Certificate Fee

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Dec 29, 2008 11:30 am

Just wondering, what is your fee for having a stock certificate delivered to a client?

Our clearing firm just announced they are boosting the figure up to $650 per certificate!  I don't have a single client that gets certificates so it doesn't bother me and I understand the reasoning behind the shift.  Just wondering what the fee is for other firms. 

Dec 29, 2008 12:42 pm

LPL charges zero...at least they did last year when I ordered four of them...

Dec 29, 2008 3:55 pm

Jones upped theirs to $150 recently. 

Dec 29, 2008 4:34 pm

Hmmmm...that makes me wonder if LPL is still zero.  The only time I use this function is when parents want to give their kids Disney stock and want to frame the certificate or something similar.  Either way, it's of very little consequence to me other than the above example.  I once turned down a transfer client who wanted all of his certificates issued.  I told him to save himself a step and ask his current B/D to send him certificates.

Dec 29, 2008 4:59 pm

One of my best days in the business is when I had an Indian (dot, not feather) client who was a total ass. His biggest fear in the world was that he might actually pay someone to do something for him. I inherited the account for a failed broker. Long story short....I fired him and gave him 2 weeks to begin the ACAT process to another firm. 2 weeks later, there was no activity, and I asked him to get moving. He got mad and told me that he has a right to keep his account with me. Again, I asked him to move his account. 2 weeks later, I ordered out his certs. Upon receipt, he calls me with his thick Indian (slurpee, not teepee) accent and says "what is this? you can fire me? i thought only i could fire you!"

I have it recorded and break it out for laughs, on occasion. I love this business!!!

Dec 29, 2008 5:14 pm

Another racially insensitive posting by senior members of this forum.  WTF?

Dec 29, 2008 5:15 pm

I pray that something that glorious happens to me at some point during my career!  I don't think people in other careers could properly appreciate the feeling of shoving it right in an arrogant, pain in the ass clients face. 

Dec 29, 2008 6:48 pm
jkl1v1n6:

Another racially insensitive posting by senior members of this forum.  WTF?


That was a a racially (non PC) insensitive comment. I don't think this forum is actively monitored by a moderator so I don't expect he will be "deleted".
 
I would expect such a comment from him after seeing so many redneck comments from Hank. 
Dec 29, 2008 7:10 pm
Charlie Brown:
jkl1v1n6:

Another racially insensitive posting by senior members of this forum.  WTF?


That was a a racially (non PC) insensitive comment. I don't think this forum is actively monitored by a moderator so I don't expect he will be "deleted".
 
I would expect such a comment from him after seeing so many redneck comments from Hank. 




So...you're a redneck hater?

Dec 29, 2008 7:18 pm
Hank Moody:

One of my best days in the business is when I had an Indian (dot, not feather) client who was a total ass. His biggest fear in the world was that he might actually pay someone to do something for him. I inherited the account for a failed broker. Long story short....I fired him and gave him 2 weeks to begin the ACAT process to another firm. 2 weeks later, there was no activity, and I asked him to get moving. He got mad and told me that he has a right to keep his account with me. Again, I asked him to move his account. 2 weeks later, I ordered out his certs. Upon receipt, he calls me with his thick Indian (slurpee, not teepee) accent and says "what is this? you can fire me? i thought only i could fire you!"

I have it recorded and break it out for laughs, on occasion. I love this business!!!

 
Had a similar thing happen with a fired client.  Client had 5 positions and about $2m in cash.  I sent him a letter giving him 30 day to move the account or I would have the certificates issued at $100 a pop and mail him the remainder of the cash.  Sent the letter certified with a return sig card.  When I sent him his 5 certificates and $1500, he called immediately and flew off the handle.  He said he never rec'd my letter.  So I made a copy of the sig card and faxed it to him with his signature on it.  Long story longer, the firm waived the $500, but it was still worth it.
Dec 29, 2008 7:34 pm

With so many companies not issuing certs anymore we are DRS'ing (New brokerage word) positions to be held with the agent. Good way to get rid of those small accounts.