Getting ACATs

When’s the last time you talked to your broker?

I compliment the wirehouse.  I tell them that I have plenty of clients who previously had their portfolios with XYZ Wirehouse and they did a good job with handling the investments. 

I then completely switch gears and focus on protection issues.  I know that the wirehouse rep completely ignored these issues.  The client becomes an insurance client and only after that do we take care of ACATing the investments. 

[quote=drewski803]

Hey guys, what do you guys do when you run across a wirehouse client?  I have typically asked them something to the effect of "well how has that worked out for you?" and I always get a "I'm satisfied and not looking to switch, etc" type answer.  In fact, I've never actually ACAT'd another broker (all my clients had either cash or rollovers).

What do you guys do to win these accounts?

[/quote]

"Do you pay your broker a fee, every single quarter, win or lose? I'll bet it wasn't YOUR idea, was it? I don't charge those extra fees and my clients have more than doubled their money over the last 4.5 years. Do you have an interest in taking a closer look?"

That's about it.

[quote=Bobby Hull][quote=drewski803]

Hey guys, what do you guys do when you run across a wirehouse client?  I have typically asked them something to the effect of "well how has that worked out for you?" and I always get a "I'm satisfied and not looking to switch, etc" type answer.  In fact, I've never actually ACAT'd another broker (all my clients had either cash or rollovers).

What do you guys do to win these accounts?

[/quote]

"Do you pay your broker a fee, every single quarter, win or lose? I'll bet it wasn't YOUR idea, was it? I don't charge those extra fees and my clients have more than doubled their money over the last 4.5 years. Do you have an interest in taking a closer look?"

That's about it.

ManagedMoney, if that is your response, then Bobby will have a giant smile on his face because he knows he is about to have a new client and earn 7.5% gross.   (I think that is what Bobby’s VA pays him.) 

[quote=ManagedMoney] [quote=Bobby Hull][quote=drewski803]

Hey guys, what do you guys do when you run across a wirehouse client?  I have typically asked them something to the effect of "well how has that worked out for you?" and I always get a "I'm satisfied and not looking to switch, etc" type answer.  In fact, I've never actually ACAT'd another broker (all my clients had either cash or rollovers).

What do you guys do to win these accounts?

[/quote]

"Do you pay your broker a fee, every single quarter, win or lose? I'll bet it wasn't YOUR idea, was it? I don't charge those extra fees and my clients have more than doubled their money over the last 4.5 years. Do you have an interest in taking a closer look?"

That's about it.

[/quote]

If I was the client, I would reply back and say, "it's not the frequency of fees that matter, it's the total amount of fees that matter....so tell me, what are the total fees that you charge, and how does that compare to what I'm being charged now?"
[/quote]

Do you have any way of differentiating what you do besides tricking people about fees? My AFTER fee numbers are so high that you can't even sniff around the same neighborhood. Many of my new clients were jammed up in these fee accounts. I have to let you in on a little secret...even though they aren't talking to YOU about it, they aren't afraid to let ME know that they don't like the fee arrangments.

You can aske me all the rhetorical questions you want and make all teh assumptions you want. If you want to ingore what I'm telling you it's YOUR problem. The truth is that there are lots of guys me out there that have figured out how to come between you and your clients and there is NOTHING you can do to prevent it. I've got actual client statements that I can show people where they can see for themselves how people like you stand in comparison. People don't mind paying expenses when they get something TANGIBLE for it.

[quote=Bobby Hull][quote=ManagedMoney] [quote=Bobby Hull][quote=drewski803]

Hey guys, what do you guys do when you run across a wirehouse client?  I have typically asked them something to the effect of "well how has that worked out for you?" and I always get a "I'm satisfied and not looking to switch, etc" type answer.  In fact, I've never actually ACAT'd another broker (all my clients had either cash or rollovers).

What do you guys do to win these accounts?

[/quote]

"Do you pay your broker a fee, every single quarter, win or lose? I'll bet it wasn't YOUR idea, was it? I don't charge those extra fees and my clients have more than doubled their money over the last 4.5 years. Do you have an interest in taking a closer look?"

That's about it.

