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Limited Power of Attorney (LPOA)

The Limited Power of Attorney (LPOA) is a form that authorizes the account manager to perform specific functions in a client’s account. The "limited" in LPOA refers to the fact that certain critical account functions are still only available to the account holder, such as cash withdrawals, a change of beneficiary or other significant account actions. Clients need to state which powers they wish to retain clearly.

LPOAs allow the account manager to execute their investment strategy for the client without continually having to contact the client to approve the order before it gets executed. The client can accept the limited power of attorney online, which must set out in detail the scope of the agent's authority. This includes specific information on the accounts or other mechanisms by which the agent may operate.