This lesson will review how brokers can configure Client Account Templates to save time when sending application invites to prospective clients. The Client Account Templates allow the broker to specify the account type, trading permissions, financial knowledge, and trading objectives that will be automatically applied to a fully electronic application invite.
To manage the templates, click the Head & Shoulders icon in the upper right corner and select Settings. Within the Account Configuration section, select Client Account Templates.
View an existing template by clicking the blue “i” Information icon to the left of the template name. An existing template can be modified by selecting the Pencil edit icon to the right or it can be deleted by clicking the blue “X”.
Create a New Client Account Template
To create a new account template, click the plus “+” sign in the top right corner of the Client Account Templates page.
Enter a name for the template towards the top of the page and in the Account Details section, use the drop-down menus below to select the customer account type, base currency of the account, and the trading account type – which is either a cash, margin or portfolio margin account.
After the Account Details have been selected, click Continue to define the Trading Permissions. This page allows the broker to specify the investment products that can be approved to trade for the account. Select the desired products from the drop-down menu and they will be populated on the screen below. Click the Add button within a product to select the market locations to trade. In this example, the broker selects All North American and All European stocks and United States for options.
Once all the desired products and locations have been specified, click Continue to move forward to the Financial Profile page. This page allows the broker to specify the client’s:
- Income and Net Worth
- Investment Objectives and Intended Purpose for Trading, and
- Investment Experience
The broker can use the drop-down menus to populate this information in the application, or the broker can check the box on towards the right to Skip any or all these sections. Skipping these sections in the template would prompt the client to enter this information themselves directly into the application.
Click Continue and the broker will move on to the Configure Client Fees page. This page allows the broker to specify their fee or markup schedule directly within the Account Template. The broker can choose between:
- manual Invoicing for services rendered,
- Fee Per Trade Unit which is a fee markup on IBKR’s standard commission schedules, or
- Interest Rates which is a markup or markdown on IBKR’s standard interest rates.
For more information on the different fee types available and how to configure them, please see our other videos within this course. Once satisfied, click Continue to review the Client Account Template. Clicking Continue again will successfully create the template that can be applied to an application.
Applying a Client Account Template to an Application
Back on the Home Dashboard page, the broker can apply the Client Account Template to the application invite. Select Add Account and on the following page select Fully Electronic application and click Continue.
Enter the prospective client’s name and email address and select Yes for whether to use a template. Once Yes is selected, a drop-down menu will appear with the broker’s Client Account Templates that they had already configured. When ready, click Continue to review the application invite and select Continue once more to send the invitation to the client.
As reviewed in this video, Client Account Templates help Introducing Brokers save time when sending application invites to prospective clients by automatically pre-populating the account type, trading permissions, and trading objectives in the application.
Disclosure: Interactive Brokers
The analysis in this material is provided for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IBKR to buy, sell or hold such investments. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.
The views and opinions expressed herein are those of the author and do not necessarily reflect the views of Interactive Brokers, its affiliates, or its employees.