[/quote]

If I was the client, I would reply back and say, "it's not the frequency of fees that matter, it's the total amount of fees that matter....so tell me, what are the total fees that you charge, and how does that compare to what I'm being charged now?"
[/quote]

Do you have any way of differentiating what you do besides tricking people about fees? My AFTER fee numbers are so high that you can't even sniff around the same neighborhood. Many of my new clients were jammed up in these fee accounts. I have to let you in on a little secret...even though they aren't talking to YOU about it, they aren't afraid to let ME know that they don't like the fee arrangments.

You can aske me all the rhetorical questions you want and make all teh assumptions you want. If you want to ingore what I'm telling you it's YOUR problem. The truth is that there are lots of guys me out there that have figured out how to come between you and your clients and there is NOTHING you can do to prevent it. I've got actual client statements that I can show people where they can see for themselves how people like you stand in comparison. People don't mind paying expenses when they get something TANGIBLE for it.

[quote=ManagedMoney] [quote=Bobby Hull][quote=ManagedMoney] [quote=Bobby Hull][quote=drewski803]

Hey guys, what do you guys do when you run across a wirehouse client?  I have typically asked them something to the effect of "well how has that worked out for you?" and I always get a "I'm satisfied and not looking to switch, etc" type answer.  In fact, I've never actually ACAT'd another broker (all my clients had either cash or rollovers).

What do you guys do to win these accounts?

[/quote]

"Do you pay your broker a fee, every single quarter, win or lose? I'll bet it wasn't YOUR idea, was it? I don't charge those extra fees and my clients have more than doubled their money over the last 4.5 years. Do you have an interest in taking a closer look?"

That's about it.

[/quote]

If I was the client, I would reply back and say, "it's not the frequency of fees that matter, it's the total amount of fees that matter....so tell me, what are the total fees that you charge, and how does that compare to what I'm being charged now?"
[/quote]

Do you have any way of differentiating what you do besides tricking people about fees? My AFTER fee numbers are so high that you can't even sniff around the same neighborhood. Many of my new clients were jammed up in these fee accounts. I have to let you in on a little secret...even though they aren't talking to YOU about it, they aren't afraid to let ME know that they don't like the fee arrangments.

You can aske me all the rhetorical questions you want and make all teh assumptions you want. If you want to ingore what I'm telling you it's YOUR problem. The truth is that there are lots of guys me out there that have figured out how to come between you and your clients and there is NOTHING you can do to prevent it. I've got actual client statements that I can show people where they can see for themselves how people like you stand in comparison. People don't mind paying expenses when they get something TANGIBLE for it.

[/quote]

This is your response?  First you approach the client telling him that he should come to you because of fees, and then when he asks you for details about those fees, you get very defensive and say, "forget about the fees...just worry about net returns."

If I was the potential client, I would say to myself, "Mr. Hull just did a bait and switch on me."
[/quote]

My client statements speak so loudly that I don't have to spend much time talking about fees. When they SEE that my clients have made over 24% avg annual and they KNOW that guys like you can't come close to those numbers, even if you don't add the EXTRA fee, it's a slam dunk close. You can make all the snide comments you want, but the fact is that people ARE talking to your clients and prospects and this is how they are getting the business. And don't think that these are long conversations where I have to pull out a calculator to prove anything to them. All I say is "Let's put your statements next to mine and you can decide for yourself."

Visual presentations are very, very powerful. You better have something to show them that is more powerful than what I'm showing them.

24% avg annual returns?

[quote=Edward Pwns]24% avg annual returns?[/quote]

Yep. Since October, 2002.

[quote=Bobby Hull][quote=ManagedMoney] [quote=Bobby Hull][quote=ManagedMoney] [quote=Bobby Hull][quote=drewski803]

Hey guys, what do you guys do when you run across a wirehouse client?  I have typically asked them something to the effect of "well how has that worked out for you?" and I always get a "I'm satisfied and not looking to switch, etc" type answer.  In fact, I've never actually ACAT'd another broker (all my clients had either cash or rollovers).

What do you guys do to win these accounts?

[/quote]

"Do you pay your broker a fee, every single quarter, win or lose? I'll bet it wasn't YOUR idea, was it? I don't charge those extra fees and my clients have more than doubled their money over the last 4.5 years. Do you have an interest in taking a closer look?"

That's about it.

