Margin lending - SoA

[Northern gal]

Following up on the post about margin lending, i opened an account with interactivebrokers and they are asking for a "Statement of Advice" to document this is "suitable".

My broker does not seem to be familiar with it.

Has anyone gotten one and can recommend their provider? i only want this as a rainy day liquidity reserve.

[marty998]

Hmm… seems they want to know you’ve been and seen a financial advisor.

The Royal Commission has forced a lot of financial services organisations to go to extreme lengths to ensure they are providing appropriate products to customers. This includes asking you to prove you know what you’re doing with margin debt.

[Northern gal]

I understand that.

The problem is there are not really any affordable advisers in that space.