Closer to making the jump...questions

I can tell you when I left Jones for another firm that cost basis does not transfer.  Very irritating.

[quote=CIBforeveryone]

Very close to the jump from EJ to RJFS...

3 questions out of a thousand I have that I thought might be simple to answer here:

1. With ticket charges can I still afford to offer my clients CDs for their emergency cash?

Maybe.... if they don't do CDs too often.  Clients who only want to do short term CDs should be channeled into a money market fund in a brokerage account with check writing. The rate is not much less than a CD and there is no time limit or surrender penalties.  No ticket charge for you.  I will do bonds and short term brokerage fixed income as an accomodation for good clients.  Be sure to charge a commission that will cover your ticket charges if you can.    Sometimes it is just a loss.  Every client isn't always profitable but most clients should be so you can afford to give a little.

2. Is there a breakeven point on small mutual fund trades considering ticket charges that I haven't had to consider at EJ? How do you handles SIMPLE IRAs, etc. with lots of small trades?

Small mutual fund trades and ongoing contributions (403B, Ira etc) go direct to the fund family.  No ticket charges and on qualified plans less cost to the client for annual fees.

3. Will cost basis info transfer from EJ?

No.

Thanks

CIB

FYI-Costs basis now generally transfers via the ACAT system.  This is a feature that is built into the system and ‘regulated’ via National Securities Clearing Corp.  If jones is part of that system/organization, your basis should come over.  This is a relatively new development.

I have found that most of my cost basis information has come over from my old firm(not EdJones) over the last 9 months.  There has been some work invovled in reviewing and editing the data manually because my prior employer didn’t conform the data exactly to the proper format.  (Not that I’m surprised)

 EDJ does not transfer cost basis. As a matter of fact they make it very difficult to obtain.

Jones does not transfer cost basis. LPL has a list of companies that dont transfer cost basis with an ACAT and Jones is listed among them.

I have several folders of accounts that I need to enter the cost basis from transfered  Jones accounts! Clients and CPA firms are pissed at that half a$$ run outfit! It is not very professional this day and age but wait Jones is behind the times any way.