[/quote]

If I was the client, I would reply back and say, "it's not the frequency of fees that matter, it's the total amount of fees that matter....so tell me, what are the total fees that you charge, and how does that compare to what I'm being charged now?"
[/quote]

Do you have any way of differentiating what you do besides tricking people about fees? My AFTER fee numbers are so high that you can't even sniff around the same neighborhood. Many of my new clients were jammed up in these fee accounts. I have to let you in on a little secret...even though they aren't talking to YOU about it, they aren't afraid to let ME know that they don't like the fee arrangments.

You can aske me all the rhetorical questions you want and make all teh assumptions you want. If you want to ingore what I'm telling you it's YOUR problem. The truth is that there are lots of guys me out there that have figured out how to come between you and your clients and there is NOTHING you can do to prevent it. I've got actual client statements that I can show people where they can see for themselves how people like you stand in comparison. People don't mind paying expenses when they get something TANGIBLE for it.

[/quote]

This is your response?  First you approach the client telling him that he should come to you because of fees, and then when he asks you for details about those fees, you get very defensive and say, "forget about the fees...just worry about net returns."

If I was the potential client, I would say to myself, "Mr. Hull just did a bait and switch on me."
[/quote]

My client statements speak so loudly that I don't have to spend much time talking about fees. When they SEE that my clients have made over 24% avg annual and they KNOW that guys like you can't come close to those numbers, even if you don't add the EXTRA fee, it's a slam dunk close. You can make all the snide comments you want, but the fact is that people ARE talking to your clients and prospects and this is how they are getting the business. And don't think that these are long conversations where I have to pull out a calculator to prove anything to them. All I say is "Let's put your statements next to mine and you can decide for yourself."

Visual presentations are very, very powerful. You better have something to show them that is more powerful than what I'm showing them.

[quote=ManagedMoney] [quote=Bobby Hull][quote=ManagedMoney] [quote=Bobby Hull][quote=ManagedMoney] [quote=Bobby Hull][quote=drewski803]

Hey guys, what do you guys do when you run across a wirehouse client?  I have typically asked them something to the effect of "well how has that worked out for you?" and I always get a "I'm satisfied and not looking to switch, etc" type answer.  In fact, I've never actually ACAT'd another broker (all my clients had either cash or rollovers).

What do you guys do to win these accounts?

[/quote]

"Do you pay your broker a fee, every single quarter, win or lose? I'll bet it wasn't YOUR idea, was it? I don't charge those extra fees and my clients have more than doubled their money over the last 4.5 years. Do you have an interest in taking a closer look?"

That's about it.

[/quote]

If I was the client, I would reply back and say, "it's not the frequency of fees that matter, it's the total amount of fees that matter....so tell me, what are the total fees that you charge, and how does that compare to what I'm being charged now?"
[/quote]

Do you have any way of differentiating what you do besides tricking people about fees? My AFTER fee numbers are so high that you can't even sniff around the same neighborhood. Many of my new clients were jammed up in these fee accounts. I have to let you in on a little secret...even though they aren't talking to YOU about it, they aren't afraid to let ME know that they don't like the fee arrangments.

You can aske me all the rhetorical questions you want and make all teh assumptions you want. If you want to ingore what I'm telling you it's YOUR problem. The truth is that there are lots of guys me out there that have figured out how to come between you and your clients and there is NOTHING you can do to prevent it. I've got actual client statements that I can show people where they can see for themselves how people like you stand in comparison. People don't mind paying expenses when they get something TANGIBLE for it.

[/quote]

This is your response?  First you approach the client telling him that he should come to you because of fees, and then when he asks you for details about those fees, you get very defensive and say, "forget about the fees...just worry about net returns."

If I was the potential client, I would say to myself, "Mr. Hull just did a bait and switch on me."
[/quote]

My client statements speak so loudly that I don't have to spend much time talking about fees. When they SEE that my clients have made over 24% avg annual and they KNOW that guys like you can't come close to those numbers, even if you don't add the EXTRA fee, it's a slam dunk close. You can make all the snide comments you want, but the fact is that people ARE talking to your clients and prospects and this is how they are getting the business. And don't think that these are long conversations where I have to pull out a calculator to prove anything to them. All I say is "Let's put your statements next to mine and you can decide for yourself."

