the money manager accounts (mma) treat the checking separate from the brokerage so when you acat, the brokerage comes and the banking side stays. acat does not mess with checking acct.

so you just told the client im leaving your banking acct…thats not moving. Im only going to move your mfs and bonds in kind to my new firm? How was your move? how did you get your clients to move with you any advise?

That is how I explained the mma transfer to the client. Call the back office to confirm it.

My move went smooth. Talk to your clients you have good relationships with and let them know you have been presented with some new opportunities which would be beneficial to both you and the client and they are an important part of your business.  Ask if you decided to pursue the opportunity, would they continue your relationship. If you move, you will have a good census of who would go. If you don't, you showed them that their imput was important and you decided it was best for both of you to stay.

bancfa10, are you thinking of moving with the idea of babysitting the acct or would you transfer and liquidate ? If babysitting …be careful if you have a non-solicit( not worth transferring). If your intentions are to liquidate to a new and improved situation…have them sell and give you a check.

There are two different types of "sweeps" for the MMA.  One will keep the cash on the bank side and the investments in the brokerage account.  The sweep only occurs if a purchase or sale is made.  In other words, the brokerage account has no cash.  You can ACAT the brokerage without a problem because the checking account always holds the cash.  The second type automatically sweeps any bank cash into the brokerage account.  If the client writes a bank check, a sweep will automatically occur from BAI into the bank.  Otherwise that bank account stays empty.  If you ACAT the brokerage account, make sure you tell the client not to write any more checks associated with the MMA.  They will bounce.

[quote=banknomore]

the money manager accounts (mma) treat the checking separate from the brokerage so when you acat, the brokerage comes and the banking side stays. acat does not mess with checking acct.

[/quote]

Not so. If you use the ACAT improperly it will ship the assets AND CLOSE THE ACCOUNT, meaning the checking side is screwed and the client bounces every outstanding check. When I was with BAC I saw it on outgoing accounts and when I left I was careful not to screw up accounts that clients wanted left open after the assets moved to me.

Bankfa10, I stand corrected on the sweep issue. I always had the sweep into the bank side for the MMA accounts. I did confirm when I was gone that money on the bank side would not transfer and I had clients write a check to transfer any cash. The brokerage sweep choice would most likely acat holdings and cash and cause checks to bounce. Check with back office. They once told me I needed to check all credit balances and all assets in kind on an acat form. You sometimes get different answers from different back office people so ask a few times and go with the majority.