How long to set up an account and trade

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May 12, 2009 10:25 pm

Since I'm planning on using a b/d out of state how long should I expect if someone comes into my office fills out an account form and wants to buy a stock.  Do I have to wait until the b/d recieves the paperwork and has a managing principal sign off on it or am I able to put the order in within an hour?


Thanks,
 
BILO
May 12, 2009 10:34 pm

Is this a serious question?

May 12, 2009 10:35 pm

I bet Morphius knows.  Send him a PM.

May 12, 2009 10:55 pm

Come on man.

May 12, 2009 11:10 pm

Let's skip the small stuff... do you have an attorney lined up to defend your multiple future arbitrations?

May 12, 2009 11:35 pm
Sam Houston:

I bet Morphius knows. Send him a PM.









You da man, Sam! You da man!



May 13, 2009 1:28 am

Morphius at least you attempting some humor in a wierd creepy kind of way.

 
The reason I ask is because I worked for a wirehouse where I open the acct, put the trade in 1 minute.  The MP would sign off later in the day.  Now I fill ouw the very cumbersome paperwork, mail it to my broker dealer where they then fax it to the trading platform and they I'm able to do the trade hoping the prices don't climb too high.  Fun fun
May 13, 2009 6:53 am

Yeah, remember all that homework and due diligence that all us mean, weird people were telling you to do? That's most effective when done BEFORE making a move, not after.



It's really hard to turn your head away from a slow motion train wreck as it unfolds right before your eyes.

May 13, 2009 3:00 pm

You guys are idiots.   What the hell are you guys talking about.  The answer is depending on your b/d you can legally do a trade right after you open the account.

May 13, 2009 5:33 pm

Ouch.  More painful name calling from Boy Genius.  

I hope you thank yourself for answering your own question.  That's progress! 

May 13, 2009 10:07 pm

Dude, that is so weak.  I wonder how many id's you have on here.  You are such a nerd!  When I asked the question why not just give me the answer that I found out 8 hours later.  Answers on this site aren't exclusive to this site.  It is nice to think you can go to a place and know your talking to people that are in your shoes and might give you some insight.  The answers I got were stupid. 


May 13, 2009 10:25 pm

Are you sure your real name isn't Borat?     

May 14, 2009 8:59 am
BiLo:

You guys are idiots.   What the hell are you guys talking about.  The answer is depending on your b/d you can legally do a trade right after you open the account.



Your reply is not completely correct.   As I recall the BD is responsible for all trades placed by a broker.  So they have to check if the trade "fits" the client's profile and to make sure you did not hit the wrong number.  They must to this with every trade.  Most firms have automated this process where the trades are routed to the home office for approval. The custodians have also automated this process.  I know they charge per termial for this service, which may be your problem. 

There is nothing wrong with what the firm is doing.  It is there process and that is the way they work.

Good Luck.

ash
www.FAfreedom.com - The Breakaway Experts
609-945-7100 x 101

May 14, 2009 6:38 pm
BiLo:

Dude, that is so weak.  I wonder how many id's you have on here.  You are such a nerd!  When I asked the question why not just give me the answer that I found out 8 hours later.  Answers on this site aren't exclusive to this site.  It is nice to think you can go to a place and know your talking to people that are in your shoes and might give you some insight.  The answers I got were stupid. 


 
I said send him a PM.  Keep the internet beatdown private.  Just trying to help.