First post here under this identity. Too many people here know me under the other one, and I don't want it known that I'm asking this question.
When moving from one independent to another, is it possible to accomplish the transfers through a "negative consent" process instead of signing new ACATS forms?
I'm posting under this identity, since this is the only one I have.
So, the answer is....
No, as a matter of fact... no way in hell.
C
maxbialystock wrote:First post here under this identity. Too many people here know me under the other one, and I don't want it known that I'm asking this question.
When moving from one independent to another, is it possible to accomplish the transfers through a "negative consent" process instead of signing new ACATS forms?By the way The Producers was one of my all time favorite movies...
I have only one identity until Vbrainy stole it. Have a Happy New Year!
Gee! Indyone hasn't piped in onthis querry... Hmmmmm
I'm sure it's just co-inkadinkal.
Mr.A
mranonymous2u wrote:Gee! Indyone hasn't piped in onthis querry... Hmmmmm
I'm sure it's just co-inkadinkal.
Mr.ANaaahhhhh.....I am Indyone's alter ego, and I just didn't feel like changing screen names to respond to myself this time....
maxbialystock wrote:
First post here under this identity. Too many people here know me under the other one, and I don't want it known that I'm asking this question.
When moving from one independent to another, is it possible to accomplish the transfers through a "negative consent" process instead of signing new ACATS forms?
I have a friend who is considering moving from the Wachovia Full Service platform to their independent channel (Finet or something) and he says you can do it w/ negative consent letters (it's obviously an in house move though).
NOFX wrote:maxbialystock wrote:
First post here under this identity. Too many people here know me under the other one, and I don't want it known that I'm asking this question.
When moving from one independent to another, is it possible to accomplish the transfers through a "negative consent" process instead of signing new ACATS forms?
I have a friend who is considering moving from the Wachovia Full Service platform to their independent channel (Finet or something) and he says you can do it w/ negative consent letters (it's obviously an in house move though).That's the key difference!
What is the problem with doing ACAT forms? If you are moving to any kind of a decent firm, they should provide a transition team to help you process all of that.
Here's as comprehensive a response as you are going to get --- an entire article on the subject:
http://www.rrbdlaw.com/2002/Q4/negrespltr.htm
mranonymous2u wrote:Gee! Indyone hasn't piped in onthis querry... Hmmmmm
I'm sure it's just co-inkadinkal.
Mr.A
Here I am...wouldn't want to disappoint you, Mr. 6.10 posts per day. You have anything constructive to add or are you just being a prick as usual?
I see that new girdle you got for Xmas is a tad too tight. It's cutting off the circulaton from your head to your funny bone!
But seriously, no, I have nothing substantive to add to the "can I just move my clients to a new firm without asking them first?" discussion.
Happy New Year.
Mr.A
...OK, I'll laugh with you...
In case you were curious, it's not my question. One identity is complicated enough for me. I'm satisfied at LPL and unless things change for the worse, I don't like filling out ACATs enough to move.
Happy New Year back at ya.
Indyone wrote:...OK, I'll laugh with you...
In case you were curious, it's not my question. One identity is complicated enough for me. I'm satisfied at LPL and unless things change for the worse, I don't like filling out ACATs enough to move.
Happy New Year back at ya.lol...and no I am not really him....
maxbialystock wrote:First post here under this identity. Too many people here know me under the other one, and I don't want it known that I'm asking this question.
When moving from one independent to another, is it possible to accomplish the transfers through a "negative consent" process instead of signing new ACATS forms?I rather doubt it. After all, you are literally moving assets from one b/d to another. I'd be surprised if you could.I know for certain insurance products and mutual fund accounts(held at the fund company) you can effect some sort of "block transfer" but I don't honestly know how that works. I think it may be that you can do that when you are keeping the same b/d but changing custodians(for firms that are "unbundled" between the b/d and custodian).Others should know more about this than I.Good luck....you have me wondering who you are!