lightspeed/penson problem accessing statements?

Discussion in 'Retail Brokers' started by gaj, Dec 30, 2011.

  1. gaj


    anyone else having problems accessing these? i've had this problem for at least three weeks; called lightspeed, they've been saying it's penson's problem / would be fixed by now / penson server down / and other variations of that.

    i click on: penson online access / reports / account statements / (my new number) Go and then get this pop-up window:

    The account number is not authorized for account statements or tax documents.

    my old number also gives the same "not authorized" message.

    i can access everything else on this page. i've tried several browsers, that's not the issue; this is coming from penson's side.

  2. O'Leary


    Your post was just brought to my attention, and I’d like to take a moment to respond.

    Based upon your description of the issue, rectifying it should be as simple as calling into our Relationship Management Desk 1 – 888 – 577 – 3123, Option # 1 and asking them to code your account for electronic statement mode of delivery. This is just a simple account coding change, which we’d be pleased to make on your behalf.

    Should you have missed a recent account statement, just mention that to the Relationship Management Desk associate you speak with and they can e-mail it to you as well.

    Best regards, and best wishes for a healthy and happy New Year.
  3. gaj


    thank you o'leary - i appreciate that. i'm pm'ing you as well, but appreciate you taking the time to help me with this.
  4. Magellan


    I have had the same issue with Lightspeed since they changed over acounts on December 12th. The issue has been brought to the attention of several of Lightspeed's Relationship Managers though without success.

    What seems to be most disconcerting is that Lightspeed seems to be handling two sets of books, or at least Lightspeed's accounting doesn't match with Penson's accounting.

    The accouting presented by Penson is full of errors and needless to say refelcts an Equity Balance less than what I have calculated.

    When I have approached Lightspeed about these errors, they seem to not understand the source of the problems. I have had some errors corrected and others I am working on getting corrected. When challenged, Lightspeed seems to be able to produce accounting that approximates my own caluclations though they seem not to be able to actually change the accounting presented by Penson.

    Three weeks is a long time to be patient for what should have been handled over a weekend. While I like the Lightspeed platform and have never had any significant problems with them before, I am losing patience and looking for a new broker.
  5. Ari_et


    Are there any updates on this isue?
  6. Magellan


    No. Still talking with Lightspeed about the problem. They keep saying their accounting will be fixed tomorrow.

    The only good news is that some of the Lightspeed Acount Managers have been able to provide me with spreadsheets indicating the Penson accounting is incorrect. Nevertheless, the situation remains uncorrected.

  7. Ari_et


    Thanks for reply Magellan.

    I gues all wee can do is wait.

  8. O'Leary


    I would like to provide some clarification on the issues raised in this thread. Lightspeed does not maintain two separate sets of books and records.

    We are an introducing broker dealer, and as such all books and records, statements, and tax documents pertaining to client accounts are administered by our primary clearing firm, Penson Financial. We do offer clients two different web reporting options, usually depending on which trading platform they utilize, but this is simply a matter of how the trading data is formatted and presented to clients via a web portal. The underlying trade data, positions and balances are the same.

    Now to address the actual problems we've experienced and why some clients have seen inaccurate calculations displayed on their reports. Following Penson's conversion to the Broadridge clearing system, Penson experienced problems processing Lightspeed's trade files. Penson’s issues resulted in some trades not getting uploaded to the client reports, resulting in displayed discrepancies in positions and balances in certain cases.

    To say that the reconciliation process has taken longer than expected would be a gross understatement. We are the first to acknowledge that and we extend our sincerest apologies to clients who have been affected and inconvenienced by this. We are working around the clock with Penson to reconcile any remaining outstanding issues. We know how important the reports are to our clients. I will post an update once the reports are corrected.
  9. Magellan


    As a matter of fact, Lightspeed DOES maintain two sets of accounting books (this is different from stating that Lightspeed generates two sets of books, which I have no evidence of). They maintain through their site, the accounting figures as presented by their clearing company, Penson, and they maintain, internally, their own accounting of trading activity. If each of these sets of accounting were the same, then I would not be able to make such a statement.

    I however have documentation these sets of books are unique and separate.

    The fact that there are two sets of trade activity accounting was brought to the attention of Lightspeed as early as December 16th. By December 23rd, documentation proving these allegations was received and Lightspeed was thereby notified. To date, no attempt to reconcile these errors has been successful.

    These are the facts and they are undisputed.

  10. gaj


    yup, mine still has the same problem. i called and the rep could duplicate my problem with his (non-admin) account, so hopefully they'll be able to slap penson around or something.
    #10     Jan 5, 2012