Most traditional investors don't know how to open a managed account.
It's really quite easy. Opening one requires the completion of brokerage applications, along with the submission of proper identification documents and provision of a signed LPOA (Limited Power of Attorney) to authorize the portfolio manager to trade the account on the client's behalf.
Depending on the country of origin of the brokerage firm used to open the account, the process can be a bit more or less involved. For example, Swiss brokerage firms require that clients complete and sign all account applications, then send the original (sometimes certified) documents to the brokerage firm. This can delay the opening of the account considerably, as the brokerage firm would have to receive the account applications by mail before the account is processed and ready for trading.
Some brokers allow the completion of an online application with only a digital signature. This simplifies the account opening process quite a bit.
To open an account through Forex Day Trading, you will need to complete an online application, as well as submit digital forms of a color picture ID and proof of tesidence no more than 3 months old – and a scanned, signed copy of the power of attorney form.
All the client information and documents then go to the Compliance department for processing before the account is finally approved. Account approval can take place within 24 hours if everything is in order; otherwise, the client will be contacted via email to correct any mistake in the application or remedy any problems with the supporting account documents.