Negative consent?

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maxbialystock's picture
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Joined: 2006-12-28

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?

troll's picture
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Joined: 2004-11-29

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!

Captain's picture
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Joined: 2006-04-07

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

troll's picture
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Joined: 2004-11-29

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...

vbrainey's picture
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Joined: 2006-12-23

 
I have only one identity until Vbrainy stole it.  Have a Happy New Year!

mranonymous2u's picture
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Joined: 2006-11-29

Gee! Indyone hasn't piped in onthis querry... Hmmmmm
I'm sure it's just co-inkadinkal.
Mr.A

troll's picture
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Joined: 2004-11-29

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....

NOFX's picture
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Joined: 2006-09-22

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).

troll's picture
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Joined: 2004-11-29

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!

vbrainy's picture
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Joined: 2006-07-26

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.

Indyone's picture
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Joined: 2005-05-30

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?

mranonymous2u's picture
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Joined: 2006-11-29

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
 

Indyone's picture
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Joined: 2005-05-30

...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.

troll's picture
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Joined: 2004-11-29

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....

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