Jones increasing ACAT/termination fee to $95
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???
And exactly what good does that data do the company? Sweet lord, get a grip and let your mind wander free a little bit from frigging St. Louis. Do you have any idea at all how much that statement runs against the soul of Ted Jones and John Bachmann?
I’d just as soon believe that there’s no universe where Edward Jones wouldn’t share that with their former clients - even if I’m wrong.
BioFreeze, it is that kind of outlook that makes it easy for me to pull accounts from Jones. (with the exception of having to deal with the cost basis thing) I suppose if you change Doctors you think your previous Doctor shouldn’t forward your medical records to your new Doctor. After all isn’t it your responsibility to know your own medical history.
wired is correct.
How can any of you call yourselves "professionals" if you don't know how much the transfer out cost is, let alone how much Jones charges (and if you absorb the cost). And if you are too nervous to call the other firm that's what the BOA is for. bunch of weeniesoh No edj is raising their fees…not to stop you indy guys, but to keep up with the industry…
ameriprise fee $100 ameritrade fee $75 charles schwab fee $50 first clearing fee $95 LPL fee $95 merrill lynch fee $75 morgan keegan fee $110 raymond james fee $100 ubs fee $150 pershing fee $75-$95 varies wells fargo fee $75 fees are part of this business and at some point, everyone will be increasing them......If the prior firm has the cost basis, we receive it with the transfer. I'm looking at a recent transfer now, to make sure. I think the main problem is that most of the time, the prio firm before transfering to Jones, doesn't have a cost basis. or are you saying it doesn't get transfered out to other firms, when transferring FROM Jones?[/quote] That's exactly what I am saying!![/quote] According to Joneslink, Jones sends out a cost basis statement to the client a few business days after transfer.[quote=MJ][quote=noggin]Here is the deal on ACATS. I think it is okay for Jones to raise their termination fee to the industry standard but in so doing they should provide the industry standard in service. To my knowledge they are one of the few firms that does not electronically transmit the cost basis with a ACAT transfer. Every other transfer I have had from other firms does…very cheesy not to. I consider that part of a client’s expectation of service.
If the prior firm has the cost basis, we receive it with the transfer. I'm looking at a recent transfer now, to make sure. I think the main problem is that most of the time, the prio firm before transfering to Jones, doesn't have a cost basis. or are you saying it doesn't get transfered out to other firms, when transferring FROM Jones?[/quote] That's exactly what I am saying!![/quote] According to Joneslink, Jones sends out a cost basis statement to the client a few business days after transfer.[/quote] The REAL reason is that Jones doesn't subscribe to the cost basis network, they would rather have the BOA's spend time working on that. It is, I guess a cost saving measure on their part. Having a cost basis statement sent a few days later is a LOT different than sending it electronically with the transfer. Clients that were moved over in qualified accounts never get a cost basis statement......Jones says they don't need to track that but if you don't how can you properly judge performance?? Oh well, the Jones saga continues....[quote=noggin][quote=MJ][quote=noggin]Here is the deal on ACATS. I think it is okay for Jones to raise their termination fee to the industry standard but in so doing they should provide the industry standard in service. To my knowledge they are one of the few firms that does not electronically transmit the cost basis with a ACAT transfer. Every other transfer I have had from other firms does…very cheesy not to. I consider that part of a client’s expectation of service.
[quote=noggin]
The REAL reason is that Jones doesn't subscribe to the cost basis network, they would rather have the BOA's spend time working on that. It is, I guess a cost saving measure on their part. Having a cost basis statement sent a few days later is a LOT different than sending it electronically with the transfer. Clients that were moved over in qualified accounts never get a cost basis statement......Jones says they don't need to track that but if you don't how can you properly judge performance?? Oh well, the Jones saga continues....[/quote] Why would you need anything from Jones to track performance? Why would it matter? You can get any performance info you need from Morningstar, right? Why would you want to keep anything one of us dumb EDJ guys sold your client anyway? We only sold it to them for the revenue sharing.If the prior firm has the cost basis, we receive it with the transfer. I'm looking at a recent transfer now, to make sure. I think the main problem is that most of the time, the prio firm before transfering to Jones, doesn't have a cost basis. or are you saying it doesn't get transfered out to other firms, when transferring FROM Jones?[/quote] That's exactly what I am saying!![/quote] According to Joneslink, Jones sends out a cost basis statement to the client a few business days after transfer.[/quote] The REAL reason is that Jones doesn't subscribe to the cost basis network, they would rather have the BOA's spend time working on that. It is, I guess a cost saving measure on their part. Having a cost basis statement sent a few days later is a LOT different than sending it electronically with the transfer. Clients that were moved over in qualified accounts never get a cost basis statement......Jones says they don't need to track that but if you don't how can you properly judge performance?? Oh well, the Jones saga continues....[/quote] Jones now subscribes to the cost-basis system. Sorry to burst everyone's bubble.[quote=MJ][quote=noggin][quote=MJ][quote=noggin]Here is the deal on ACATS. I think it is okay for Jones to raise their termination fee to the industry standard but in so doing they should provide the industry standard in service. To my knowledge they are one of the few firms that does not electronically transmit the cost basis with a ACAT transfer. Every other transfer I have had from other firms does…very cheesy not to. I consider that part of a client’s expectation of service.
