Securities Division adopted the change as proposed in July 2026, despite objections from Stifel, Pontera and several banking groups, according to a Missouri Register order published Oct. 15. The division cited account security, possible breaches of user agreements, custody of funds and recordkeeping. Pontera had asked for an exemption covering client-authorized, encrypted access.
Advisors with Missouri clients who use credential-sharing tools to rebalance held-away 401(k)s now face a state rule against the practice. Recordkeepers had already restricted access: Fidelity began blocking such systems in 2024, and Schwab asked clients to reset their login credentials in November 2025.
Reported by the RIA desk from InvestmentNews and Missouri Register. Published . Corrections