Growing Pains
June 14th, 2006 by BWV
The brokerage firm that I’m using for client accounts is one you’ve likely never heard of: Interactive Brokers LLC. From its humble roots on options exchange floors, IB has discreetly crawled up the list of top brokerage firms.
Their commissions are paltry, and they pay comparatively well on cash balances.. a great deal for the client (and also me as an Advisor who primarily profits from the appreciation of client assets).
But the great pricing has a cost: only half-decent service. I won’t bore you with all the issues I’ve encountered while setting up the first few accounts. But one painful screwup was when a rep told me IB would allow OTCBB stocks to be margined.. only after physically depositing certificates did I learn that was actually false. Grrr..
Still, so far, the benefits outweigh the service issues.
