One Week Indy

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Nov 29, 2007 11:16 am

I am admittedly engaging in two minutes' avoidance behavior here. I need a couple minutes away from paperwork for the first time in 7 days (and nights). I promised a few folks here that I'd keep them up with my transition from AGE to LPL.
 I am one week into the LPL system and it has been an absolutely great experience. LPL's support and back office operations are on a whole different plant from AGE's. Things actually get done as needed, without multiple follow ups, and the technology is completely mind-blowing. The re-papering of accounts, while as efficient as it can possibly be, is a lot of work and my assistant hasn't joined me yet, so it's made for long days and late nights, but it is very fulfilling. Every account that ACATS to me is now MINE and my clients' alone, not Wachovia's. My old branch has been so aggressive in assuming that my clients' accounts "belong" to them that they've turned off many, many more clients than they've retained. I have had resistance from a few I expected to get easily and have gotten a few easily from whom I expected resistance, just as has been described by others. It has been an exercise focusing on the vast majority of clients who have chosen to go with me  rather than dwell on the few that haven't (yet).
 I spoke to my friends in my old branch before leaving and not one of them believe this merger is a good thing. At best, they've convinced themselves that it won't be "that bad". Sad.
 I will take a few moments' avoidance behavior every now and then to check back and will happily answer any questions that I can.
 Good luck, all!

Nov 29, 2007 12:13 pm

YHWY, keep doing what you're doing.  When account transfers slow to a trickle, you can go back to focusing on new business, which usually pays better anyway.  You'll be amazed at how long the assets keep coming.  I was two years out in August and I moved two more old accounts last week without even trying, as I'm focused on new client acquisition.  I also turned down a couple of former client CD rate shoppers in the last two weeks.  I told them that the CD minimum at my new firm is $50K.  They probably think that is the B/D's policy which is fine by me.  I just know I'm not going to waste time on trades where the ticket charge exceeds the commission unless the client is damned good otherwise.

 
...enjoy the ride...
Nov 29, 2007 12:21 pm

Keep chuggin Y.

One thing I learned to do that was very useful, is to record incident numbers in an organized fashion when I have to call the service center to get something done.  It is true that LPL rarely makes mistakes or drops the ball on implementation...but when things do go wrong, it is MUCH easier to straighten things out if you have the incident number so the folks involved can follow up on the existing case.

Nov 30, 2007 10:14 am

YHWY keep it up each day will get better!

Joe brings up a great point keep track of incident #
Indyone I do the samething with CD's
 
Good Luck
Nov 30, 2007 7:35 pm

Congratulations on your move! I'm leaving AGE and heading to LPL in 1 week so I was very glad to hear your comments of what technology and more importantly, service is like at LPL as compared to AGE because that's been one of our (team) biggest issues with AGE over the last couple of years. Not looking forward to the actual move but sure looking forward to the end results!

Dec 1, 2007 9:55 am

Don't forget to eat!

Dec 1, 2007 3:00 pm

Hey all, thanks for all the well wishes!
 wanab: If you are moving as a team with assistants, the move shouldn't be too bad. Re-papering accounts is time consuming, but your assistant(s) can easily handle it. Your time will be well spent on the phone.
 I would expect your AGE branch not to play nice when you leave as a group.
 I actually have a little surprise for my branch up my sleeve. The one and only sales assistant from my AGE branch (who I didn't even use there) is quitting to come with me in a couple of weeks. She single handedly handled three brokers' entire businesses. She is registered and looking to build her own book and will have an absolute field day with those AGE clients. She is literally the only one at AGE that many of them ever spoke to. I would pay to see the look on my BOM's face when he realizes that trying to retain MY accounts is no longer his top priority. It could get ugly and I love it after hearing how they've spoken to some of my clients.
 Good luck, wanab and everyone else, too!

Dec 2, 2007 10:39 pm

...that is priceless...the day she leaves will be one of those "oh sh*t" moments at your old branch.

Dec 3, 2007 11:46 am
YHWY:

Hey all, thanks for all the well wishes!
 wanab: If you are moving as a team with assistants, the move shouldn't be too bad. Re-papering accounts is time consuming, but your assistant(s) can easily handle it. Your time will be well spent on the phone.
 I would expect your AGE branch not to play nice when you leave as a group.
 I actually have a little surprise for my branch up my sleeve. The one and only sales assistant from my AGE branch (who I didn't even use there) is quitting to come with me in a couple of weeks. She single handedly handled three brokers' entire businesses. She is registered and looking to build her own book and will have an absolute field day with those AGE clients. She is literally the only one at AGE that many of them ever spoke to. I would pay to see the look on my BOM's face when he realizes that trying to retain MY accounts is no longer his top priority. It could get ugly and I love it after hearing how they've spoken to some of my clients.
 Good luck, wanab and everyone else, too!



For your sake I hope none of the folks at your former branch are browsing this thread.  Think carefully about what you're doing.

Dec 3, 2007 12:08 pm

Joe,
 Thanks for the warning, but A) no one at my AGE branch knows how to use a site like this and B) F-'em. I'm not breaking any rules.

Dec 3, 2007 12:19 pm
YHWY:

Joe,
 Thanks for the warning, but A) no one at my AGE branch knows how to use a site like this and B) F-'em. I'm not breaking any rules.



A.)  I hope you are right it would be a shame to find out the hard way.

B.)  Didn't you imply pretty clearly that she's plannign on poaching their clients?  Hmmmmm.

Dec 3, 2007 12:23 pm

What was that saying....what's good for the goose is good for the gander??  Poachem...

Dec 3, 2007 1:15 pm

Damn straight she'll poach 'em. Welcome to the brokerage business.

Dec 8, 2007 12:31 pm

Congrats on the recent move.  It only gets easier each day.  After leaving early October I'm now getting back to service and somewhat normal days.  Keep up with people and setting them up online etc.  

Dec 9, 2007 10:23 pm

Going,
 Thanks for the input. I gave myself one month to almost exclusively dedicate my time to worrying about things other than "somewhat normal days" (i.e. paperwork, ACATS, etc.). I may not quite make that goal to the day, but knowing what others' experience has been lets me know that I'm not way-way off in my plan.
 Thanks!