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Is anyone else worried about Penson Financial?
- Thread starter serenfin
- Start date
As far as I know there is little or no precedent of a brokerage firm that has financial problems devoting any time or energy to caring about either their clients or employees. The person or group that has voting control will worry about their own interests.
To think otherwise is simply naive.
To think otherwise is simply naive.
Quote from Catoosa:
That seems likely and would probably be the best outcome for Penson clients and employees. Penson needs new management at the top level that makes better decisions.
Quote from Swan Noir:
As far as I know there is little or no precedent of a brokerage firm that has financial problems devoting any time or energy to caring about either their clients or employees. The person or group that has voting control will worry about their own interests.
To think otherwise is simply naive.
I agree with your statement and I did not say, imply, or think Penson management is trying to do what is best for their clients or employees.
Yes ... upon rereading your prior post I can see that it seeming likely and being a good outcome for clients and employees are two independent statements. My apologies for misinterpreting your clearly worded post!
Quote from Swan Noir:
As far as I know there is little or no precedent of a brokerage firm that has financial problems devoting any time or energy to caring about either their clients or employees. The person or group that has voting control will worry about their own interests.
To think otherwise is simply naive.
Lightspeed (who clears through Penson) seems to be having significant accounting problems. They have been unable to produce any reliable accounting since Penson made some back office changes just prior to December 12th.
In the beginning, Lightspeed was able to provide some feeble excuses, however even these have dried up and there seems to be no end in sight to these problems.
How much these accoutning errors are the fault of Penson vs. Lightspeed is not clear and not really the point to this post. Regardless of the source, I have lost faith in Lightspeed and will be probably close my account.
Magellan
In the beginning, Lightspeed was able to provide some feeble excuses, however even these have dried up and there seems to be no end in sight to these problems.
How much these accoutning errors are the fault of Penson vs. Lightspeed is not clear and not really the point to this post. Regardless of the source, I have lost faith in Lightspeed and will be probably close my account.
Magellan
Quote from Magellan:
Lightspeed (who clears through Penson) seems to be having significant accounting problems. They have been unable to produce any reliable accounting since Penson made some back office changes just prior to December 12th.
In the beginning, Lightspeed was able to provide some feeble excuses, however even these have dried up and there seems to be no end in sight to these problems.
How much these accoutning errors are the fault of Penson vs. Lightspeed is not clear and not really the point to this post. Regardless of the source, I have lost faith in Lightspeed and will be probably close my account.
Magellan
I'm at another firm that clears through Penson. I was told about the backoffice conversion that Penson had its go through. They converted to another system, Broadridge, with no difficulty for my firm. It sounds like the problem is LightSpeed.