Onboarding Friction for Corporate Accounts - Anyone Else Seeing This?
Been trying to get a corporate account set up for a new venture, and the KYC/AML process has been a bit of a nightmare with a few of the more established brokers. It feels like they're just not geared for anything beyond individual accounts, despite advertising corporate services. The paperwork requests are often redundant, and the back-and-forth feels unnecessarily prolonged, even with all documents in order.
Curious if anyone else running prop firms or managing institutional capital is experiencing similar friction, or if there are certain brokers that have streamlined this process more effectively for corporate entities. My main concern isn't the stringency, but the sheer inefficiency and lack of clear guidance from the onboarding teams themselves.
Totally get what you mean. We ran into similar issues last year setting up an account for our fund. It feels like a lot of these platforms are still playing catch-up when it comes to streamlined corporate onboarding, despite the market demand.