Please Suggest a Fund That Meets This Criteria

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Jul 7, 2008 1:04 am

I would be very grateful if someone could suggest a solution to the following scenario.

When I was at the Jolly Green Giant we could open an account and when the account was open we could treat it like a regular banking account with regards to incoming and outgoing ACH's. EDJ has a setup with Northern Trust where there account had a routing number and a unique account number for their brokerage account.

It came in extremely useful for those clients who used their money market with me for everything and also for those clients who prefer to "push" money to the account from their end, instead of you initiating the ACH.

Now I am with Woodbury Financial and they clear through Pershing, so far no one with the company can offer a solution that parallels my needs.

Please help. Also, since I mentioned EDJ, please don't let this thread degenerate into the usual volley of opinions about Jones.

Thanks Again

Jul 7, 2008 2:22 am


Jul 7, 2008 8:58 am

Noggin, Not-Noggin, whatever your name is....

 
Are you saying you cannot electronically transfer funds in or out of your accounts??  I don't think that is the case.  Maybe you are suggesting that you just can't ACH and ETF like a bank account?  Just clarify exactly what you can and cannot do.
 
Who is Woodbury Financial??
Jul 7, 2008 11:48 am

Broker24, My name is not-noggin, I am a friend of another user on this forum named noggin. I chose not-noggin as an inside joke between he and I.

Second, you are correct. I can't ACH/EFT in and out of accounts as I could at Jones. At least that is what I have been told.

Third, Woodbury is a division of the Hartford and they clear through Pershing.

And to joedabrkr, I want to thank you with all my heart you taking time out of your busy day to offer your thoughts on the matter. While stated with the eloquence of flatulence being passed in Sunday School, I found your wisdom to be just as pleasant.

Jul 7, 2008 1:35 pm

Maybe you have already done this, but aren't there other advisors within the firm that you could ask?  It seems that if you have talked to Support at Woodbury, and they are not telling you what you want to hear, maybe you should ask those in the field?  Otherwise, you may be SOL.  But if they do not participate in the ACH banking program, there is little that you can do.  So I understand correctly, the only way to get funds into your accounts is through check deposits (personal checks, rollovers, etc.) and ACATS?

Jul 7, 2008 2:20 pm

Thanks, Broker24, You are correct in that I called the home office and I do not if my question wasn't clear or if I got the "new guy" as both may have been the case, but I did ask the Service Center Rep, "can Pershing Money Market Checks and the ABA and Account data on them be used to establish ACH's for direct deposits in and funds going out to pay bills. I was told no.

I asked my colleague with Woodbury (whom I used to work with at Jones) and he hadn't had a need for that and apparently even at EDJ had not had a need for that.

Good news is, I have finally found a person at the home office who answered my question and she says it can be done using the data from clients checks. (At Jones you know the Northern Trust checks have different numbers than the ACHDATAFRM in PRINTDOC)

So in short, problem solved. It was just a matter of finding the right person. I was just spoiled by  #11 of a few years ago. Those people could read your mind and they never sounded like they were turning pages in the manual to answer your question.

Thanks broker24 for taking a stab, we'll see how it turns out

Jul 7, 2008 2:32 pm

Ferris Bueller, Thank you so much for your addition of your thoughts to my request. As this forum is named prospecting, marketing, and selling, surely you can see where I was easily mislead into thinking that asking others within my industry would be a good way to learn how others have solved similar problems in the past.

And since my back office first told me that it couldn't be done, that I would turn to a respository of knowledge that this forum would seems to hold itself up as at face value.

It was apparently my mistake and I take full responsibility for forcing you to contribute smart-ass, unproductive comments about "dinky firms" and implying that I am a little below average because you just assumed that this was my first stop, directly by passing my home office.

I really do want to thank you for taking time to improve the quality of my life as you have. I haven't the words, oh....wait........it that a tear. I promised myself I wouldn't cry, but you ........and ............joedabrkr have just touched me so with all your help.




Jul 7, 2008 2:35 pm

Broker24, the previous barrage of sarcasm was not aimed at you as I do think you were sincerely trying to help, thanks again.

Jul 7, 2008 4:20 pm
not-noggin:

 I was just spoiled by  #11 of a few years ago. Those people could read your mind and they never sounded like they were turning pages in the manual to answer your question.


 
Again proving that Jones, in fact, is the best firm out there. 
Jul 7, 2008 6:21 pm

Pershing Money Market Checks and the ABA and Account data on them be used to establish ACH's for direct deposits in and funds going out to pay bills. I was told no


 
That's right because those checks are not actual bank checks but rather drafts from the Pershing brokerage account and don't work with the banking system.   You can set up ACH deposits and withdrawals from a bank account to a Pershing account.....at least I can with my firm.  Establish a money market account  or just a cash account within the brokerage account and get the paper work to have a set amount sent from or too the client's "real bank account".   The amount will be the same each ACH event.  I mean you can't just willy nilly change the amount each month.
 
