Broker Drops Jaw!

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Aug 17, 2007 7:57 pm

I still laugh remembering what happened Thursday!


First, some background: For the last several weeks, I've been arguing with a "single broker office" over some assets that were having "problems" ACATing over. I had finally had enough, so I had my client call their old broker to make an appointment to "go over some things".(The other broker was unaware that I was going to accompany the client to this appointment.)


So, we show-up and are sitting in the waiting room 20 minutes past the appointed time. The broker and his assistant are busy fielding calls from clients wondering what the h*ll is going on with the market and their investments. I mean the phone is ringing off the hook!


Suddenly, there's a break in the action and we're hurriedly ushered back to the office of the "financial genius". The broker is apologetic for the wait and we make some small talk about the market. Then, my client introduces me and, I swear, the broker's jaw dropped, hit table and rolled around on the floor!!


No sooner had I explained why I was there, when the phones started ringing again. Visibly shaken, between my presence and the phones ringing off the hook, the broker finally waived the white flag. Incredibly, the "acat problem" was resolved in about 2 seconds. 


Now, to answer the obvious question on everyone's mind: Yes, they are as big as basketballs!

Aug 17, 2007 8:04 pm

dob, That better have been one HUGE prospect with an insta-payday for you. If that is, truthfully, the case, then good work.

Aug 17, 2007 8:12 pm

I don't normally run into many blatant acat problems. This guy was just trying to stall and I called his bluff.


By the way, I did overhear a couple of names of people calling-in, while sitting in the waiting room. One with a confirmed account of $160,000+. They're on my call list for next week.

Aug 17, 2007 8:14 pm

Did you miss a couple zeros on that confirmed account value???

Aug 17, 2007 8:27 pm
YHWY:

Did you miss a couple zeros on that confirmed account value???


HUH?


That number is what the office assistant quoted back to the client.

Aug 17, 2007 8:30 pm

I'm kidding. Many on this forum would have "embellished" a bit. $160k's a good, solid mid-B client.

Aug 17, 2007 8:30 pm
doberman:

I don't normally run into many blatant acat problems. This guy was just trying to stall and I called his bluff.


By the way, I did overhear a couple of names of people calling-in, while sitting in the waiting room. One with a confirmed account of $160,000+. They're on my call list for next week.



That's stupid. A broker can't do anything to stall an ACAT. ACAT's are stalled because of the idiots that work in the back office. Did you really believe that we would fall for your stupid assed story?

Aug 17, 2007 8:38 pm
doberman:

I still laugh remembering what happened

Thursday!



First, some background: For the last several weeks, I've been arguing

with a "single broker office" over some assets that were having "problems"

ACATing over. I had finally had enough, so I had my client call their old

broker to make an appointment to "go over some

things".(The other broker was unaware that I was

going to accompany the client to this appointment
.)



So, we show-up and are sitting in the waiting room 20 minutes

past the appointed time. The broker and his assistant are

busy fielding calls from clients wondering what the h*ll is going on with

the market and their investments. I mean the phone is ringing off the

hook!



Suddenly, there's a break in the action and we're hurriedly ushered

back to the office of the "financial genius". The broker is apologetic for

the wait and we make some small talk about the market. Then, my client

introduces me and, I swear, the broker's jaw dropped, hit table and rolled

around on the floor!!



No sooner had I explained why I was there, when the phones started

ringing again. Visibly shaken, between my presence and the phones

ringing off the hook, the broker finally waived the white flag. Incredibly,

the "acat problem" was resolved in about 2 seconds.



Now, to answer the obvious question on everyone's mind: Yes, they are

as big as basketballs!smiley4.gif">





Maybe I'm ignorant, but how, exactly, could a financial advisor,

independant or not, stop or stall an ACAT? ACAT's are automatic back-

of-the-house processes. That's why they call them ACAT's (as in

AUTOMATED CUSTOMER ACCOUNT TRANSFER).

Aug 17, 2007 8:40 pm

Booby: In the interest of brevity, I left out many of the boring details. Suffice it to say, that showing up at the old broker's office with client in-tow, tends to clear-up some problems. 