Visual presentations are very, very powerful. You better have something to show them that is more powerful than what I'm showing them.

[/quote]

Sorry, Mr. Hull.  You lost me as a potential client the instant I discovered that you were a scam artist who tried to pull a bait and switch on me.

You can scream net returns as loud as you want for as long as you want, but the moment you are exposed as a lying con man...you have lost everything in this business.


[/quote]

Yawn...

Ladies, please. Stop the clawing and scratching and go back to your cubicles.

The OP had a great question and I'd like some intelligent opinions as to what you vets do to secure these acats.

I'm a new guy and I just asked for an acat. It was a guy I'd known b/c I'd asked him to do some work on my house a few months back. At that time I was talking to him about his business (i.e. how long he's been at it, does he have a crew/team, does his business have a retirement plan in place, what would it take to get to the point where he could hire employees, etc).

After gathering this info I came back several days later, recaping what he said. I went on to propose he stop by the office so we can take a look at his portfolio. He did, I explained my business further - emphasizing what it is that I felt I did best relative to what he needed and just flat out asked, "So with all that being said, what do you think of having your account held here and working with me as your advisor?" He gave a thumbs up and although the acct has yet to transfer, he will be in on Tuesday to sign the acat/new account forms.

It's not a large account. I didn't inquire as to the amount because at this point, I don't care. I'm guessing it is less than $25K, dare I say less than 10K. But for me, it was a great opportunity to practice asking for the account. It seems to have gone well and hopefully I'll seal the deal this week.

I feel pretty comfortable asking for the account, but only after I've developed rapport. I doubt I'd be as well spoken had I not interacted with him for a few weeks prior.

[quote=707SE]

Ladies, please. Stop the clawing and scratching and go back to your cubicles.

The OP had a great question and I'd like some intelligent opinions as to what you vets do to secure these acats.

I'm a new guy and I just asked for an acat. It was a guy I'd known b/c I'd asked him to do some work on my house a few months back. At that time I was talking to him about his business (i.e. how long he's been at it, does he have a crew/team, does his business have a retirement plan in place, what would it take to get to the point where he could hire employees, etc).

After gathering this info I came back several days later, recaping what he said. I went on to propose he stop by the office so we can take a look at his portfolio. He did, I explained my business further - emphasizing what it is that I felt I did best relative to what he needed and just flat out asked, "So with all that being said, what do you think of having your account held here and working with me as your advisor?" He gave a thumbs up and although the acct has yet to transfer, he will be in on Tuesday to sign the acat/new account forms.

It's not a large account. I didn't inquire as to the amount because at this point, I don't care. I'm guessing it is less than $25K, dare I say less than 10K. But for me, it was a great opportunity to practice asking for the account. It seems to have gone well and hopefully I'll seal the deal this week.

I feel pretty comfortable asking for the account, but only after I've developed rapport. I doubt I'd be as well spoken had I not interacted with him for a few weeks prior.

[/quote]

How did you look at his portfolio without knowing how much it's worth? Did he block out the numbers with a black marker or something?

By the way...nice job, coming out and asking for the business.

[quote=707SE]

The OP had a great question and I'd like some intelligent opinions as to what you vets do to secure these acats.

[quote=ManagedMoney] [quote=707SE]

The OP had a great question and I'd like some intelligent opinions as to what you vets do to secure these acats.

[/quote]

I'm not a vet in this end of the business, but I'll respond.  Every client I have was already with someone else before they met me.  Every new client I will ever get is also with someone else right now.  It's rare that you're going to come across HNW and UHNW people who don't already have an advisor.

So, why do they move their accounts to me? 

The answer is simple.

Besides the trust they have in me, I solve four issues that they all have:

They are underserviced, overcharged, are exposed to too much risk, and have poor relative performance.

If you address those four issues, they will come.
[/quote]

That's what I do. I hit real hard on the overcharged and poor relative performance parts.

[quote=Bobby Hull][quote=707SE]

Ladies, please. Stop the clawing and scratching and go back to your cubicles.

The OP had a great question and I'd like some intelligent opinions as to what you vets do to secure these acats.

