Assent.com - Available Account Types

Account Types Available Through Assent LLC

There are several means of opening and maintaining a trading account with Assent. Over the many years we've been establishing new relationships with traders, we have gained keen insights into which type of account might best suit a potential new relationship.

As there are many potential factors which could favor one approach over another, we recommend that you take a moment to carefully review which type of account would best suit you.

Regardless of which type of trading account suits you best, rest assured that Assent LLC remains very committed to supporting various trading models with state of the art trading platforms, and communications infrastructure, immediate access to our highly trained support staff, and risk management tracking techniques that we employ on behalf of our trading community.

Summary of the Different Types of Accounts We Support

Listed below are various account types supported by Assent LLC. Although the remote trading section of this website provides much more detail, please be advised that in order to be set up for remote trading access, you must formally apply for a REMOTE Trading Access Log In and agree to certain terms and conditions, including a provision for assessing monthly subscription costs for enrollment within Assent’s Remote Trading Access Control database.

A) HIGH LEVEL OUTLINE OF ACCOUNT FORM STRUCTURE

Customer Account

Customer accounts are also typically referred to as “retail” accounts and can be opened for each of the account types listed below. In a customer account relationship, an account holder establishes their account as a margin account with a minimum deposit of $30,000.

The amount of leverage and buying power that is available to a retail customer is regulated by SEC rule Regulation T. We invite you to speak with us further concerning leverage - related topics.

Customer accounts may withdraw their unencumbered funds upon request. However, as noted above, in order to be extended trading privileges via direct electronic market access, a customer account must remain funded to at least a minimum level of $25,000. Below this amount, direct electronic market access through our front - end trading software is disabled. The trading assets for customer accounts are held in custody at Assent LLC, a FINRA/SIPC- registered broker – dealer.

Customer accounts are issued a 1099 after the year for tax reporting purposes. As with each of our accounts, customer accounts are issued a unique log on ID to access our clearing system and trading platform. Customer accounts are assigned to designated supervisors who are responsible for reviewing all activity undertaken by the customer. Unlike a proprietary trading account, customers do not have to possess securities licenses in order to trade. However, pursuant to federal regulations and internal Assent policy, all accounts are subject to certain Customer Identification Program ("CIP") verification measures.

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Institutional Accounts

Assent is pleased to act in the capacity of executing broker for institutional accounts including investment advisors, hedge funds, corporations and other broker – dealers. Certain industry specific settlement and clearance related agreements are required to be executed in order to open such accounts.

In most cases, Assent will require the institution to provide a FACT SHEET and other profile information that Assent will use in order to complete certain due diligence requirements. Included in such due diligence are typically requests to verify certain financial disclosure information pertinent to the institution. Institutional accounts are assigned to and serviced by licensed institutional sales representatives, who furnish the institution with special versions of the Assent LLC trading software.

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Sponsored Access Participant Account

This is a highly specialized form of account that Assent makes available to certain broker – dealers and other financial market participants.

Assent’s role in supporting such sponsored participant accounts is to leverage our memberships with various exchanges and market centers in order to clear in a cost effective manner--- on an omnibus account level --- the trading activity of the sponsored participant.

B) SUMMARY OF THE VARIOUS TYPES OF ACCOUNT OWNERSHIP/ACCOUNT NATURES THAT ASSENT SUPPORTS

Individual	Generally, an Individual account is an account that is traded solely by the individual account holder. Assets held in an Individual account are owned and may be used only by the individual.
LLC (Main Account)	An LLC account is owned and registered in the name of the Limited Liability Company. Certain states have specific provisions regarding the creation of LLC’s. You should consult with a professional tax advisor and/or an attorney before contemplating establishing such an entity. To open a main LLC account, the company will need to submit corporate documentation indicating approval of the opening of the account and showing who is designated and authorized to act on behalf of the LLC.
Sub Account of an LLC	Upon the establishment of a main LLC account, the owners of the LLC may choose to establish “sub accounts” that are linked to the main LLC account. Please note that although the sub account trader will be issued a unique login and sub account #, all of their activities are controlled by and remain the responsibility of the owners of the main LLC account.
Corporation	A Corporate account is owned and registered in the name of a chartered corporation. To open a corporate account, the organization will need to submit a corporate resolution that approves the opening of the account and designates those officers, directors, etc., authorized to act on behalf of the corporation.
Partnership	A Partnership account can be used when a formal partnership of individuals wishes to open a trading account. The account is registered in the name of the partnership itself, and the partnership agreement typically specifies the duties and responsibilities of the partners.
Joint	A joint account is an account where more than one Individual is opening the account (spouse, relative, friend(s), etc. There are two different types of Joint Accounts: Tenants-in-Common (JT/TIC), and Rights of Survivorship( JT/WROS). Generally, in a TIC, signatures of all owners are required to exercise certain rights such as making withdrawals. In addition, if one of the account owners dies, interest and control of that person’s share of the assets usually passes to his or her estate.Thus, if something were to happen to you, your share of the account would pass to the person or persons you’ve specified in your will. Alternatively, in a JTROS type of account, either owner may individually exercise full rights to make deposits or withdrawals on his or her signature, and if one of the accountholders dies, the survivor automatically takes sole control of account assets without probate.
Trust	A Trust account is a separate, distinct legal entity, created by a formal trust instrument, under which the trustee(s) holds legal title to assets for the benefit of others, known as beneficiaries. When opening a trust account you must furnish the agreement creating the trust and a completed trust account application. Additionally, in order to open a trust account, the trust agreement you furnish must specifically include provisions that that the trust permits the establishment of margin accounts.