Friends and Family Financial Advisor new rules: Family only for non professional

Discussion in 'Interactive Brokers' started by jad, Nov 19, 2020.

  1. jad


    Just received a message from IB about new rules for "Friends and Family" financial advisor account type

    In short as "non professional" you only can manage "Family" but not "Friends" (if I read it correctly) which will be implemented on Nov 30th (yeah, 2 weeks notice for such a major/breaking change, crazy).

    1. Does anyone know if this is just a UK/breksit case (I am in EU now, thus account in IB UK) and the rest of the world (say Singapore/US) operate as before? or a worldwide case on IB changing the policy?

    2. Where can I read more about this policy change?

    3. Any hints on workaround to manage "Friends" accounts? (become "professional"/registered? anything else=)

  2. tonyf


    Registering will take you way more than 2 weeks, depending on your jurisdiction and regulator.
    FCA here in the UK takes 4-6 months.

    You can use a regulatory umbrella meanwhile, about £2,500 per month in fees.

    Otherwise if your friends trust you. Setup joint bank accounts and IBKR sub accounts in your name and theirs?