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
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?