IB Advisor Friends & Family account

Quote from archimedes:

I'm considering managing an IRA for a family member and don't have much familiarity with the rules there.

Three quick questions:

Can you manage a family member IRA through the FFA system?

Is 2:1 equity margin available for IRA accounts?

Also, can you trade options on the long side in addition to stocks?

thanks for the info
More...

Yes you can manage and IRA -- I do it.

No margin is available -- as far as I know US law prohibits it. However they have a quasi-margin IRA which apparently waives the T+3 settlement and also allow transactions in foreign currencies, but the borrowing of money isn't allowed (not by IB, by the US gov't "protecting" us from ourselves).

You can trade anything you can trade in a cash account, stocks, options, futures, forex, I think bonds too. Some option strategies may not be allowed, but I'm not sure about that.

SSB
 
SideShow is correct. No borrowing in IRA accounts. We allow use of real time cash, sale proceeds are immediately available for trading.

This link provides details on the strategies available for US options in non margin accounts.

http://www.interactivebrokers.com/en/trading/marginRequirements/stockIndexOptions.php?ib_entity=llc

mark121,

Please send a 'Trouble Ticket'. Fast responses to these inquiries is our top priority. If you don't receive a timely response PM the ticket number please.
 
Thanks IB Salvatore for your advice!

I just got a reply email from IB custom service with answers to all my questions. That's great!
 
While we are on the friends and family account - does the API work with this just as with regular accounts?

I'm automating a strategy w/ AmiBroker and their use of your API and havn't yet tried applying to a friends and family account.
 
The API is the same but you need to set up allocation profiles or allocation groups and then pass them with each order. They're empty strings for non-FA accounts.

SSB
 
mlsignups,

Our advisor demo works for API's as it does with individual demo accounts. We're very close to beefing up our API support. If you don't mind being a beta tester for the new support, I'd like to work with you each step of the way to integrate your API with our platform. The offer is open to others as well.

PM your contact details if your interested.
 
Quote from CL Lim:

Can I change my existing account to the friends and family account?

Thanks!
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what you would do is open a new fa master account and then make your existing account one of the sub accounts.
 
Unfortunately, unless they changed things you can't do that (maybe they've changed).

In the past you could not turn a regular account into a child account. You needed to open an advisor (master) then open child accounts for each one you want.

You can then transfer $$$ from your existing account into the appropriate child.
 
Quote from mlsignups:

Unfortunately, unless they changed things you can't do that (maybe they've changed).

In the past you could not turn a regular account into a child account. You needed to open an advisor (master) then open child accounts for each one you want.

You can then transfer $$$ from your existing account into the appropriate child.
More...

This was what I've encountered as well. It's easy to transfer the cash once you have the sub account set up though.
 
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