IBKR offers a Mass Upload application process for Professional Advisors and Introducing Brokers looking to migrate a large number of client accounts simultaneously. This free solution streamlines the application submission process for both advisors/brokers and their clients. The process is ideal for migrations involving a minimum of 20 accounts per account type and is available to professionals associated with any IB entity or region (IBKR Traders´Academy, s.f.).
To initiate the process, advisors or brokers contact their sales representative or the Sales Engineering team. An introductory call is scheduled to review the workflow, workbook completion, and processing times. The Sales Engineering team becomes the dedicated point of contact throughout the migration process, from submitting client application data to account opening and funding.
IBKR provides Excel workbooks for submitting client application data. These workbooks are designed with helpful features such as sticky notes, data validation, and formatting examples to assist in accurate completion. Different workbooks are available for various account types, including options for creating multiple accounts under a single login or separate logins for each account.
The Mass Upload process timeline varies depending on several factors. Account creation typically takes 1-2 days after receiving properly completed workbooks. Application review and approval can take 1-4 business days, with organizational accounts potentially requiring more time for due diligence (IBKR Traders´Academy, s.f.). ACATS transfers, if applicable, are initiated the day after account opening and typically process in 4-8 business days.
Once accounts are created, the Sales Engineering team provides the advisor/broker with a password-protected spreadsheet containing account credentials. The advisor/broker is responsible for distributing these credentials to their clients and assisting them with completing the online application steps. These steps include setting a permanent password, verifying email addresses, confirming account details, and signing relevant agreements.
The Mass Upload process also allows for the submission of required documentation, either by the client during the online application or by the advisor/broker through the portal’s message center (IBKR Traders´Academy, s.f.). IBKR requires a consolidated asset list for review to identify any positions that may cause ACATS transfers to reject.
While the Sales Engineering team is the primary contact for Mass Upload inquiries, it’s recommended that advisors/brokers also receive training from IBKR’s Onboarding team to familiarize themselves with the portal’s features for managing their migration effectively (IBKR Traders´Academy, s.f.).