Quote from EvOTraderV2:
That's a pretty serious accusation to make considering not one person has come forth and said they had a bad experience with this firm. As myself & other have indicated, this is most-likely consolidation. The smaller firms can not afford to run full-blown broker-dealers. The same thing has happened with JC Trading, Boston, Los Angeles and many other WTS branches. They typically present some type of merger or buy out. At least that's what the word around the water-cooler is. the CTG people ran a very clean shop and have had pretty good praise on the board. Not every firm blows out lol. The Boston branch at WTS was their most successful branch and they merged in as well. That is the result of over-regulation. The smaller firms can not afford to (with either money or manpower) keep up with the same regulatory requirements that Megabanks are required to do. It's somewhat naive to claim the regulatory climate has nothing to do with the consolidation in the industry. It is the root cause. It works that way for every type of industry including manufacturing, farming, local mom n pop shops, retailers, wholesalers, doctors, lawyers, etc. etc. As interest-driven regulatory changes occur, the regulators insist on the larger firms with sub-businesses operating as a chain or franchise type of situation where oversight is all centralized in the hands of a few.
WTS has purchased many firms in the last year including Dimension and other broker-dealers. I definitely would not be surprised if that's the case. It's far more likely than the scenario you have proposed, SgtSlotter given the circumstances and the fact that CTG was WTS's most reputable branch.
About two years ago CTG was offering 90/10 payout with 25 cents per 1k shares, free training, free series 56 training licensing etc for a $1500 deposit. I came up here and told the kids on board to jump on that deal because it won't last. Sure enough, it didn't. Similarly, I will tell everyone on here now to avoid smaller prop firms for the rest of the year because the dodd-frank laws go into effect this year and throughout 2014 and those new regulations mean the same for prop as they did for banking - the end of small business and the beginning of "too big to fail" prop firms. That is fact and disagreement would be the equivalent to what psychologists call "the I Refuse to Believe my government would do that" fallacy.
