Final answer:
A joint account between a representative and a client requires a joint account agreement, identification and verification of both parties, and understanding of fiduciary responsibilities by the rep.
Step-by-step explanation:
When setting up a joint account between a representative and a client, several requirements must be met to ensure the account operates smoothly and legally. Initially, both parties must agree upon and sign a joint account agreement, which outlines the terms and conditions, ownership interest, and operation procedures of the account. Additionally, the financial institution usually requires identification and verification of both parties, and they may need to provide proof of address and meet certain regulatory requirements. As a safeguard, the rep should clearly understand the fiduciary responsibilities involved. The rep must act in the client's best interest, maintaining transparency, and obtaining explicit permissions for transactions, as required by law and the firm's policies.