Interactive Brokers offers a full suite of robust reporting software for financial advisors to pull standard statements, create custom reports, enable automatic statement delivery, and provides access to IBKR’s PortfolioAnalyst.
To access the reporting features, open the left side menu and click to expand the Reporting menu. The advisor can access Statements, Flex Queries, Data Queries, Advisor Reports, Tax documents, and Other Reports.
The Statements page is where the advisor can run default or custom reports at any time and configure automatic delivery of these reports. Use the blue Add/Edit button at the top of the page to select the account or group of accounts the report will be run for. To generate any of the Default Statements, click the blue Run arrow and select the period, date, format, and language for the report.
If the default statements do not meet the advisor’s needs, the advisor can create custom reports which can be edited, deleted, or run at any time. Click the plus sign in the right corner of the Custom Statements panel to configure a new report.
The advisor can enter a name for the report and select the sections to be included, such as Commission Details and Trades. Select any desired Section and Delivery Configurations and click Continue to review the custom report before clicking Create. The newly created report will be reflected in the Custom Statements panel.
Both Default and Custom Statements can be enabled for automatic delivery to the advisor. However, the advisor can only configure custom statements to be delivered directly to the client.
The Statements Delivery panel configures the delivery of the report to the advisor user, whereas if the advisor would like to deliver a custom report to the client, they must navigate to the Contact, select the Performance & Reports tab, and click the configure gear icon to the right of the Client Statements Delivery panel.
The Flex Queries page allows the advisor to configure highly customized reports that are XML, CSV, or Text formatted statement files that let the advisor specify the exact data fields and the order in which the fields appear on the report.
A Flex Query is different from the default Activity Statement or a Trade Confirmation Report because advisors can customize a Flex Query at the field level, allowing the advisor to include and exclude detailed field information. Customized Activity Statements only allows the advisor to include and exclude entire sections and the Trade Confirmation Report cannot be customized.
For example, the advisor can create a custom Activity Flex Query by clicking the plus sign in the upper right corner of the Activity Flex Query panel. Enter a name for the query and select from the sections to be included, such as Open Positions.
Once a section is selected, a window will appear where the advisor can select the data columns to include in the report by checking the boxes to the left. The advisor can change the order that the data fields are displayed in the report by clicking and dragging the three horizontal lines to the right. Once the sections and data columns have been selected, the advisor can enter the desired delivery and general configuration settings for the report. Click Continue to review the Flex Query before clicking Create.
Similar to Custom Statements, the Flex Queries can be enabled for automatic delivery to the advisor.
As mentioned earlier, reports can be run for a single client account at a time or for a group (or household) of accounts. Financial Advisors can manage their groups from the left side menu and expanding Administration & Tools and selecting the Groups tab. Existing groups can be edited by clicking the pencil icon or deleted by clicking in the blue trashcan icon.
Advisors can create a new group by clicking the Create New Group icon in the upper right corner, entering a name for the group, and selecting whether it is a private group.
Private groups will only be visible and editable by the user that created it, whereas public groups are visible to all users on the master advisor account. Afterwards, the advisor can click Add/Edit Group Members to select the client accounts to be included in the group.
In addition, for accounts that meet the criteria, advisors can create Households where one member is selected as the head of household, and that client can log in with their username to view reporting and account details for all accounts within the household.
Please note that accounts linked within a household will remain separate, segregated customer accounts. Householding simply allows the head of household read-only access to reporting and certain account information for the other accounts in the household.
To view or create households, click the Household link in the upper left corner in the Groups screen. To add a new household, click the blue Create New Household button in the upper right-hand corner and enter a name for the household. Add the accounts similar to creating a new group and click Continue.
Once the new Household request is submitted electronically, the Establish Head of Household form will need to be completed. If changes are made to an existing household, the Change Head of Household form will need to be completed. The blank forms are located on the right side of the page and the forms contain instructions for how to complete them.
The Tax Reports page can be opened from the left side menu, expand Reporting, and select Tax Documents. Use the Add/Edit account button at the top to select the desired account to view the tax forms for.
The advisor can generate the tax forms for an individual client account, or they can select the master advisor account to download a zip file for all the tax documents for all of their clients.
Clients of financial advisors can also login directly to their Client Portal to retrieve their tax forms. Clients are notified when the tax forms are ready and are typically available by the dates listed on our website.
In addition to the reporting features reviewed thus far, advisors have access to IBKR’s PortfolioAnalyst. PortfolioAnalyst is a powerful analytical tool housed within Advisor Portal that consolidates, tracks, and analyzes the client’s complete financial performance. The next video lesson in this course will review the PortfolioAnalyst tool more in-depth.
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.
The projections or other information generated by PortfolioAnalyst regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. Please note that results may vary with use of the tool over time.