Today I learned how Interactive Brokers terminates RIA's. But first I must tell you that after 8 hours, and countless conversations with very nice people from the Interactive site, not one of the employees knew. I ended up finding it myself. Maybe I am just talking to the wrong people. I have attached the relevant contracts that provide the authority for the IB to terminate, but no where does it say how they do it.
They do it by issuing an email to the RIA and the account holders. The accounts are place in a Closing Only State and no reason is given to the account holder for that action. The account holder is told he must go with the RIA, or stay as a retail account but must "de-link". I pressed for examples of what would create such a step and got zilch....Nada.................
I located, on my own, the forms from the IB site that give the authority, or at least the claimed authority for IB to contact the RIA clients. I have attached the two relevant contracts I could find, and added my comments and an image to identify the sections. (I figured an image of a guy being held hostage was appropriate). There is the contract between the RIA and IB and the contract between the account holder and IB.
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