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plandfreedom    |  0 |
| Cale, how does Interactive Brokers look to you for purposes of a spoke fund, after some kicking of the tires? You alluded to their fees being less... Any update? Thank you. |
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calesmith | 0 |
| Hi Pland, Apologies for the delay. Somewhere on here I'd posted some thoughts on IB before, based on a little monkeying around with them. In short, the costs were a bit more expensive on smaller accounts, but not prohibitively, and were less as you went up the scale, assuming few trades. The big takeaways for me were that they didn't have the tax lot control of Folio...I really need to shoot a clip to make that point...and they were just clunky to look at. The user interface was just ugly, and in addition to being a bit awkward to get around on at first, I feared my investors emailing or calling all the time to find out how to do basic things in their accounts. Other guys using IB have voiced those concerns, too. That said, IB is a solid company, and if you want to do any shorting/options, you can't do them on FOLIO, so IB is probably the next best option - and they'd be fine, the above notwithstanding. Also will see if I can get my buddy Rohit up in Maryland to chime in here...he's been using IB for a while know and has a lot more insight than I do on 'em... Cale |
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| Post 2 • IP
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itconsultant | 0 |
| i love IB. They have 3 ways to trade. Web, Phone and desktop. Desktop is richest in feature. Cannot do block trades via Phone/Web. The fee structure takes a while to understand. Its $10 a month minimum per client in general. But the way it works really is if you have 10 clients and the advisor master account, thats 11 accounts. IB wants $110 from this group. If you don't trade enough, then each account will pay the difference between the $10 minimum and what that account did. And the Master will have to pay the $10 as well since he did $0 in that account. But, if you have some large accounts then its possible the other smaller accounts don't see any inactivity charge. Also, its waived for 3 months i believe. Clients dont get to login to the trading system. They login to Account Management to configure reports etc. There are excellent videos on their site for everything from the Trading platform to account management. IB has 3 kinds of tax lots.FIFO, LIFO and one other... ( not as many as Folio) But its fine I feel... I agree user interface of the Web/Desktop can take a while to get used to. However, its the fastest platform i have used. Execution is superb. Costs are low. I like that I can trade at any time too. I can do Options ( I sell calls and puts). I don't short. |
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| Post 3 • IP
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