ACAT transfers

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Aug 20, 2009 7:16 pm

I have been transferring accounts for several years, but sent  my first ACAT to JP Morgan, and they refuse to accept it without some forms of their own which the client apparently has to get from the losing advisor. I am wondering if any of you have experience with JP Morgan transfers, and can shed some light on this subject. It seems that most firms accept ACAT transfers, but JPMorgan wants to make the process more difficult.

Aug 20, 2009 10:08 pm

i have seen something like this for wrap accounts that you need another form or LOA signed, wasnt jp morgan though.

Aug 20, 2009 10:24 pm

From JPMorgan Funds or JPMorgan Asset Management or Chase Bank ?

Aug 21, 2009 9:42 am

The statements indicate "JP Morgan Securities".

Aug 21, 2009 9:57 am

american express is the worst.  Only will accept his paperwork and will only mail to the client.  Expect your first copy to get "lost."

Aug 21, 2009 10:30 am

I had the same problem with a Morgan keegan transfer. I had the client call and remove the fee based fee.( I know oxymoron)  Then they processed the ACAT.

Aug 21, 2009 10:31 am
henryhill:

american express is the worst.  Only will accept his paperwork and will only mail to the client.  Expect your first copy to get "lost."

 
American Express or Ameriprise?  All this time I thought that I wasn't getting any outgoing ACAT's because I was such a great advisor, when in reality it may be that my clients are trying like hell to get their money out of here but our home office won't allow it!