Does anyone manage money thru IB?

M

midlifeguy

For friends, family and others?

How has it worked out? Do they deduct the fees for you? Did you set up an LLC? Do you have a Series 65? Do you have an ADV form?

My goal is to add financial advisory with a tax business.
I was mistreated and let go from the buyside and this year has been rough. I have been thru hell trying to get over this. On the bright side, I am really good at trading and feel I can make clients money grow.

Any advice appreciated. Thanks alot.
 
If you need some guidance on going the RIA route, feel free to PM me. I set myself up as one and have done it for others as well so I'm willing to share some insights.
 
AFAIK registration not required if you do not hold yourself out (to the public) as an investment adviser and manage less than 15 peoples money. I believe those whose funds you manage have to be accreditied investors. This may vary from state to state.

To be registered you have to pass series 65and pay an annual fee and file ADV.

Somebody correct me if that is wrong.

Quote from midlifeguy:

For friends, family and others?

How has it worked out? Do they deduct the fees for you? Did you set up an LLC? Do you have a Series 65? Do you have an ADV form?

My goal is to add financial advisory with a tax business.
I was mistreated and let go from the buyside and this year has been rough. I have been thru hell trying to get over this. On the bright side, I am really good at trading and feel I can make clients money grow.

Any advice appreciated. Thanks alot.
More...
 
Quote from midlifeguy:

For friends, family and others?

How has it worked out? Do they deduct the fees for you? Did you set up an LLC? Do you have a Series 65? Do you have an ADV form?

My goal is to add financial advisory with a tax business.
I was mistreated and let go from the buyside and this year has been rough. I have been thru hell trying to get over this. On the bright side, I am really good at trading and feel I can make clients money grow.

Any advice appreciated. Thanks alot.
More...

I do. We are CTA, Corp C. Account Financial Advisor. No significant problems for 2 years.

About fees: you have few options - you may do electronic billing yourself or choose IB automatic fee deduction, depends what you need.
 
Does any CTA use "IB automatic fee deduction" currently?

If you do, would you mind to share your experiences (pros and cons)? Thanks.
 
Quote from 88888888:

Does any CTA use "IB automatic fee deduction" currently?

If you do, would you mind to share your experiences (pros and cons)? Thanks.
More...

I used to. It was applied to gross equity, including interest rates, which was in conflict with my Disc Doc, so I switched into electronic invoicing. Otherwise it worked well. That was 3 years ago - things may have changed by now.
 

I used to. It was applied to gross equity, including interest rates, which was in conflict with my Disc Doc, so I switched into electronic invoicing.


Would you mind to explain how that could CONFLICT with your DD?
 
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