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Dear Client - I'm retiring, good luck

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May 25, 2007 10:07 pm

Someone just brought in a letter to me from their (former) rep at LPL.  It basically says that he is retiring, thanks for your business, you can transfer your account to your broker of choice or call LPL at 800-***, and they will give you another LPL broker in the area.

Is this common?  Why wouldn't he try to sell it to someone else?  The client that brought it in to me wasn't huge, but she was over $150,000 under management with him.  I think he had been around for several years, so there would be other clients with assets.

Just wondering in anyone had any thoughts about this.

May 25, 2007 10:12 pm

I’d call the broker and see if you can get his client list and invite the top 20% to a dinner or lunch event.

May 25, 2007 11:31 pm

I got a few clients from a CPA who did something similar, I called him up and he basically said he didn’t want to be held responsible for recomending someone he didn’t know so he left it to the client to find a new advisor. Chump