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IB Friend & Family Advisor Fees
- Thread starter RedSun
- Start date
Check with your state regulator, a lot of things are happening in compliance terms at the SEC and state levels, you don't want to put yourself in some kind of compliance violations for managing "friends" money and getting only a small fee for it.
Your state regulator might ask that you file some registration paper and take a level 65 exam.
You kept missing my point. Regulation is not what I'm asking.
I'm just curious as to if this is perfectly legal to take fees from spouse's accounts, particularly from the IRA account(s). Technically you can take fees from your own accounts into master (advisor) account.
you keep missing the point, regulation is the legality for doing what you describedYou kept missing my point. Regulation is not what I'm asking.
I'm just curious as to if this is perfectly legal to take fees from spouse's accounts, particularly from the IRA account(s). Technically you can take fees from your own accounts into master (advisor) account.
if you are taking fees and being an advisor, then you put yourself in a regulatory violation, or "illegal" posture, that will mean being taken to court and paying fines
this is true if the local state regulator do not accept non-registered advisor,
again, ask your state regulator, and they will be helpful in giving all the information you need.
IB is not always fully "compliant" with their non-registered "advisors"