IB - Statement of Advice

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February 3, 2021 at 9:28 am #101760

TrentRothall
Participant

I’m working my way through a new IB application, has anyone had to get a Statement of Advice from a financial advisor or is this a new ‘hurdle’ they have put into the process?

I don’t even know what that is…

February 3, 2021 at 9:36 am #112980

Nick Radge
Keymaster

A SOA shouldn’t be required if you’re not taking any advice.

February 3, 2021 at 10:45 am #112982

JulianCohen
Participant

I think I told you where to go once….does that count as advice?

February 4, 2021 at 5:34 am #112984

MichaelRodwell
Member

Yes. Your accountant should be able to give this to you.

I had one of these on a commercial property loan. Essentially its dressed up waiver so if you lose it all they can say we told you so.

The actual statement just says “xyz has sort professional advice for xyz” or something to that affect.

February 4, 2021 at 6:18 am #112981

ScottMcNab
Participant

Is it for a margin acct Trent ? I think they wanted me to do something similar when I inquired about changing from cash acct

February 4, 2021 at 6:38 am #112986

TrentRothall
Participant

I might need to review my initial application specs, i’m wanting it for futures so maybe that is why – because of the lending requirements. Currently waiting on a response from IB.

i spoke to a mate who is a financial planer and he seemed to think it would be a pretty large document that would need to be produced? ie. go through all my financials etc. ffs

February 4, 2021 at 11:49 pm #112988

ScottMcNab
Participant

I have a futures acct with Tradestation…. another option in case IB application becomes too onerous.

February 17, 2021 at 5:34 am #112993

TrentRothall
Participant

Glen and Scott, with your Cash accounts with the US systems are you holding AUD or do you need to have USD in cash to fund your positions?

February 17, 2021 at 6:09 am #113017

GlenPeake
Participant

IB will automatically convert AUD to USD, when a position is initiated, if you don’t/aren’t sitting in spare USD $ etc… you will then have to manually convert back to AUD when/as you choose.

February 18, 2021 at 1:13 am #113018

TrentRothall
Participant

Yeh cool, so the P/L is the only USD until you convert it back.

That is the same as my current account. Thanks
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