Negative consent?

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Dec 28, 2006 5:10 pm

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?

Dec 28, 2006 6:11 pm
maxbialystock:

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!

Dec 28, 2006 6:16 pm

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

Dec 28, 2006 6:19 pm
maxbialystock:

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...

Dec 28, 2006 6:55 pm

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

Dec 28, 2006 7:27 pm

Gee! Indyone hasn't piped in onthis querry... Hmmmmm


I'm sure it's just co-inkadinkal.


Mr.A

Dec 28, 2006 11:19 pm
mranonymous2u:

Gee! Indyone hasn't piped in onthis querry... Hmmmmm


I'm sure it's just co-inkadinkal.


Mr.A



Naaahhhhh.....I am Indyone's alter ego, and I just didn't feel like changing screen names to respond to myself this time....

Dec 29, 2006 10:01 am
maxbialystock:

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).

Dec 29, 2006 10:43 am
NOFX:
maxbialystock:

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!

Dec 29, 2006 10:45 am

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.

Dec 29, 2006 5:23 pm
mranonymous2u:

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?

Dec 29, 2006 5:49 pm

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


Dec 29, 2006 5:56 pm

...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.

Dec 29, 2006 6:28 pm
Indyone:

...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....