I have many clients who have an ACH sent from Pershing to their bank account on a regular monthly basis.  Ask the Pershing back office people, not your Broker Dealer's. Obviously they know nothing.  Or go on line and look at their forms if you have net access.  I use NetXPro which is Pershing's back office software.
 
Jul 7, 2008 8:25 pm
not-noggin:

Broker24, the previous barrage of sarcasm was not aimed at you as I do think you were sincerely trying to help, thanks again.

Not-Noggin... I open a MM acct with checkwriting and then we can ach in and out of the account per the client needs and requests. I am not at Woodbury but I certainly wouldn't open my comment with some lame comment about the virtues or lack of them at your firm.
 
I wish you well in your independent life.
Jul 7, 2008 9:36 pm

As much as I come here to learn, it good to have some amusement on occassion.

Seems the 2 noggins have farted in the faces of their detractors!
(All in fun, of course)
Jul 7, 2008 10:42 pm
babbling looney:

Pershing Money Market Checks and the ABA and Account data on them be used to establish ACH's for direct deposits in and funds going out to pay bills. I was told no


 
That's right because those checks are not actual bank checks but rather drafts from the Pershing brokerage account and don't work with the banking system.   You can set up ACH deposits and withdrawals from a bank account to a Pershing account.....at least I can with my firm.  Establish a money market account  or just a cash account within the brokerage account and get the paper work to have a set amount sent from or too the client's "real bank account".   The amount will be the same each ACH event.  I mean you can't just willy nilly change the amount each month.
 
I have many clients who have an ACH sent from Pershing to their bank account on a regular monthly basis.  Ask the Pershing back office people, not your Broker Dealer's. Obviously they know nothing.  Or go on line and look at their forms if you have net access.  I use NetXPro which is Pershing's back office software.
 




Thanks Babbling Looney. I agree with your suggestion on the"real bank account." I had already discussed that with  one of the clients  that this situation pertains to. It is just so much nicer to  not have to involve the bank. Thank you though. I really do appreciate constructive comments.

I can't remember if I tried to call Pershing's back room or not, so I'll call them again.

Thanks

Jul 7, 2008 10:52 pm
noggin:
not-noggin:

Broker24, the previous barrage of sarcasm was not aimed at you as I do think you were sincerely trying to help, thanks again.

Not-Noggin... I open a MM acct with checkwriting and then we can ach in and out of the account per the client needs and requests. I am not at Woodbury but I certainly wouldn't open my comment with some lame comment about the virtues or lack of them at your firm.
 
I wish you well in your independent life.




Lame comment??? Who's side are you on Noggin??? Please allow me to quote my initial post:

"Now I am with Woodbury Financial and they clear through Pershing,
so far no one with the company can offer a solution that parallels my
needs."

It was not lame and it was not disparaging my firm. It was a simple statement of fact.

Which to clarify, I can ACH in from and out to banks, no problem. However that doesn't meet the needs of the client who wants to direct deposit directly from a paycheck to his brokerage account or the client who wants to set up his recurring bills to ACH out instead of writing checks.

Noggin, does you firm allow for what I just mentioned. Just curious.



Jul 7, 2008 10:57 pm
Broker24:
not-noggin:

 I was just spoiled by  #11 of a few years ago. Those people could read your mind and they never sounded like they were turning pages in the manual to answer your question.


 
Again proving that Jones, in fact, is the best firm out there. 



It is not polite to gloat

Jul 8, 2008 6:03 pm
not-noggin:
noggin:
not-noggin:

Broker24, the previous barrage of sarcasm was not aimed at you as I do think you were sincerely trying to help, thanks again.

Not-Noggin... I open a MM acct with checkwriting and then we can ach in and out of the account per the client needs and requests. I am not at Woodbury but I certainly wouldn't open my comment with some lame comment about the virtues or lack of them at your firm.
 
I wish you well in your independent life.




Lame comment??? Who's side are you on Noggin??? Please allow me to quote my initial post:

"Now I am with Woodbury Financial and they clear through Pershing,
so far no one with the company can offer a solution that parallels my
needs."

It was not lame and it was not disparaging my firm. It was a simple statement of fact.

Which to clarify, I can ACH in from and out to banks, no problem. However that doesn't meet the needs of the client who wants to direct deposit directly from a paycheck to his brokerage account or the client who wants to set up his recurring bills to ACH out instead of writing checks.

Noggin, does you firm allow for what I just mentioned. Just curious.






Sorry Buddy, I misunderstood who that was directed toward.