Legg Mason Funds

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Jun 13, 2006 3:23 pm

Has anyone encountered Legg Mason's proprietary funds and their portability/transferrabilty?  The Legg fund wholesaler (cryptically) said that some of their funds are available on some platforms, but was under orders not to say which ones.  Does anyone have access to these through their fee-based platforms?

Jun 14, 2006 3:01 pm

BC,


my understanding from when I was trying to gather info on the smith barney and legg merger was that soloman has tied a deal with legg to be the sole platform that can hold and service those funds. I know for a fact guys that have been in Legg for over 6 yrs will have very little chance of walking into a morgan/wachovia/AG.E and most def ML.


So yeah, if you're talking to someone who makes a significant amount of trails off of those funds I'd safely say you're ice skating up a mountain.


Hope that helps.

Jun 14, 2006 4:19 pm

I just had an experience with some Legg Mason fund bought at Legg Mason now held at Smith Barney.  I did an acat on the acct and everything but the LM funds transferred.  I was told by my back office (LPL) that some funds are proprietary and cant acat.  I found myself missing the old Jones L&T form because the client did not want to talk to their old broker to sell the funds.  So to answer your q, yes it appears that some are proprietary.

Jun 14, 2006 4:24 pm

BTW, the funds involved were the legg mason value trust and the legg mason special investment trust both class a.

Jun 14, 2006 4:34 pm

LMVFX and LMNVX are available over here in fee based accounts. 

Jun 14, 2006 4:51 pm

exdrone...does LPL not have liquidate and transfer forms?? Is jones the only company?? It seems to me that they are a useful tool when coming across proprietary funds like those.

Jun 14, 2006 8:21 pm

PeanutBroker,


Haven't you been reading the posts.  Jones abuses the liquidate and transfer forms to the nTH degree.  I have told you many instances that I would liquidate FT CAL TAX free fund and then buy them individual 30 year bonds with 3pts.  so that my Field Supervisor would not know the origin of the money.  It looked like it like it was a cash investment. 


The worst one was when I Liquidated and Transferred the Dodge and Cox Balanced Fund and put the money into Hartford Advisors Fund.  I was a rookie and I just listened to my mentor, and he asked me, "Do you want to follow the Dodge & Cox fund?"  I would reply, "no."  He would say Liquidate and Transfer.  He then said, "You gotta feed your family, don't you?"  I was a drone.  I did what I was taught.  I am finding I am having to learn how to invest all over again.  It's refreshing.

Jun 14, 2006 10:20 pm
spikedkoolaid:

PeanutBroker,


Haven't you been reading the posts.  Jones abuses the liquidate and transfer forms to the nTH degree.  I have told you many instances that I would liquidate FT CAL TAX free fund and then buy them individual 30 year bonds with 3pts.  so that my Field Supervisor would not know the origin of the money.  It looked like it like it was a cash investment. 


The worst one was when I Liquidated and Transferred the Dodge and Cox Balanced Fund and put the money into Hartford Advisors Fund.  I was a rookie and I just listened to my mentor, and he asked me, "Do you want to follow the Dodge & Cox fund?"  I would reply, "no."  He would say Liquidate and Transfer.  He then said, "You gotta feed your family, don't you?"  I was a drone.  I did what I was taught.  I am finding I am having to learn how to invest all over again.  It's refreshing.



I'm not sure why you think your lack of ethics gives you credibility or casts a shadow on your former firm.  Please enlighten. 

Jun 14, 2006 11:04 pm

Law, I may be mistaken, but I take Spikedkoolaid's post to mean that at the time he didn't know any better, and was taught and told that L&T is the way it's done.


If that is in fact the case, I don't see it as a lack of ethics.  (At least on Spiked's part.)

Jun 15, 2006 12:00 am
peanutbroker:

exdrone...does LPL not have liquidate and transfer forms?? Is jones the only company?? It seems to me that they are a useful tool when coming across proprietary funds like those.


The ACAT form has a liquidate and transfer option, but can only be used with non-acat eligible firms.  Unfortunately SB is ACAT eligible. 


BTW, I too was taught by my mentor to use the L&T form liberally to avoid explaining switches to FSD. 


Jun 15, 2006 8:13 am

EX,


You may want to check in to that again.  I think, admittedly not positive, that you can use a non-acat in this case regardless if the firm is acat eligible.  I transfered in a few accounts from MS where clients were using their prop. mutual fund platform - MS is acat eligible but the funds w/i the program were not.  It took a few extra weeks but got the job done.