Does anybody know how long it takes to transfer from one prop firm to another? Moving all licenses required for trading (Series 7, 63, 55) Any comments would be appreciated.
Depends how long it takes your previous firm to process your U-5. Anywhere from a few days to a few weeks. It SHOULD only take a few days. If they are slow and you bug them enough about it, it might speed it up.
I switched recently and it took just a few days. They allow for 30 day overlap. So even if your old firm drags their feet, you should be OK. Make sure you have copies of your NASD tests.
good firms will have you in/out and all the paperwork processed in 2-3 business days, maybe even less. i joined a firm that had me up and running within 24 hours after i gave them my U-4 and a copy of my NASD tests. when i left the firm, they took about 2-3 days to get me my U-5. i also joined a firm that took 3 weeks to get me up and running after i gave them my U-4 and a copy of my NASD tests. this same firm took 2 weeks to get me my U-5. some firms are professional and on the ball, other firms arent. dont make enemies with the prop shop you are leaving because they can drag their feet processing your U-4 and closing out your account since they technically can take up to 1 month.