I'm a new guy and I just asked for an acat. It was a guy I'd known b/c I'd asked him to do some work on my house a few months back. At that time I was talking to him about his business (i.e. how long he's been at it, does he have a crew/team, does his business have a retirement plan in place, what would it take to get to the point where he could hire employees, etc).

After gathering this info I came back several days later, recaping what he said. I went on to propose he stop by the office so we can take a look at his portfolio. He did, I explained my business further - emphasizing what it is that I felt I did best relative to what he needed and just flat out asked, "So with all that being said, what do you think of having your account held here and working with me as your advisor?" He gave a thumbs up and although the acct has yet to transfer, he will be in on Tuesday to sign the acat/new account forms.

It's not a large account. I didn't inquire as to the amount because at this point, I don't care. I'm guessing it is less than $25K, dare I say less than 10K. But for me, it was a great opportunity to practice asking for the account. It seems to have gone well and hopefully I'll seal the deal this week.

I feel pretty comfortable asking for the account, but only after I've developed rapport. I doubt I'd be as well spoken had I not interacted with him for a few weeks prior.

[/quote]

How did you look at his portfolio without knowing how much it's worth? Did he block out the numbers with a black marker or something?

By the way...nice job, coming out and asking for the business.

[/quote]

Thanks. I should clarify. When he did come to my office he didn't bring the statement. We discussed the layout of the portfolio, where it was held and how his interaction with the broker was. It isn't an actively managed account which was my indication that it was smaller. I didn't see a statement yet. I should have clarified. but thanks for the compliment.

Bobby, you complimented the guy. I can't believe it! I have a newfound respect for you.

Compliments to you, for being UN abrasive. (I'm figuring that will elicit an abrasive response, but thats truly not my intention. Your complimentary post was actually refreshing.)

[quote=pratoman]

Bobby, you complimented the guy. I can't believe it! I have a newfound respect for you.

Compliments to you, for being UN abrasive. (I'm figuring that will elicit an abrasive response, but thats truly not my intention. Your complimentary post was actually refreshing.)

[/quote]

I didn't realize that one small act of kindness and senseless beauty would be so far reaching.

When you build your business don’t you want to know what your workign with? What if he transfers in a bunch of crap, the market tanks, and he blames you even though you told him to sell.



Even though I have been at this awhile, I know everything coming in. In fact to process a transfer I need a statement, you don’? If there is something I don’t like being held I talk to them about dumping it.



If you want the business don’t act like a desperate rookie. Ask for their current statement, do a fact finder, and set up a second appointment. At the second appointment make a proposal and have the paperworkl ready, assume the business is yours, they have taken the time to meet with you twice so they are not happy you do not need to dwell on that. If they seem anxious transfer t he account and tell them at our next meeting I will have a proposal for you. This is how I run my biz and and my book is growing and GROWING.

[quote=Bobby Hull][quote=pratoman]

Bobby, you complimented the guy. I can't believe it! I have a newfound respect for you.

Compliments to you, for being UN abrasive. (I'm figuring that will elicit an abrasive response, but thats truly not my intention. Your complimentary post was actually refreshing.)

[/quote]

I didn't realize that one small act of kindness and senseless beauty would be so far reaching.

[/quote]

See, it pays to be nice, Bobby! And that lunatic on the other threads thought we are the same person, what an idiot!

Well well well

looks like prato man has definitely changed his mind about his devil bro: here's what he thought about him, before:

Unlike <?:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />Hull the troll, I work for a living. <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

f**k himm. Lets get everyone on the boards to gang up on him. (yeah, the cyberbullies are good at ganging up, aren't they!)

......

He should be banned. He distracts from the real purpose of the boards. And he riles up type A's like myself. If I met him face to face, I would beat the sh*t out of him, then spit on him as he lay there holding his balls. He would be Clarice, and I would be Hannibal Lechter.

Ok, gotta go, onto the boards to see if that motherf**ker is trashing me again.


Suzie is not only a lesbian, which is fine, she is also an idiot, which is notShe is an idiot, almost as dangerous as people like Bobby, who sells Equity Index Annuities with big expenses and loooonng surrenders, with little upside, and no downside, but only if you dont die before the surrender period, to little old ladies.

Alth0ough I must admit, he seems to be softening up a bit on the boards.

But he's still a dick.

