Due to varying reasons, some clients of advisors no longer want their account to be managed by a Financial Advisor, but they wish to maintain an individual account here.
To transfer an FA Managed account to an Individual account, you must create a new Individual account where all aspects of the new account match those of the existing account (titles, tax ID's, trading permissions). Once the new account is approved, log into the old account.
To open a New Individual Account:
- Login to Client Portal
- Select User Icon (head and shoulders) followed by Settings
- Then select Trading followed by Open an additional Account
- Select Individual brokerage accounts and choose Individual account type
- Wait for Interactive Brokers to approve the new individual account
Once your new Individual Account is active:
- Login in to Client Portal
- Select Transfer & Pay followed by Transfer Positions
- Then select Internal Transfer as the transfer method to move your cash securities from the advisor linked sub account to your new standalone individual account.
Only cash can be internally transferred from an FA managed account to an Individual account. We do not currently provide a facility for performing an internal account transfer when moving from an FA managed account to an individual account.