Onboarding Grind: What's the latest with prop firm KYB?
Anyone else still wrestling with the absolute nightmare that is prop firm Know Your Business (KYB) these days? Seems like every outfit, even the newer ones claiming 'fintech solutions,' still defaults to a stack of PDFs and a glacial turnaround. I've been trying to onboard with a new firm to diversify some of my longer-term swing strategies, specifically targeting some higher leverage plays on $NDX futures, and it's been a solid two weeks of back-and-forth for what should be a straightforward process for an established entity. They're asking for documents that were readily available a year ago but now require chasing down new versions from various third parties.
It makes me wonder if these firms are genuinely behind the curve on their backend infrastructure or if regulators are just pushing an ever-increasing compliance burden that the technology hasn't caught up to. Or maybe it's just a way to filter out less serious players, though it feels more like an unnecessary barrier to entry. What are you guys seeing out there? Any prop firms actually nailing the onboarding experience, or is it just universally clunky now?
It really depends on the firm, doesn't it? I've had some that felt like pulling teeth, and others where it was surprisingly smooth and quick, even for higher leverage accounts. Are you finding a pattern with the type of firm or their location?