What is a requirement for a client wanting to change the title on their account from a legal name to a number?

Changing the title on an account from a legal name to a number, such as when someone is converting an individual account into a numbered account, typically requires a written statement of ownership. This statement serves as an official document that confirms the client's intention regarding the title change.

A written statement of ownership is important because it not only provides clarity and reduces the potential for disputes about ownership but also ensures that the brokerage or financial institution complies with regulatory requirements. Written documentation helps establish a clear record of the change, which is critical in the regulated environment of the securities industry, where compliance and verification of ownership are paramount.

Options that involve verbal consent or approvals from banks do not provide the same level of formality or security needed for the documentation required when making significant changes to account titles. Additionally, while proof of identity is often necessary in various processes, the key requirement for changing the title specifically centers on a formal written statement.