Dalvin Brown and Hannah Erin Lang:
A 14-year-old can now buy stocks on the phone without asking a parent, depending on the type of brokerage account families choose.
Brokerages are rolling out accounts aimed at teens, giving parents more ways to get kids acquainted with markets before they turn 18. But the options vary in how much control they give, and can have important implications for taxes and financial aid.
Charles Schwab last month introduced Schwab Teen Investor, which lets children ages 13 to 17 place trades without a parent’s approval, joining Fidelity’s Youth Account, which has similar features. They’re among the alternatives to the traditional custodial accounts that parents have long set up for their children.