Whether you believe or not, I could care less...


Aug 17, 2007 8:51 pm
doberman:

Booby: In the interest of brevity, I left out many of the boring details. Suffice it to say, that showing up at the old broker's office with client in-tow, tends to clear-up some problems. 


Whether you believe or not, I could care less...




I'm calling bullsh*t on you, sir. Do you really think that WE are as stupid as YOU?

Aug 17, 2007 9:00 pm

In defense of dobey I've known some reps who are dumb enough to submit ACAT's to the broker instead of their own back office. This usually means the form gets lost at least once, and ends up with with our friend having these kinds of stories...



It really was a good story, though!



Why again weren't you at your office fielding phone calls???

Aug 17, 2007 9:19 pm
Ashland:

In defense of dobey I've known some reps who are dumb enough to submit ACAT's to the broker instead of their own back office. This usually means the form gets lost at least once, and ends up with with our friend having these kinds of stories...

It really was a good story, though!

Why again weren't you at your office fielding phone calls???



I can see where dobey would be that stupid.

Aug 17, 2007 9:21 pm
Bobby Hull:
Ashland:

In defense of dobey I've known some reps who are dumb enough to submit ACAT's to the broker instead of their own back office. This usually means the form gets lost at least once, and ends up with with our friend having these kinds of stories...

It really was a good story, though!

Why again weren't you at your office fielding phone calls???



I can see where dobey would be that stupid.



PS - that was a great defense that you put on for dobey.

Aug 18, 2007 9:26 am

Bobby, regardless of what you may or may not believe brokers can stop an acat. I've seen this countless times throughout my career. It's done and approved by mgnt to give the broker one last at bat to save the account. Usually a client call to the offending broker's BOM resolves things very quickly.


As for Dob, kiss and make up. Dob is a long term contributor to the tread, and not known for BS stories. A solid citizen.

Aug 18, 2007 10:08 am

Actually a registered rep cannot STOP an ACAT by themselves.  They can stop it if they have the customer's instructions to stop it.


The broker who is losing the account is free to call the client to attempt to save the account--and it happens a lot.


But that broker's firm will not reverse the process unless the local manager knows for certain that the client's wishes are to withdraw the ACAT.

Aug 18, 2007 10:15 am

Great story.  I guess my nads aren't that big.  I just call the old jones office and put on speaker phone and ask if the acat has been put through yet.  Other than the acat's seeming to take longer and longer to get through, no other problems.

Aug 18, 2007 10:36 am

I cant figure out how an ACAT would be stalled unless the forms were filled out incorrectly or Doberman indeed submitted them directly to the loosing broker. Doberman - you didnt do that did you?

Aug 18, 2007 11:00 am
Bache&co:

I cant figure out how an ACAT would be stalled unless the forms were filled out incorrectly or Doberman indeed submitted them directly to the loosing broker. Doberman - you didnt do that did you?



Correct. That's how we know that doberwoman is a liar.

Aug 18, 2007 11:21 am

I don't know the truthfulness of anyone involved here but I have heard a couple of folks at "single broker office" get togethers explain how it was perfectly legitimate to cancel the ACAT after you talk to the client "because they are confused and need some time to think about the mistake they are making."   They cancel the ACAT and push for the appointment so they can kiss and make up with the client. 

Pretty sleazy, but true.

Aug 18, 2007 11:41 am

Guys, it happens...even when your paperwork is in order and submitted properly to the back office.  Ameriprise comes to mind as a B/D that I've had this problem with more than once.  I've gotten excuses such as the mail being slow and "we never received it" or "it apparently got misrouted" from back offices.  ING kept rejecting a transfer from a plan because it was missing the notary seal.  We finally figured out that they were receiving it in, scanning it and then shredding the original.  Because the notary seal was raised instead of colored, it didn't show up on the scan.  The second time this happened, a conference call resolved the situation, as ING decided to waive the requirement when confronted by my angry client.  You can think it doesn't happen, but it does...my former employer played all sorts of games to delay transfers.