IB Advisor Friends & Family account

One other question, with the F&F account can you set it up to automatically charge a 1% yearly management fee (paid monthly) and a 20% performance bonus on the profits (paid quarterly.

Thanks in advance for any help.
 
Quote from trader99:

Sal,

I clicked on "Add Client" then for some reason it automatically generated a username log in using MY 5 letters. Similar to my FA log in though it has a U in front of it ??

Is this right? But my client has his own IB account which I'll transfer over using Internal Transfer feature. So, can he just do an internal transfer without me using the "Add Client" button? B/c it seems when i do a Add client it creates the first 5 characters using MY name not the clients. Or is that OK?

please clarify. thanks.

99:confused:
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All my sub-accounts have my first 5 letters -- I think that's just the way it works. I never thought anything of it because my clients are all family members (same last name).....
 
Quote from maxross:

In the friends and family account, is there any way that you can use the IB TWS integrated with Tradestation.
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Not directly. There are several applications that will do it, if I remember correctly TradeBullet, TradeBolt among others. There is also a free program from some guy in Italy too.

SSB
 
Quote from SideShowBob:

All my sub-accounts have my first 5 letters -- I think that's just the way it works. I never thought anything of it because my clients are all family members (same last name).....
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ssb,

OK. So it doesn't matter that they have my same first 5 letters. They still hav eto fill out the personal info. Does IB need any human signature or can they just fill it out online adn then do the internal transfer deal?

thnx,

99
 
Sal,

So, IB took teh $2K for my account. Where does it put it? I can't see it under Report Management. And for some reason there are 2 FA accoutn which has the SAME IDs!

And I tried to generate a daily report but the balance is $0 though the $2K is already taken out of my bank.

Also, I like to withdraw those since clients capital will be coming in shortly..

Anyhow, I'm entering my client's info. And under fees I clicked "Annualized Percentage of Net Liquidation Value applied on a daily basis (enter annual percentage) The amount cannot exceed 10."

HUH?? My clients and I agreed on 20%? I can't charge more than 10% according ot IB?! hmm..

-99
 
I was informed by IB Institutional Sales that I could charge a 1% yearly management fee paid monthly and a 20% performance bonus paid quarterly. Is this correct or is their a limit on the amount of performance bonus that can be charged.
 
Quote from trader99:

ssb,

OK. So it doesn't matter that they have my same first 5 letters. They still hav eto fill out the personal info. Does IB need any human signature or can they just fill it out online adn then do the internal transfer deal?

thnx,

99
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From my understanding they need to print it and sign it, then send it back before the account is approved, then they can transfer the funds.

SSB
 
For those with F&F account here, how do you report your client fee income on your tax return? Just mark to market as trading income? Thanks.
 
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