New Assets--Changing Firms
20 RepliesJump to last post
I have about $3 million in new assets coming in next month. My current firm is great, but there are some outstanding offers out there. I may be making a move to a new firm.
My question is---which assets are the easiest to move from one firm to another? 80 % of my assets are in some type of a fee based account.
I don't want to do a bunch of annuities with upfront trails, but i would consider putting the money into annuities that pay a lower comission upfront and then a steady trail every year after. It seems annuities are very easy to move as it is just one form--no new account form--no ACAT. Just taking the chance that if the client doesn't move with me some jabroni in the office gets my comission.
I would think most of my clients would be warm to moving with me--but noone wants all of their assets jumbled around.
Could people with experience in this matter give me their opinion? Where would you put new assets if you were contemplating a switch?
Thank you.
Where would you put new assets if you were contemplating a switch?
I'd put them in the same place that I would put them if I was not contemplating a switch. I truly believe that the best way to make the most money in this business it to ALWAYS do what is in the clients' best interest.
[quote=vbrainy]
I have about $3 million in new assets coming in next month. My current firm is great, but there are some outstanding offers out there. I may be making a move to a new firm.
My question is---which assets are the easiest to move from one firm to another? 80 % of my assets are in some type of a fee based account.
I don't want to do a bunch of annuities with upfront trails, but i would consider putting the money into annuities that pay a lower comission upfront and then a steady trail every year after. It seems annuities are very easy to move as it is just one form--no new account form--no ACAT. Just taking the chance that if the client doesn't move with me some jabroni in the office gets my comission.
I would think most of my clients would be warm to moving with me--but noone wants all of their assets jumbled around.
Could people with experience in this matter give me their opinion? Where would you put new assets if you were contemplating a switch?
Thank you.
[/quote]
You are a creep. If you believe in annuities so much, why isn't your book in them now?
On a serious note...I switched from one indy firm to another and all I did was have the new firm request a block transfer of the annuities. I may have signed a form or something, but it was a piece of cake. The old firm didn't even reassign any accounts until I was gone for 4 months.
Wow, how would your clients feel if they knew you were choosing their portfolios based on how easy they’ll be for you to ACAT?
[quote=gad12]Wow, how would your clients feel if they knew you were choosing their portfolios based on how easy they'll be for you to ACAT?[/quote]
The guy is a real piece of sh*t. Maybe he'll order out the certs and have his clients hand-carry them to his new office.
[quote=Devils Advocate]
[quote=gad12]Wow, how would your clients feel if they knew you were choosing their portfolios based on how easy they'll be for you to ACAT?[/quote]
The guy is a real piece of sh*t. Maybe he'll order out the certs and have his clients hand-carry them to his new office.
[/quote]
Picking assets for clients based on how you can profit just reinforces and confirms all the bad things that DAtoo has to say about our industry.
. . . hmmmm well interesting. I take the criticism under advisement.
Do you honestly think there is that much difference between:
-C shares
-Fee based mutual fund accounts
-Annuities?
Well, I don't. I think that they all end up costing the same. My clients want to work with ME. That is the value I give them. And by the way, they have all done very well.
Products don't help people Advisors do.
I work hard, contact my clients, rebalance, educate, find the best managers, etc. And guess what? I get paid. I deserve to get paid. I DO NOT PICK FUNDS, ANNUITIES, ETC. ON WHAT PAYS ME THE MOST. I pick them on which best fit my client.
Most of them end up costing the client 1 to 1.5 %. We have LONG term relationships. I do not believe in transactional business or large upfront comissions.
OK, in light of that, can you take a look at the questions again? Which is the easiest to move?
Have a good day. Relax a bit. Gee.
If you have a good relationship, they are all easy to move. I would take advantage of the move to leave behind clients who are not profitable.
[quote=vbrainy]
. . . hmmmm well interesting. I take the criticism under advisement.
Do you honestly think there is that much difference between:
-C shares
-Fee based mutual fund accounts
-Annuities?
Well, I don't. I think that they all end up costing the same. My clients want to work with ME. That is the value I give them. And by the way, they have all done very well.
Products don't help people Advisors do.
I work hard, contact my clients, rebalance, educate, find the best managers, etc. And guess what? I get paid. I deserve to get paid. I DO NOT PICK FUNDS, ANNUITIES, ETC. ON WHAT PAYS ME THE MOST. I pick them on which best fit my client.
Most of them end up costing the client 1 to 1.5 %. We have LONG term relationships. I do not believe in transactional business or large upfront comissions.
OK, in light of that, can you take a look at the questions again? Which is the easiest to move?
Have a good day. Relax a bit. Gee.
[/quote]
That's probably the best response that an exposed scumbag could come with. Nice job.
Paperwork wise: It’s easiest to move mutual funds that are held at the fund company and not in a brokerage account because there is no head’s up to your old brokerage firm and no transfer fees to the client.
Good advice. I have done that for client’s from time to time. I’ll take a look at it.
[quote=Dust Bunny]Paperwork wise: It's easiest to move mutual funds that are held at the fund company and not in a brokerage account because there is no head's up to your old brokerage firm and no transfer fees to the client.[/quote]
What about small business 401k plans held with Transamerica or Principal. I would assume those are pretty easy to move.
[quote=vbrainy]Am I the only advisor who has 401k plans and who prospects them?[/quote]
pbrainy, weren't you told to leave? go away or suffer the consequences.
401K PLANS ARE A WAIST FOR YOU AND YOUR CLIENTS, IMO. LEAVE THE 401K’S TO FIDELITY
[quote=jackbauer]401K PLANS ARE A WAIST FOR YOU AND YOUR CLIENTS, IMO. LEAVE THE 401K'S TO FIDELITY [/quote]
How big a waist are they?
BTW: 401K plans are not a waste.
They are give you good leads, especially in a small business ,for getting the business owners other accounts as well as investment account for the workers, their families and other accounts outside of the 401K.
[quote=Dust Bunny]
BTW: 401K plans are not a waste.
They are give you good leads, especially in a small business ,for getting the business owners other accounts as well as investment account for the workers, their families and other accounts outside of the 401K.
[/quote]
Well, some good information logically given.
401k plans of a large size are difficult to get, unless you know one of the decision makers.
But, once you get them they PAY and the lead base is great. When they retire, I have always got the rollover.