I know IB offers a full set of F&F features. Does Schwab or Fidelity offer something comparable or at least provide the ability for a non-RIA to place a trade in a core account and duplicate it simultaneously in other accounts?
Schwab allows an individual account holder to grant trading authority to another person, referred to as an agent. They do not use the phrase "friends and family." The form does not ask the account holder to identify the nature of the relationship. The form contains a warning that if someone is receiving compensation for investment advice, then they may need to be registered. The forms asks for KYC-type information about the agent, and of course it also asks if the agent is employed by a broker-dealer. Although the form is titled "Trading and Withdrawal Authorization," it has an option that allows the account holder to grant authority for trading only, without the power to transfer funds. I have attached the form. e*Trade has something similar. Almost any US broker should have something similar available for US account holders. These forms are essentially a limited power of attorney. If a broker does not offer this type of form, there may be state laws that effectively require them to honor a power of attorney form provided by the account holder, if it explicltly identifies the brokerage account, or grants broad authority over any account at a financial institution. Reviewing those POA documents for validity is a major headache for banks and brokers. It is much easier for them to offer their own form. If the agent does not hold a securities license, or check any of those other boxes (e.g., director of a publicly traded company, etc.), then the broker does not usually ask questions about the relationship. Just because a person has trading authority does not necessarily mean that they are giving the account holder advice or making investment decisions on behalf of the account holder. There are many reasons a person might grant trading authority, and the broker doesn't really need to know the motive. When the account is held in the name of a business entity or trust, things can get a bit more complicated. The broker will want more complicated things, like a corporate resolution, signed by the directors, or something signed by the members of an LLC, that authorizes the appointment of the agent.
Yes that’s all nice but I was really inquiring about the ability to place the same trade in multiple accounts with a click or two.
Okay, yes I saw that and forgot to address that LOL In a Schwab account, on their basic web-based platform at schwab.com, your login will give you access to multiple accounts, i.e., you have one login as an individual that gives you access to all accounts in which you have trading authority, including your own. And once you have placed an order in one account, when you go to order status, you can click on <similar order>, and it will populate the same order again, but allow you to make changes. And one of the changes you can make is to use a drop-down menu to select which account you are placing the order for. Don't know if that functionality exists in TOS.