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ASSENT withholding initial contrubution for a year
- Thread starter AutomatedTRader
- Start date
Quote from cmuro:
I don't like saying negative things about other firms so just take this as an example of the way some firms choose to treat their traders.
As much as I criticize A/A...I don't believe there is 'antics' as much as their is misunderstanding...And often times br. mgrs may or may not be well versed in what is actually being done...I believe that clause is nothing more then a 'safety net" statement thats all
Of course, if they wanted to be clear, they could have said, "We get to keep your money for a year."Quote from goodscalp:
On page 9 of the contract under Section 5.07 Distributions
"The Board of Managers shall not make any distributions of
profits or returns of capital to any member that would violate
the Uniform Net Capital Rule of the Securities and Exchange
Commission or any other applicable regulation, rule or statute
applicable to the Company or its business."
Quote from gimp570:
So if you have been with Assent for over a year and you then want your money back, how long can they hold it, is there a time limit in which they have to give your money back
M
Far as I know, for capital to be counted as good capital it is the capital that must remain at the firm for at least a year, regardless if the trader has been with the firm for more than a year.
For example, Joe joins Andover (Assent) and starts his account with 25K, then loses 15K over 6 months, and adds 15K more but decides he wants to join Bright or Echo a week later, he has to wait until the capital is a year old to get it back from Andover/Assent.... the 10K he has left from his original 25K he can have back in 6 months, a year from when he put that in, and the other 15K he has to wait 12 months until that capital has aged a year in Assent. So in essence a year and a half from when he joined the firm in this example. This is my understanding of how the rule works.
More firms used to hold capital from what I remember, but I think they all stopped years ago... I wasn't aware Andover/Assent was doing this, seems that would weigh pretty heavy into a decision to ever trade there.
Don is always a good one to ask about things like this, he is an encyclopedia about exchange regs. seems like... Don, you out there? Did I interpret that rule correctly?
Quote from cmuro:
Just add it to the list of misunderstandings between their firm and the traders.There is still a zero in the column that represents misunderstandings that were in favor of the traders
That is not true.
Remember that you are far more likely to hear complaints than praises, particularly if it is in the traders' best interest not to raise the misunderstanding to anyone's attention.
I've said it before - "read what you sign".
I been in a lot of LLC,s and everyone of them had that line in them. Yet, I have never had a problem or seen anyone have a problem getting there money out. Of course the ones I was in were profitable.
Now, all the guys I spoke with said that this assent thing was no change from Andover and that andover was bought by sun and they had hugh dollars and this was great for the trader.
I was also told it was never a problem to get your money out.
I assume Jon Kirkland is good for his word. I can not imagine that people would have trouble taking their money out.
If they do I will be pissed and I will do something about it. But I am 99 percent sure that all I would have to do is ask for my money and I would get it.
If your money is locked up, this would be like the best thing echo and bright ever heard and I will bring back my old fmb trading and make sure everyones money is liquid and rates are competitive.
Now, all the guys I spoke with said that this assent thing was no change from Andover and that andover was bought by sun and they had hugh dollars and this was great for the trader.
I was also told it was never a problem to get your money out.
I assume Jon Kirkland is good for his word. I can not imagine that people would have trouble taking their money out.
If they do I will be pissed and I will do something about it. But I am 99 percent sure that all I would have to do is ask for my money and I would get it.
If your money is locked up, this would be like the best thing echo and bright ever heard and I will bring back my old fmb trading and make sure everyones money is liquid and rates are competitive.
Quote from howellpar:
Item of curiosity, do the other 'llc/prop.' firms do business the same way? I'm not 100% certain, but, I'm pretty sure Bright does NOT hold your capital for up to a year after you 'quit'.
Any 'certain' answers out there?
I am pretty sure that Lynx Capital does not hold your money for a year, even though they are a sub-LLC of Andover/Assent.
Not sure about the other subs of Assent.