IB Advisor Friends & Family account

I see. How about the pattern day trader rule? Is it applying to the IRA account?
suppose that I have both regular account and IRA account in my F&F account, and the value of IRA account is less than $25,000. If I make a lot of day tradings, does the software automatically follow the pattern day trader rule (only for the IRA account)? Thanks.
 
hi all,

in IB F&F account, how come they ask you to fund it? can't your f&f or clients fund directly? If so, how?

thanks,

99
 
Would a F and F account be appropriate for trading my 3 IB accounts as one? I have 2 IRA's and a taxable account all registered in my own name.

Traveler
 
Quote from ggoom:

I see. How about the pattern day trader rule? Is it applying to the IRA account?
suppose that I have both regular account and IRA account in my F&F account, and the value of IRA account is less than $25,000. If I make a lot of day tradings, does the software automatically follow the pattern day trader rule (only for the IRA account)? Thanks.
More...

The PDT rule is applied by account. So if you have under $25K in an account you will have your daytrades restricted. In your case the account with more than $25K can do as many daytrades as it wants, but the IRA under $25K can only make 3 daytrades until they clear.
 
Quote from trader99:

hi all,

in IB F&F account, how come they ask you to fund it? can't your f&f or clients fund directly? If so, how?

thanks,

99
More...

Each account is funded separately. I'm not sure what you're asking...but if you're asking if clients fund their own accounts the answer is yes. You can also set up their funding info and request deposits and withdrawls.

For a client to fund their account they need to log into the account management website with their own ID (not the userid for the master account -- each sub-account has it's own ID). They will need to call IB if they don't know it (the password and ID are sent in a letter to them about a week after they open the account). The initial password is randomly generated.

As the advisor it appears you can't set up an ACH instruction for example, but when the client logs in they can set it up, and once it's set up, you (as the advisor) can use it.
 
Quote from Traveler:

Would a F and F account be appropriate for trading my 3 IB accounts as one? I have 2 IRA's and a taxable account all registered in my own name.

Traveler
More...

It would seem to be. Note there are some differences however. For one combo orders can only be done one account at a time. Also you only get one quote stream by default (and a second one in the papertrading account). But you also then have only one minimum $30 commission limit to meet. If you had three separate accounts you'd get a quote stream in each account, but if each didn't meet the $30 minimum you'd get hit with the $10 charge. Also you'd need to log in/out multiple times with separate accounts, but with FA accounts you can use the same TWS to trade all three accounts.

Also note some front-ends may not support FA accounts (the API is slightly different) so if you're using a front-end to trade (and not TWS directly) make sure it supports FA accounts before you change over. Changing over is easy, once you set up the accounts you can transfer the funds directly (for the taxable accounts, the IRAs are more complex -- call them if you have questions).
 
Quote from SideShowBob:

It would seem to be. Note there are some differences however
...
ounts you can transfer the funds directly (for the taxable accounts, the IRAs are more complex -- call them if you have questions).
More...

SideShowBob - very useful posts here. thank you
 
Quote from SideShowBob:

Each account is funded separately. I'm not sure what you're asking...but if you're asking if clients fund their own accounts the answer is yes. You can also set up their funding info and request deposits and withdrawls.

For a client to fund their account they need to log into the account management website with their own ID (not the userid for the master account -- each sub-account has it's own ID). They will need to call IB if they don't know it (the password and ID are sent in a letter to them about a week after they open the account). The initial password is randomly generated.

As the advisor it appears you can't set up an ACH instruction for example, but when the client logs in they can set it up, and once it's set up, you (as the advisor) can use it.
More...

SideShowBob,

Thanks for the info. Let's say some of my clients have IB accounts as well. Do they need to close that and somehow roll up into the F&F Advisor account? If so how?

The thing is I completed the application process for F&F acct but IB keeps saying I need to fund it. I'm the advisor. Why do I need to fudn it? Or am I confused about something?

your help is much appreciated..

99
 
Quote from trader99:

SideShowBob,

Thanks for the info. Let's say some of my clients have IB accounts as well. Do they need to close that and somehow roll up into the F&F Advisor account? If so how?

The thing is I completed the application process for F&F acct but IB keeps saying I need to fund it. I'm the advisor. Why do I need to fudn it? Or am I confused about something?

your help is much appreciated..

99
More...

I think you need to fund the advisor account with a small amount of money to cover potential market data fees if you don't have the $30 in commissions. I was also trading my own account so it wasn't an issue for me.

In their accounts there should be an option to close the account and transfer the funds to an advisor sub-account. Have them check in the account management website. I know it's there I used it to roll my single account into my sub-account (after they finally rolled out papertrading for FA accounts -- even though it still doesn't have allocation).

SSB
 
Quote from SideShowBob:

I think you need to fund the advisor account with a small amount of money to cover potential market data fees if you don't have the $30 in commissions. I was also trading my own account so it wasn't an issue for me.

In their accounts there should be an option to close the account and transfer the funds to an advisor sub-account. Have them check in the account management website. I know it's there I used it to roll my single account into my sub-account (after they finally rolled out papertrading for FA accounts -- even though it still doesn't have allocation).

SSB
More...

SSB,

How much do we need to fund the IB F&F aact? Also $2k? I thought the F&F adn clients should fund that.

I saw that under Acct Managment, User Functions, there's an ability to add User. Is that how they should add me into them to make it a F&F?

Please help.

thanks
 
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