Transferring Advisory account investments

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Feb 3, 2009 2:15 pm

If you have advisory accounts at your current B/D (such as a mutual fund/ETF account) and you leave the firm, would clients typically need to liquidate the assets at the old firm?  I have not seen anything at Jones about what would happen if someone wanted to transfer their advisory account funds to another firm.  Not sure if the Advisory Account itself is "self contained" and would need to be liquidated or could be ACAT'd.  Just curious.  Don't want to make any long-term costly mistakes.

Feb 3, 2009 3:08 pm

Just to an ACAT in Kind...we do it all the time in Advisory a/c to keep cost basis in tact. Unless a proprietary fund or something can't be moved that would be the only problem.

Feb 3, 2009 3:15 pm

Heads up: I don't think you can take your framed photo of Ted Jones and his horse.

Feb 3, 2009 3:43 pm

Good luck getting people to sign the new fee agreements. 

Feb 3, 2009 3:48 pm
buyandhold:

Heads up: I don't think you can take your framed photo of Ted Jones and his horse.

 
Shit!  I guess I'll just leave it in my storeroom where it is now.
Feb 3, 2009 3:51 pm

One thing that was not mentioned in the above posts are the fees associated with ACAT'ing. Just be aware and make sure your clients are aware that most places charge a transfer fee and an account closing fee (if applicable).

Feb 4, 2009 8:33 am

I understand the whole ACAT process.  Done plenty.  I had just ehard that there were some advisory programs that were proprietary in nature, or "self contained", thus had to be liquidated and not ACAT-able (I know, it's not a word) in-kind.

 
Thanks.
Feb 4, 2009 8:58 am

I have come across some that are... but mostly insurance companies posing as investment companies. Also accounts from 3rd party money managers have to be liquidated most of the time.

Feb 4, 2009 11:06 pm
buyandhold:

Heads up: I don't think you can take your framed photo of Ted Jones and his horse.

My personal favorite was the 2 boxing gloves......Phone Call...Face to Face.....Genius!!!!!