Alright so I finally decided to make the switch over to IB. I began to set up an advisor account, because I manage friend's money. I set up the master account, and I believe that I transfered my friend's money to this account (by accident). First, I want to know if it is possible not to charge my friend any fees. I manage his money for free. Secondly, can I transfer the money to a new client account on IB? I am sort of confused how this account works, any help would be greatly apreciated
http://www.elitetrader.com/vb/showthread.php?s=&threadid=57107 From the master FA account page you can forward an account PDF for your friend to send to IB with a check/wire to open a client account. You will need a client account for yourself also, if you wish to trade for your account. Don't put much cash into the master account...you can't trade it. Just enough to pay for data fees if necessary. RTS
FYI, getting compensation will bring you under the definition of an Investment Adviser in the United States. Get advice from an attorney in your state before proceeding. -segv