[quote=Spaceman Spiff][quote=noggin]
The REAL reason is that Jones doesn't subscribe to the cost basis network, they would rather have the BOA's spend time working on that. It is, I guess a cost saving measure on their part. Having a cost basis statement sent a few days later is a LOT different than sending it electronically with the transfer. Clients that were moved over in qualified accounts never get a cost basis statement......Jones says they don't need to track that but if you don't how can you properly judge performance?? Oh well, the Jones saga continues....[/quote] Why would you need anything from Jones to track performance? Why would it matter? You can get any performance info you need from Morningstar, right? Why would you want to keep anything one of us dumb EDJ guys sold your client anyway? We only sold it to them for the revenue sharing. [/quote] Now Spaceman, I was playing all nice and then you had to go stomp on me like that. Not very nice..... I was talking about the things I sold to them when I was at Jones which according to the agreement that I signed when I was employed at Jones I was not allowed to retain when I left. Reconstructing cost basis is a problem, which would be a lot easier if Jones would send that cost basis electronically as nearly every other firm does....Sorry noggin. I was in kind of a pissy mood this morning.
I've never understood why our industry isn't an open book. Wouldn't it be great if there was one master database out there that tracks you by social security/tax id number. All firms are required to post all buys/sells there so that one database could track tax info. The IRS would have much more specific info. Clients wouldn't have to stress about losing cost basis info when switching firms or when they clean out their files and throw important papers in the trash. And FAs wouldn't have any worries about transferring clients because all of the tax info is available on that database that isn't proprietary to any one firm.[quote=Spaceman Spiff]
Sorry noggin. I was in kind of a pissy mood this morning.
I've never understood why our industry isn't an open book. Wouldn't it be great if there was one master database out there that tracks you by social security/tax id number. All firms are required to post all buys/sells there so that one database could track tax info. The IRS would have much more specific info. Clients wouldn't have to stress about losing cost basis info when switching firms or when they clean out their files and throw important papers in the trash. And FAs wouldn't have any worries about transferring clients because all of the tax info is available on that database that isn't proprietary to any one firm. [/quote]Privacy issues.
A national data base for medical records would make sense, too, but they are having a hard time getting that in place.
But in 50 years we'll all have a chip in our skulls that will allow all banks, hospitals, major retailers, police and government agents to keep track of us.
And a 3 digit number stamped across our foreheads.
Barcode is more like it.
[quote=Spaceman Spiff] And a 3 digit number stamped across our foreheads.
Barcode is more like it.[/quote]
We already know who you are, Windy. It don't take a barcode to read: loser
Wow! Jones now transfers cost basis!?! Next you will be telling me Jones has running water and electricity in their offices. I will have to try a new ACAT soon. Six weeks and no Jones ACATs coming in. I have been to busy taking money from Merrill and the CitiMorg to hit Jones up recently.
Thats because no accounts are leaving Jones, not because you haven’t “got” to it yet
Jesus Windy, just leave some things alone. Wired makes a joke and you get all serious. You wonder why people bash us? Lighten up.
And regarding the cost basis, remember WE have to have the cost basis in order to transfer it. I can't tell you how many accounts I have ACAT'd in that had no cost basis from other firms. That's the problem - most securities that have been in existance with one client for more than 10 years or so (transferred among various firms) probably does not have cost basis (unless it was re-constructed). The inter-firm cost basis transfer system has not been around very long.liar Windy would be on here telling us all it's not him with his new screenname if we had pegged someone else for him.If I was “Windy” I would, but I’m not so I won’t.