You obviously don't understand IB or their clientele. I pay them $1000+ in commish *daily* yet the last time I called them was maybe 7-8 mos. ago. That's not to say I don't get pissed at them. If you want hand-holding go to schwab or merrill or some other rip-offs.
That is impressive. Generating that amount of commissions on a daily basis, it's a wonder you find time to pee, let alone post replies on EliteTrader.
CalScholar - Thank you for the compliment if it was intended as such. I registered today because I just heard about this board on the Yahoo KRY board today. Then I saw complaints about IB and chose to respond. I am a copywriter/travel writer, so , hopefully, I don't need an editor.
As someone who pays IB almost as much daily as you do... I find this hard to believe... Because I've dealt with Customer Service at least 20-30 times in the last year. You must just take it... no matter what it is... Which is not necessarily a bad thing. It's important to point out that IB's Business Model... Dictates barely adequate Customer Service. Lousy Customer Service is ** by design **. They have 500 employees... And make a Net profit before taxes in the $600 to $800 million range. Even if one makes the extreme assumption that an employeee costs $100,000/year... IB could CHOSE to hire 200 more people at a cost of $20,000,000... And resolve most of their software, service, and security issues. Doing this would drop their income by only about 3%... But they CHOSE not to... So most of their "issues" are by design. IB's achilles heel is that once you get down to about $0.003/share in stock trading... 10-20% differences in commission cease to matter. Not if... but when a major player takes on IB directly... There is a HUGE pent up demand for diversifying to another broker... For example, moving 50% of assets to a direct competitor.
I've been saying for a very long time that a HUGE void exists in the marketplace for a an electronic multi-asset global broker with satisfactory custmer service i.e. IB's current biz model PLUS good customer service and a modern platform, not the TWS junk. I can't wait for this void to be filled.
You are exactly correct. IB's unwillingness to spend more money to provide and/or improve basic services... In the context of having > 50% profit margins... Is a rigid, cultish, ideological position. It makes no business sense. For example... I have a some paper Stock Certificates worth about $50,000 (versus a 7 figure account)... Of a major NASDAQ listed stock that trades about 3 million shares/day. IB refuses to take these Certificates under any conditions... Even though they MUST be providing this service for Correspondent Clearing firms. Charge me $100 or whatever... But provide a Basic Service for goodness sake... Because someday I will take 50% of my business elsewhere... And STIFFING my firm on those Stock Certificates will cost IB well into 6 figures.
My commissions aren't quite that big but its over a year since I called customer service (and that was an ISP problem). Those who think a "handholding" discount broker with worldwide reach and better systems than IB's is coming soon are dreaming. Sure its a nice dream but its not one that's likely to be seen any time soon. Dreams are free at least.
No one wants "handholding"...we want basic customer service and a solid reliable trading platform. Sadly, the IB fans and the IB staff use this "handholding" Red Herring to aid adddressing their horrendeous customer service and trading platform.
IB issues aside, only one of you knows what you're talking about. "Give Up" means something specific: http://www.investopedia.com/terms/g/giveup.asp It doesn't mean he's giving up on support.