New Assets--Changing Firms

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Aug 14, 2007 10:19 am

I have about $3 million in new assets coming in next month.  My current firm is great, but there are some outstanding offers out there.  I may be making a move to a new firm.


My question is---which assets are the easiest to move from one firm to another?  80 % of my assets are in some type of a fee based account. 


I don't want to do a bunch of annuities with upfront trails, but i would consider putting the money into annuities that pay a lower comission upfront and then a steady trail every year after.  It seems annuities are very easy to move as it is just one form--no new account form--no ACAT.  Just taking the  chance that if the client doesn't move with me some jabroni in the office gets my comission.


I would think most of my clients would be warm to moving with me--but noone wants all of their assets jumbled around.


Could people with experience in this matter give me their opinion?  Where would you put new assets if you were contemplating a switch?


Thank you.

Aug 14, 2007 10:24 am

Where would you put new assets if you were contemplating a switch?


I'd put them in the same place that I would put them if I was not contemplating a switch.   I truly believe that the best way to make the most money in this business it to ALWAYS do what is in the clients' best interest.

Aug 14, 2007 10:31 am
vbrainy:

I have about $3 million in new assets coming in next month.  My current firm is great, but there are some outstanding offers out there.  I may be making a move to a new firm.


My question is---which assets are the easiest to move from one firm to another?  80 % of my assets are in some type of a fee based account. 


I don't want to do a bunch of annuities with upfront trails, but i would consider putting the money into annuities that pay a lower comission upfront and then a steady trail every year after.  It seems annuities are very easy to move as it is just one form--no new account form--no ACAT.  Just taking the  chance that if the client doesn't move with me some jabroni in the office gets my comission.


I would think most of my clients would be warm to moving with me--but noone wants all of their assets jumbled around.


Could people with experience in this matter give me their opinion?  Where would you put new assets if you were contemplating a switch?


Thank you.



You are a creep. If you believe in annuities so much, why isn't your book in them now?


On a serious note...I switched from one indy firm to another and all I did was have the new firm request a block transfer of the annuities. I may have signed a form or something, but it was a piece of cake. The old firm didn't even reassign any accounts until I was gone for 4 months.

Aug 14, 2007 10:46 am

Wow, how would your clients feel if they knew you were choosing their portfolios based on how easy they'll be for you to ACAT?

Aug 14, 2007 10:49 am
gad12:

Wow, how would your clients feel if they knew you were choosing their portfolios based on how easy they'll be for you to ACAT?


The guy is a real piece of sh*t. Maybe he'll order out the certs and have his clients hand-carry them to his new office.

Aug 14, 2007 10:53 am
Devils Advocate:
gad12:

Wow, how would your clients feel if they knew you were choosing their portfolios based on how easy they'll be for you to ACAT?


The guy is a real piece of sh*t. Maybe he'll order out the certs and have his clients hand-carry them to his new office.



Picking assets for clients based on how you can profit just reinforces and confirms all the bad things that DAtoo has to say about our industry.   

Aug 14, 2007 11:30 am

. . . hmmmm well interesting.  I take the criticism under advisement.


Do you honestly think there is that much difference between:


-C shares


-Fee based mutual fund accounts


-Annuities?


Well, I don't.  I think that they all end up costing the same.  My clients want to work with ME.  That is the value I give them.  And by the way, they have all done very well.


Products don't help people Advisors do.


I work hard, contact my clients, rebalance, educate, find the best managers, etc.  And guess what?  I get paid.  I deserve to get paid.  I DO NOT PICK FUNDS, ANNUITIES, ETC. ON WHAT PAYS ME THE MOST.  I pick them on which best fit my client.


Most of them end up costing the client 1 to 1.5 %.  We have LONG term relationships.  I do not believe in transactional business or large upfront comissions.


OK, in light of that, can you take a look at the questions again?  Which is the easiest to move?


Have a good day.  Relax a bit.  Gee.

Aug 14, 2007 11:36 am

If you have a good relationship, they are all easy to move.  I would take advantage of the move to leave behind clients who are not profitable.

Aug 14, 2007 11:45 am
vbrainy:

. . . hmmmm well interesting.  I take the criticism under advisement.


Do you honestly think there is that much difference between:


-C shares


-Fee based mutual fund accounts


-Annuities?


Well, I don't.  I think that they all end up costing the same.  My clients want to work with ME.  That is the value I give them.  And by the way, they have all done very well.


Products don't help people Advisors do.


I work hard, contact my clients, rebalance, educate, find the best managers, etc.  And guess what?  I get paid.  I deserve to get paid.  I DO NOT PICK FUNDS, ANNUITIES, ETC. ON WHAT PAYS ME THE MOST.  I pick them on which best fit my client.


Most of them end up costing the client 1 to 1.5 %.  We have LONG term relationships.  I do not believe in transactional business or large upfront comissions.


OK, in light of that, can you take a look at the questions again?  Which is the easiest to move?


Have a good day.  Relax a bit.  Gee.



That's probably the best response that an exposed scumbag could come with. Nice job.

Aug 14, 2007 11:47 am

Paperwork wise: It's easiest to move mutual funds that are held at the fund company and not in a brokerage account because there is no head's up to your old brokerage firm and no transfer fees to the client.

Aug 14, 2007 1:51 pm

Good advice.  I have done that for client's from time to time.  I'll take a look at it.

Aug 17, 2007 9:15 am
Dust Bunny:

Paperwork wise: It's easiest to move mutual funds that are held at the fund company and not in a brokerage account because there is no head's up to your old brokerage firm and no transfer fees to the client.


What about small business 401k plans held with Transamerica or Principal.  I would assume those are pretty easy to move.

Aug 17, 2007 3:07 pm

Am I the only advisor who has 401k plans and who prospects them?

Aug 17, 2007 3:10 pm
vbrainy:

Am I the only advisor who has 401k plans and who prospects them?


pbrainy, weren't you told to leave? go away or suffer the consequences.

Aug 17, 2007 3:14 pm

DO WHATEVER IS BEST FOR THE CLIENT! 

Aug 17, 2007 3:15 pm

401K PLANS ARE A WAIST FOR YOU AND YOUR CLIENTS, IMO. LEAVE THE 401K'S TO FIDELITY

Aug 17, 2007 3:32 pm
jackbauer:

401K PLANS ARE A WAIST FOR YOU AND YOUR CLIENTS, IMO. LEAVE THE 401K'S TO FIDELITY


How big a waist are they?

Aug 17, 2007 3:36 pm

42?  XXL

Aug 17, 2007 3:39 pm

BTW:  401K plans are not a waste. 


They are give you good leads, especially in a small business ,for getting the business owners other accounts as well as investment account for the workers, their families and other accounts outside of the 401K.

Aug 17, 2007 4:05 pm
Dust Bunny:

BTW:  401K plans are not a waste. 


They are give you good leads, especially in a small business ,for getting the business owners other accounts as well as investment account for the workers, their families and other accounts outside of the 401K.



Well, some good information logically given.


401k plans of a large size are difficult to get, unless you know one of the decision makers.


But, once you get them they PAY and the lead base is great.  When they retire, I have always got the rollover.