Trading others people money

I know this thread is a little old....
Are you still using the IB Friends and Family Advisor account, Tom?

I read that the IB requires you to use their workstation software, so you have to be on your workstation vs. going through the web browser interface....is that correct?

If everyone is investing the same, is that easy to put in as one transaction, like everyone buy 15% of their account in SPY. Sounds like maybe you are also doing Schwalbe or similar options trades this way? Is it efficient for your time?

I was also wondering if setting it up as an investment partnership/club would also work, where that is an account type at some other brokers like TD Ameritrade. Looks like the IRAs have to be in self-directed custodial accounts to pool them together, not sure being able to manage it as one account is worth the extra self-directed custodial fees. Maybe that's for the future.

This is not to make money for me, just to more efficiently manage an assortment of family accounts, some ira, some regular. I've delayed setting it up because logging in and out of a bunch of accounts seems likely to become a time crunch problem.
 
Hi Gary,

I am still using the Friends and Family account. I am able to combine trades for different accounts into one larger trade pretty easily. I have to recalculate how many units each account has but that's easy enough to setup a distribution based on ratios

I'm sure other brokers can do something similar.

Try the IB Friends and Family. It's easy to setup and manage.
 
@GaryB:
FWIW: I am unfamiliar with IB, but TOS has a neat feature that I use with "linked accounts". The "linked accounts" require your permission to trade them to be linked and supports many account types and ownerships. I used this feature in the past to "allocate" lots across multiple accounts to make managing them easier and less error prone. This worked well for me, as I was performing same trades across multiple accounts.
 
Thanks, I'll have to try them both since I already have a TOS account. I put an inquiry out to TradeStation as well as they have some interesting features. BTW, Tradestation has an account (Salutes) for active duty, veterans and first responders that is commission free on options and stocks, and very low price for futures. Just FYI.

IB is the only one who has a growth path from small informal advisor to registered advisor-- it is part of their strategy to attract small advisors who may someday become big advisors. The other brokerages see small advisors as costing more to support than it is worth, at least that was my takeaway. Still it looks like the account linking on TOS does much the same thing.
 
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