Does anyone here use Interactive Brokers?
Their commissions look pretty good and they offer a ton products, but their niche is active trading, how well would they handle a large group of clients like mine?
I use IB and I have to say there is a learning curve unlike any other platform I have used. I like it because of the low cost and ability to handle accounts of any size. After using them for almost a year now I am very pleased I made the switch.
The inactive trading fees seem unreasonalbe from the outside looking in but if you reallocate accounts on a regular basis or actively gain new clients the fees get canceled out.
The only thing I do not like is the not so client friendly account management pages. For clients who lack technology skills it can be a thorn in your side assisting them, so teach your assistant to help.
Hope this helps.....
Hello, I've been reviewing platforms like LPL and Commonwealth, these platforms have alot of features to help manage clients records, search those records, prepare reports and client proposals and send those reports to the clients. From what I have seen IB seems limited in this area, is that true? How do you handle that? Also does IB help with on-boarding and migrating my client files onto their platform? Their fees and international offerings are very attractive though. Thanks!
I am happy with their capabilities. The reports are basic compared to other platforms but I tell my clients the reason we use IB is for their low cost platform not for fancy reports. Searching client records is very simple once you learn the system. I did not use any assistance migrating previous clients onto the platform and over a 6 month period transitioned them all over while doing reviews.