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

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

  1. jad

    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=)

    aj
     
  2. tonyf

    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?
     
  3. Any answers on this? Does this apply to US?
     
  4. Dicer

    Dicer

    my IBHK F&F account hasn't changed.