lightspeed/penson problem accessing statements?

Difficult position to be in. I really like the Lightpseed platform and have never had any significant problems with Lightspeed before.

Nevertheless, these accounting problems seem to be isolated to Lightspeed and it is hard to understand how recognized problems can go unresolved for this long.

Magellan

 

I closed my account with Lightspeed. Four weeks was long enough to wait for them to correct their accounting problems. Especially since the problems, while costing me considerable time, were also costing me money.

Too bad. I liked their platform.

Magellan

 

As a follow up to our previous post, I wanted to clarify that the reconciliation process we have been carrying out with Penson following up THEIR conversion of internal systems has now been completed for almost all accounts. As such, client on line report access has been restored. We regret any inconveniences that Penson’s initial conversion follow up issues may have caused.

As always, Lightspeed can be reached at 1-888-577-3123.

Best regards.

 

i can verify - still have problems when accessing via 'penson' account access, but the online account access (the line above it) has worked fine for the past couple days.

 

Geez. I trade with MBTrading who likewise clears with Penson, and the conversion was so seamless I couldn't tell it even happened. So something is wrong with Lightspud evidently.

 

Evidently...we should know where this is going before too long.

Magellan

 

All the Lightspeed users should check your fees. I've been charged incorrect fees since the switch. They have been promising to fix since I caught it back then. Still no resolution. I've been over charged multiple 4 figs and it's adding up. Seems like a simple fix since it's a coding issue.

 

As previously noted, the reconciliation process with Penson is nearing it’s completion. Applicable adjustments for December activity were posted this morning and the January to date reconciliation adjustments will be posted by week's end.

The underlying circumstances that created the required reconciliation processes are much too technical in nature to discuss in this forum. Lightspeed remains focused on providing the responsive service levels our clients have long come to expect from us.

We've recently made some terrific enhancements to our trading platform so we look forward to rolling them out and discussing that kind of stuff in the near future.

Best regards.

 

Might be off topic but LS programmers haven't figured out that if you are long a stock and put in a stop order that you can't add to your long position. Their explanation is that they cited some SEC rule about hitting yourself. Well, if you put a limit order in ABOVE the stop, it's impossible to hit yourself. It does NOT apply here but they don't get it.

 

With regards to the previous post, I’d like to clarify that the Lightspeed Trader software does NOT treat stops as limit orders when we carry out our compliance checks, including those administered to comply with applicable wash sale rules. (That’s more or less the scenario summarized in the question posted). We’d like to invite the trader who posed the question, or any other LS user, to contact us directly and we can review further. It’s possible that you may be using software that isn’t current, or may need an adjustable setting configured differently. Regardless, we look forward to assisting you.

We can be reached at 1-888-577-3123, Option 2 for our Trade Desk.

Best regards.