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Looking for a good custodian for options

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May 4, 2009 6:01 pm

Hello all-

  Does anyone have a custodian they use that are good with options. I have about 30 or so clients in a buy write model. I am using advisor channel/streetscape right now. I am trying to find a solution where I can build these portfolios out as model and trade the model. Adv Channel can't do this, so I am doing this manually. It is a big time killer.   Thx    
May 4, 2009 7:04 pm

Cali - have you looked at WealthCentral’s capabilities?

May 4, 2009 7:24 pm

I had a demo of it. It looks nice (much nicer than adv chan), but it can’t handle the options portion of the model.

May 4, 2009 9:16 pm

Yep. adv chan isn’t the greatest. Try BrokersXpress. The don’t charge you anything for using their platform as an RIA - just ticket charges. I looked at them for a little while. I can give you a contacts name if you want.

May 4, 2009 9:19 pm


May 6, 2009 9:44 pm

I use TD Ameritrade for all mine.  20 basis points for unlimited trades, and I use the buy/write strategy also.  Right now we have 50 or so accounts on it.

The only complaint I have is that they only accept orders for 10 contracts at a time online.  I can phone them and they’ll place the trade for more than 10 at no charge, but using their VEO you’re limited to 10 contracts per order, which makes it tedious.

Other than that, though, I love it.

May 6, 2009 9:46 pm

We use TD Ameritrade for our covered write, and it’s pretty good.  Our only complaint is that we’re limited to 10 contracts per order on the online version, called VEO.  We can phone in and place the order for more, but to enter it repeatedly gets tedious sometimes.

Unlimited trades for 20 bp a year, based on the assets at your firm.  We have 75 accounts or so on the buy-write program.  I love it, except in the cases I noted above.