IBKR: converting a retail account to institutional

Is it easily doable if said corporation is owned by the same individual, or will a fresh institutional application be required?
Has anyone here done the transition?

 

What are you trying to accomplish? Big tiers are 120k for portfolio margin, 1MM for prime, and 120mm for qib

 

You need fresh and you will probably have to take the money out of IB, put it into a bank account in the corporation's name and then wire it back to IB. But if you have enough money I'm sure they'll make an exception. Maybe at the 1 million mark?

 

That's the kind of thinking I am after. Wondering if anyone managed to negotiate a simpler route. Yes, my account is fortunately large by any standards.

 

What is QIB? I am far from 120

 

So get on a call with them. Tell them you want to go institutional with the amount and don't want to go through the hassle of going through an unnecessary wire transfer dance. After all, if you are going to wire transfer out, you might as well do some more shopping and see if you can get a better deal for your account size.

Someone will escalate until they can help you or it reachers Peterffy when he will tell you to fuck off.

 

Oh if you're trying to avoid a full on application, that is not possible for sure. You need the full application with all the corporate documents. I was talking simply about moving funds from one account to the other. You still may be able to shave some steps if you get in touch though.

 

I went thru that.

You will have to open new account and provide a lot of legal corporate docs. You can ask them to move money and positions within IB (open a support ticket). Then it's about 3 weeks for internal compliance /risk review then they will set a window for the transfer within a few days. Suport told me I could keep positions if I wanted too. But they couldn't give me a definitive answer at what point the move will happen so I transfered money out and back in thru a bank.

 

Did you reach out to institutional sales before doing your move?

 

When I asked IB if I could transfer securities to fund an institutional account they said they would not support that. I could only deposit cash and It would become a taxable event. Though in my case securities were coming from an outside broker.

I don’t see the value of an institutional account vs a retail one at IB or anywhere else other than having the privilege to pay institutional market data fees.