Curious George here, why would you not be comfortable in Canada? IB has an office in Montreal. The account is still usd.
I'm looking for a firm in the discount futures broker in the US that has something similar to IB's Friends and Family.
If I wanted to open my brother a sub account and deposit 10k for him, then allocate a small % of my stock trades to this advised account is that sub account still restricted by the PDT rule if the main account is over 25k?
I'm also interested in the mechanics of PDT with accounts under 25k that are linked to friends and family. A few additional questions: - Is 15 the max for a non-registered advisor in Pennsylvania or is it a lower number? - If I trade 100 shares of stock and have 11 accounts linked, how is the P&L distributed? It is like each account has 9.09 shares? - I understand linked accounts can make their own trades, does that mean they can close trades they are in? If so, how do they sell 9.09 shares? - If a client account blows up due to their own trading, do you as an advisor lose any fees (assuming your advisor-driven trades were profitable)? Trying to get an idea of how the nitty-gritty works. I didn't find any webpages at IB that spelled these kinds of things out.
If I trade 100 shares of stock and have 11 accounts linked, how is the P&L distributed? It is like each account has 9.09 shares? - I understand linked accounts can make their own trades, does that mean they can close trades they are in? If so, how do they sell 9.09 shares? you preselect your allocation to reflect if you want to divide shares by precentage or set shares per account. in the case you describe ib does not trade fractions of a share. one of the accounts will get shorted.
Do the 15 or less clients have to be friends or family? It seems like quite a grey area as to what constitutes a friend. If you meet someone and they want you to manage some of their money, what would be wrong with that? As long as you make it clear you are not a financial advisor, couldn't you include anybody as a client?