IBKR account name for Trust with Corporate Trustee

[Tom88]

I've recently setup an account with Interactive Brokers for my trust with corporate trustee.

The account name for the IBKR account is the trust name and they do not seem to provide a way to specify an account designation. The account name for my AU brokerage account is in the format:

COMPANYNAME <TRUSTNAME A/C>

I've not had any luck with IBKR support in providing a way to have the name formatted this way. They request proof of a name change which I cannot provide as there has not been a name change.

I'm thinking that it could be problematic having brokerage account names that don't match as it will not be possible to transfer holdings between the accounts plus had I thought it was a requirement to have the account name structured this way.

See link below for details:

What is an account designation? - OnMarket

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www.onmarket.com.au

I'm interested to hear how others have dealt with this.

Thanks

 

[KevinBB]

Have you spoken to your accountant about this? They may be happy to leave things as they are, and have the account in the name of the trust. Will save a lot of mucking around with IB support.

If not, a phone call to IB Australia might help. They would know the Australian requirements, whereas a call to IB Support could go anywhere.

Edit: Sorry for the addition. The thing I wouild be checking is whether you will be able to withdraw funds from that account. For withdrawals IB usually requires the bank account to be in the same name as the IB account.

KH

 

[elbee]

I have had an account with IB for my SMSF for perhaps 15 years. The account title is the name of the fund's corporate trustee followed by "as Trustee for XYZ Super Fund".

I see no problem with the way your account is designated, provided as KevinBB says, any withdrawal is to a similarly named entity.

 

[Tom88]

Thanks for the replies.

I think it will be a deal breaker for me in regard to using the IBKR platform if they will not allow an account designation to be specified in order match other accounts as my biggest concern is being prevented from doing a broker to broker transfer due to account names not matching.

It gives me some hope that you have been able to do this elbee. I will have another go in dealing with their incompetent support team. Thanks

 

[KevinBB]

my biggest concern is being prevented from doing a broker to broker transfer

If you want to do this, then just stick with the established Australian brokers and pay the fees. This is what I do for all my ASX holdings. I wouldn't hesitate to buy shares in IB, but only for trading, not for a long term hold.

If you don't stick with an established Australian broker, then any transfers are very difficult, because most "low fee" brokers hold your portfolio in trust, and you don't get a separate CHESS account. I tried to transfer shares out of IB once ... and ended up selling them in IB and buying them on market in my Australian big-bank broker's account.

KH