Acats from plan providers needs to have some standards. It seems to me that each one of them is asking for there own paper work. It is getting to be a night mare. Years ago I remember American Express started this crap. Maybe there was some one before them? But any way now most if not all require there own papers and a phone call!
I only see it getting worse
What would it take for the SEC or who ever to come up with a standard form through out the industry for transfers? This has to be expensive for all parties. If some one wants to ACAT let them. I ahve had reps from the 401k firm tell the client on the phone you can work with one of our reps while they are talking to me!
If the clients want to go let them go! And stop this madness
In my experience MOST retirement plan transfers require their own paperwork, and have done so for as long as I can remember. These transfers do not go through the ACAT system, and plan trustees/administrators are required by ERISA to certify the the assets are being transferred from the plan for a “qualifying reason”…death, disability, termination, or attainment of a certain age for plans that allow in-service transfers.
Joe my point is why can’t there be a standard form for all retirement plans?[/quote]
Don’t get me wrong…I think it would be great…but I think they are taking advantage of the absence of uniformity to hang on to some of those assets.
I completely agree, I have only lost one account and I was glad to see her go.
Ameriprise is the PITS. You end up on a three way conversation with your client and their call center. They are a bunch of hacks.