I made a choice to leave Jones after 4 years to ML. I bled green while I was there until I found out the "truth" The transition rep that is calling my clients is telling them that ML has all these "hidden fees and you should not even considering moving your account." Obviously, the clients that fully trust me know this not to be true. There are though, been a couple of clients who I have just started a relationship with now that are having a liitle doubt placed in the head.
My question is this....is it legal/unethical for the Jones TR to say whatever they want ? If I took the low road could I say" hey Mr. Client, do realize that when the new rep comes in , he will probably churn your account so that he can win a trip ? I don't get it, I play by the rules and it bites me in the a$$.
EDJ does this everytime. They are nothing but scum. Move on. You are in the big leagues now. Time to learn how to manage money rather than being some little squirt selling nothing buy 30 yr bonds and AIVSX. Go kick ass.
Welcome to my world. They implied all kinds of untrue things after I left. Fortunately I had a good relationship with my clients and they didn’t believe it. The ones who would believe that crap…I don’t want anyway.
Unfortunately that practive is common. What you need to do is coach your former clients and prepare them for that reality. That way, when the EDJ rep starts running their mouth, the client knows whats coming and arent questioning your prior relationship and the reason you now want them to move to Merrill. Even if it suckes, take the high road when dealing with this. It would be easier to turn it into a pissing match but its deifnately not professional on thier part.