As far as getting Joedabroker on my side, no need. I really try not to even get into the bashing bulls*t,  (oh really! you could have fooled me!!!!) its just sometimes, when I run across a guy like Hull, I cant help myself.

I am also not bothered by people who use more than one screename.  (oh really!)

There would be no reason for me to post your PM's on the board. (oh really!)

[quote=ManagedMoney]

[quote=Bobby Hull][quote=drewski803]

Hey guys, what do you guys do when you run across a wirehouse client?  I have typically asked them something to the effect of "well how has that worked out for you?" and I always get a "I'm satisfied and not looking to switch, etc" type answer.  In fact, I've never actually ACAT'd another broker (all my clients had either cash or rollovers).

What do you guys do to win these accounts?

[/quote]

"Do you pay your broker a fee, every single quarter, win or lose? I'll bet it wasn't YOUR idea, was it? I don't charge those extra fees and my clients have more than doubled their money over the last 4.5 years. Do you have an interest in taking a closer look?"

That's about it.

[quote=bankrep1]When you build your business don't you want to know what your workign with? What if he transfers in a bunch of crap, the market tanks, and he blames you even though you told him to sell.

Even though I have been at this awhile, I know everything coming in. In fact to process a transfer I need a statement, you don'? If there is something I don't like being held I talk to them about dumping it.

If you want the business don't act like a desperate rookie. Ask for their current statement, do a fact finder, and set up a second appointment. At the second appointment make a proposal and have the paperworkl ready, assume the business is yours, they have taken the time to meet with you twice so they are not happy you do not need to dwell on that. If they seem anxious transfer t he account and tell them at our next meeting I will have a proposal for you. This is how I run my biz and and my book is growing and GROWING.[/quote]

Thanks for the advice however coming from a bank rep, everything "you guys" have to say I take with a grain of salt. You're growing your business everyday? I would hope so, sitting on hundreds of millions in bank deposits.

Look, assuming you're talking to me please keep in mind that this was my first ACAT. In the future I'm sure I'll become a bit more polished in determining what is being transferred in but what is the point of making a sell/buy recommendation when you don't have the account yet? What's to stop them from saying, thanks for the free advice and processing the trade at their discount broker or with their 401k administrator? At the very least its good to know how bank guys are running their business. I'll see if I can incorporate that into a traditional brokerage format.

[quote=drewski803]

Hey guys, what do you guys do when you run across a wirehouse client?  I have typically asked them something to the effect of "well how has that worked out for you?" and I always get a "I'm satisfied and not looking to switch, etc" type answer.  In fact, I've never actually ACAT'd another broker (all my clients had either cash or rollovers).

What do you guys do to win these accounts?

[/quote]

Being at a wirehouse, and having taken ACATS from other wirehouses many times, I can tell you, in my experience at least, the biggest reason they sign the acats is lack of attention.

I think thats the best hot button you can pound on.

[quote=AllREIT] [quote=ManagedMoney] [quote=Bobby Hull][quote=drewski803]

Hey guys, what do you guys do when you run across a wirehouse client?  I have typically asked them something to the effect of "well how has that worked out for you?" and I always get a "I'm satisfied and not looking to switch, etc" type answer.  In fact, I've never actually ACAT'd another broker (all my clients had either cash or rollovers).

What do you guys do to win these accounts?

[/quote]

"Do you pay your broker a fee, every single quarter, win or lose? I'll bet it wasn't YOUR idea, was it? I don't charge those extra fees and my clients have more than doubled their money over the last 4.5 years. Do you have an interest in taking a closer look?"

That's about it.

[/quote]

If I was the client, I would reply back and say, "it's not the frequency of fees that matter, it's the total amount of fees that matter....so tell me, what are the total fees that you charge, and how does that compare to what I'm being charged now?"
[/quote]

Annuity shark: Its probably the same or more than you are currently paying and I'll lock up your assets with punishing surrender charges. Does your broker do that? [/quote]

This is really a touchy subject for you, isn't it? How much business have you lost to annuity salesmen? Here's a tip for you...figure out what people REALLY want and sell it to them.

I do not take bank deposits, maybe 3-4% of my biz. I am viewed as more of an independent advisor would be. Most of my business comes from ACATS and 401K rollovers. My situtation is unique, it took awhile to get where I am.