#Folio investing interactive brokers install
I probably could have done something about it, but I had to set up my account, wait to be approved, learn the interface and then come to terms with the fact that the web interface won't let you do anything cool the iPhone app won't let you do anything cool and in order to do anything cool you have to download and install this "Mosiac" thing, (which is a bizarre program that's both simple and complex while being robust and stupid all the same time) Well I fought with that damn app for nearly a whole day just to login to the damn thing.
In 3 months, my portfolio has dropped nearly 10% to $69,00010%. I called customer service maybe 3 or 4 times and they helped me set up automated re-balancing and what not, but that was it. That's right, during this brief pitstop, my $55,000 Motif investment grew to $76,000 at Folio and I BARELY EVEN TOUCHED IT. Now get ready for the punchline.įrom the $19 monthly fees that no one consented to, to failing to release a mobile app, I've been brutally critical of Folio every step along the way, but here's the thing: I saw my highest returns at Folio.
#Folio investing interactive brokers code
Sadly, it's also riddled with stupid error messages such as "Failed to fetch Data", "Failed to get performance data" and "code Error: Request failed with status code 500". What will Interactive Brokers do? They're only 2 months into the game, so it's too early to tell if Interactive Brokers will win over "Motifolio" clients, but I am one of those clients and so far, I can definitively say that IB has a much sleeker and intuitive interface that's light years beyond Folio. Despite all the rhetoric about "partnership", daisies and long walks on the beach, I think it's safe to say that Goldman had every intention of flipping these " Motifolios" or whatever you wanna call them.
Goldman pawned off Motif customers so fast, it made their heads spin. Get a load of this nonsense they told customers in a statement released in May 2020: "The acquisition of Folio by Goldman Sachs brings together two leading financial services firms for the continuing benefit of our clients and blah blah blah." Before you could finish reading that sentence, Goldman sold off the remaining 70,000 Motif clients to Interactive Brokers within within 3 months. Never one to be outdone, the behemoth known as Goldman Sachs swooped in and bought up Folio for pennies on the dollar. If I had to guess, Charles Schwab is probably the biggest winner as they also acquired Motif's CEO and lead engineers as part of the deal. Yeah, after selling their RIA to Folio for an "undisclosed amount" (A TON OF MONEY), they proceeded to cash in YET AGAIN when they sold their intellectual property to Charles Schwab for another "undisclosed amount". I can't help but think about how many millions of dollars in unclaimed holdings has been written off by clients who have no idea where their account went, but you can be sure of one thing: Motif laughed their asses off all the way to the bank. Buying and selling proved to be cumbersome and confusing so they jumped ship in masses to alternatives like M1, Robinhood and eTrade.ĭefinitely not the customer. Customers who were accustomed to Motif's colorful GUI with sliders felt that Folio fell short on basic things like navigation. Surprise indeed! Sadly, there was nothing pleasant about it, not for Folio and not for their clients.
President Greg Vigrass lauded “There was just nothing necessarily new in it for us, so that part of it didn't make a lot of sense,” a statement that was again backed up by CRO Paula Delaurentis who arrogantly boasted that Folio had "all the capabilities and more than what Motif currently has” and promised that customers would be "pleasantly surprised". Folio just assumed they needed more customers, so they purchased LOYA元's 200,000 clients for an "undisclosed amount" (A TON OF MONEY) and it was an epic fail because they couldn't retain these customers as their interface wasn't user friendly.įolio, because they're short-sighted number crunching investors with no real vision, repeated the same bet and bought up Motif's RIA with 350,000 clients, but when the deal was finalized, they didn't acquire the rights of Motifs patents, source code, technology, talent, interface or algorithms. Basically, it went down like this.įolio had been a self-clearing broker-dealer offering fractional shares long before Motif and although they didn't know it at the time, their platformed sucked. This has been a very interesting saga to follow.
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