Trading Services Performance Records and Refund Policies
Here’s a question that came up over the weekend.
Why do so many Live Trading Services not have Performance Records and/or Refund Policy if no profit during first month.
I cannot say that I’ve done any sort of study of live trading services, so I can’t specifically say what the most common policies are or are not. Also, not having discussed the subject with folks who run those types of services, I cannot speak to their motivation for providing or not providing performance records and/or refunds. I can, however, suggest a few possible reasons:
Regulations - I work for a Registered Advisor, which restricts what can and cannot be provided in prospective customer documentation. That could apply to some of the service providers in question.
Trial Periods – A lot of service providers offer trial periods to allow folks to get a feel for what it is that they do. If a customer already goes through a trial then presumably they know what they’re getting and refunds shouldn’t be an issue.
Non-Specific Recommendations – Some services don’t say “buy at X” or “sell at Y”. As such they cannot really offer up performance records.
Like I said, I’m no expert on services like this. There are probably other legitimate reasons whey no performance data is provided or refund availability. Of course there are other less legitimate ones. I certainly encourage those reading this post who have experience in these matters to provide their insight.
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