Ok, I opened up my F&F and now have a account number that starts with an F and one with a U. Can I fund and trade the F account or only the U account. Do I need to open another U account in order to have two tradable accounts on one screen... Thanks Nick
You will be trading via your U accounts. The F account should only have a small amount in it to handle various fees, etc.
Thanks rtstrading... That what I thought but I wasn't sure.. I wonder if I can move an existing account into the F&F acount Nick
Just open a new client account in the FA and then transfer funds to it from your existing U account(non FA account). Been there done it.
When you open a F&F account do they "assume" you are a professional and charge higher fee for data access (professional fee rather than max of $10/account)? Or, can you still be considered an amateur...?
You specify if you are a pro or not when you open the account. I have a F&F with 8 sub-accounts but they're all family and believe me -- I'm no pro
How does the taxes go for F&F account? Do all the individuals you are trading for have to list every single trade that you trade for them and shares as if they were trading their own account? Thanks!
Yup, there's no escaping the tax man. Of course IRAs are exempt, and if you trade futures those are just reported as a net profit/loss, you don't need to list individual trades. SSB
Is it possible for investors in an LLC to each have their money in a separate FF account. This way they would get the mark-to-market treatment of the trading LLC, but via separate accounts. Also, with regard to data fees. Are they billed according to the advisor's status? If you have a series seven do you have to pay pro data fees?
With a F&F account , can you charge management fees to the sub accounts? or do you need a pro advisor account to do that ? this would be for less than 15 investors of course , non pro status