Why would the President be my Broker?

[sandp500trader]

Or just use a larger broker like IB?

 

[southall]

Or just use a larger broker like IB?

You think Peterfly became a Billionaire from commissions alone?

 

[1NCOGN1TO]

thats why you need an omnibus account to buy in one and sell in the other not letting them see both sides of the trade.

I dont know what a omnibus account is, can you please elobrate. If you mean two separete accounts, you cant do that its comes under wash trade. I really do fear someone will copy my intellectual property

 

[1NCOGN1TO]

Just googled omnibus account. As far as i understand it, that doesent solve the problem because the broker know who is the account holder is, am i missing something? And there is also the issue of wash trade.

 

[MarkBrown]

Just googled omnibus account. As far as i understand it, that doesent solve the problem because the broker know who is the account holder is, am i missing something? And there is also the issue of wash trade.

Since the individual investors participating in the account aren't known, there is no way to determine the intents of the investors involved.

Read more: Omnibus Account https://www.investopedia.com/terms/o/omnibusaccount.asp#ixzz5N2SzWd3n
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[schweiz]

Just googled omnibus account. As far as i understand it, that doesent solve the problem because the broker know who is the account holder is, am i missing something? And there is also the issue of wash trade.

Is prime brokerage not a solution?

 

[SunTrader]

Paranoia will destroya.

 

[zdreg]

Paranoia will destroya.

"only the paranoid survive"
andrew s. grove ceo of Intel.
he was the former leader who brought Intel to greatness.

 

[schweiz]

If you don't have healthy paranoia, they will destroya.

 

[Lee-]

So I just found out that the president of my brokerage firm is managing my account. It used to be just some regular employee in the firm that was managing me. But now it's the president of the firm.

It seems kind of strange to me. Why would the president be managing my account and not one of the regular employee? Should I be worried. Or am I paranoid that the president is trying to figure out my trading secrets?

The excuse they gave me was the president manage some clients account to help out.

I personally find it odd that the president would be managing your account, however I don't think that's a sign that they're trying to reverse engineer your trades. They could have done that without changing who was managing your account. If they actually wanted to see your trades, in real time, they could do it without you ever knowing or changing who "manages" your account. As such, I don't think this is a sign that they're trying to steal your IP, but it could be a sign of something else.

Why would the president even care to manage someone's account unless you're one of their largest accounts and if you are (and only you know your account value), would you be comfortable at a firm where your account was large enough to make the president want to deal with it? Either you have a massive account or the company doesn't have many clients or much AUM, which is a sign of another issue. Are your funds in custody at your broker or is it actually handled by a 3rd party? If the latter, it's less of an issue, but I'd still be curious.