IB Advisor Friends & Family account

One other question, with the F&F account can you set it up to automatically charge a 1% yearly management fee (paid monthly) and a 20% performance bonus on the profits (paid quarterly.

Thanks in advance for any help.

 

All my sub-accounts have my first 5 letters -- I think that's just the way it works. I never thought anything of it because my clients are all family members (same last name).....

 

Not directly. There are several applications that will do it, if I remember correctly TradeBullet, TradeBolt among others. There is also a free program from some guy in Italy too.

SSB

 

Read about the fees here:

http://www.interactivebrokers.com/en/accounts/advisors/advisorWrapFees.php?ib_entity=llc

SSB

 

thanks, ssb

 

ssb,

OK. So it doesn't matter that they have my same first 5 letters. They still hav eto fill out the personal info. Does IB need any human signature or can they just fill it out online adn then do the internal transfer deal?

thnx,

99

 

Sal,

So, IB took teh $2K for my account. Where does it put it? I can't see it under Report Management. And for some reason there are 2 FA accoutn which has the SAME IDs!

And I tried to generate a daily report but the balance is $0 though the $2K is already taken out of my bank.

Also, I like to withdraw those since clients capital will be coming in shortly..

Anyhow, I'm entering my client's info. And under fees I clicked "Annualized Percentage of Net Liquidation Value applied on a daily basis (enter annual percentage) The amount cannot exceed 10."

HUH?? My clients and I agreed on 20%? I can't charge more than 10% according ot IB?! hmm..

-99

 

I was informed by IB Institutional Sales that I could charge a 1% yearly management fee paid monthly and a 20% performance bonus paid quarterly. Is this correct or is their a limit on the amount of performance bonus that can be charged.

 

From my understanding they need to print it and sign it, then send it back before the account is approved, then they can transfer the funds.

SSB

 

For those with F&F account here, how do you report your client fee income on your tax return? Just mark to market as trading income? Thanks.