Broker Drops Jaw!

31 replies [Last post]
doberman's picture
Offline
Joined: 2005-02-22

I still laugh remembering what happened Thursday!
First, some background: For the last several weeks, I've been arguing with a "single broker office" over some assets that were having "problems" ACATing over. I had finally had enough, so I had my client call their old broker to make an appointment to "go over some things".(The other broker was unaware that I was going to accompany the client to this appointment.)
So, we show-up and are sitting in the waiting room 20 minutes past the appointed time. The broker and his assistant are busy fielding calls from clients wondering what the h*ll is going on with the market and their investments. I mean the phone is ringing off the hook!
Suddenly, there's a break in the action and we're hurriedly ushered back to the office of the "financial genius". The broker is apologetic for the wait and we make some small talk about the market. Then, my client introduces me and, I swear, the broker's jaw dropped, hit table and rolled around on the floor!!
No sooner had I explained why I was there, when the phones started ringing again. Visibly shaken, between my presence and the phones ringing off the hook, the broker finally waived the white flag. Incredibly, the "acat problem" was resolved in about 2 seconds. 
Now, to answer the obvious question on everyone's mind: Yes, they are as big as basketballs!

YHWY's picture
Offline
Joined: 2007-07-18

dob, That better have been one HUGE prospect with an insta-payday for you. If that is, truthfully, the case, then good work.

doberman's picture
Offline
Joined: 2005-02-22

I don't normally run into many blatant acat problems. This guy was just trying to stall and I called his bluff.
By the way, I did overhear a couple of names of people calling-in, while sitting in the waiting room. One with a confirmed account of $160,000+. They're on my call list for next week.

YHWY's picture
Offline
Joined: 2007-07-18

Did you miss a couple zeros on that confirmed account value???

doberman's picture
Offline
Joined: 2005-02-22

YHWY wrote:Did you miss a couple zeros on that confirmed account value???
HUH?
That number is what the office assistant quoted back to the client.

YHWY's picture
Offline
Joined: 2007-07-18

I'm kidding. Many on this forum would have "embellished" a bit. $160k's a good, solid mid-B client.

troll's picture
Offline
Joined: 2004-11-29

doberman wrote:
I don't normally run into many blatant acat problems. This guy was just trying to stall and I called his bluff.
By the way, I did overhear a couple of names of people calling-in, while sitting in the waiting room. One with a confirmed account of $160,000+. They're on my call list for next week.

That's stupid. A broker can't do anything to stall an ACAT. ACAT's are stalled because of the idiots that work in the back office. Did you really believe that we would fall for your stupid assed story?

Broker24's picture
Offline
Joined: 2006-10-12

doberman wrote: I still laugh remembering what happened
Thursday!
First, some background: For the last several weeks, I've been arguing
with a "single broker office" over some assets that were having "problems"
ACATing over. I had finally had enough, so I had my client call their old
broker to make an appointment to "go over some
things".(The other broker was unaware that I was
going to accompany the client to this appointment
.)
So, we show-up and are sitting in the waiting room 20 minutes
past the appointed time. The broker and his assistant are
busy fielding calls from clients wondering what the h*ll is going on with
the market and their investments. I mean the phone is ringing off the
hook!
Suddenly, there's a break in the action and we're hurriedly ushered
back to the office of the "financial genius". The broker is apologetic for
the wait and we make some small talk about the market. Then, my client
introduces me and, I swear, the broker's jaw dropped, hit table and rolled
around on the floor!!
No sooner had I explained why I was there, when the phones started
ringing again. Visibly shaken, between my presence and the phones
ringing off the hook, the broker finally waived the white flag. Incredibly,
the "acat problem" was resolved in about 2 seconds. 
Now, to answer the obvious question on everyone's mind: Yes, they are
as big as basketballs!
smiley4.gif">

Maybe I'm ignorant, but how, exactly, could a financial advisor,
independant or not, stop or stall an ACAT? ACAT's are automatic back-
of-the-house processes. That's why they call them ACAT's (as in
AUTOMATED CUSTOMER ACCOUNT TRANSFER).

doberman's picture
Offline
Joined: 2005-02-22

Booby: In the interest of brevity, I left out many of the boring details. Suffice it to say, that showing up at the old broker's office with client in-tow, tends to clear-up some problems. 
Whether you believe or not, I could care less...
 

troll's picture
Offline
Joined: 2004-11-29

doberman wrote:
Booby: In the interest of brevity, I left out many of the boring details. Suffice it to say, that showing up at the old broker's office with client in-tow, tends to clear-up some problems. 
Whether you believe or not, I could care less...
 

I'm calling bullsh*t on you, sir. Do you really think that WE are as stupid as YOU?

Ashland's picture
Offline
Joined: 2007-03-06

In defense of dobey I've known some reps who are dumb enough to submit ACAT's to the broker instead of their own back office. This usually means the form gets lost at least once, and ends up with with our friend having these kinds of stories...

It really was a good story, though!

Why again weren't you at your office fielding phone calls???

troll's picture
Offline
Joined: 2004-11-29

Ashland wrote:In defense of dobey I've known some reps who are dumb enough to submit ACAT's to the broker instead of their own back office. This usually means the form gets lost at least once, and ends up with with our friend having these kinds of stories... It really was a good story, though! Why again weren't you at your office fielding phone calls???
 
I can see where dobey would be that stupid.

troll's picture
Offline
Joined: 2004-11-29

Bobby Hull wrote:
Ashland wrote:In defense of dobey I've known some reps who are dumb enough to submit ACAT's to the broker instead of their own back office. This usually means the form gets lost at least once, and ends up with with our friend having these kinds of stories... It really was a good story, though! Why again weren't you at your office fielding phone calls???
 
I can see where dobey would be that stupid.

PS - that was a great defense that you put on for dobey.

BondGuy's picture
Offline
Joined: 2006-09-21

Bobby, regardless of what you may or may not believe brokers can stop an acat. I've seen this countless times throughout my career. It's done and approved by mgnt to give the broker one last at bat to save the account. Usually a client call to the offending broker's BOM resolves things very quickly.
As for Dob, kiss and make up. Dob is a long term contributor to the tread, and not known for BS stories. A solid citizen.

troll's picture
Offline
Joined: 2004-11-29

Actually a registered rep cannot STOP an ACAT by themselves.  They can stop it if they have the customer's instructions to stop it.
The broker who is losing the account is free to call the client to attempt to save the account--and it happens a lot.
But that broker's firm will not reverse the process unless the local manager knows for certain that the client's wishes are to withdraw the ACAT.

bspears's picture
Offline
Joined: 2006-11-08

Great story.  I guess my nads aren't that big.  I just call the old jones office and put on speaker phone and ask if the acat has been put through yet.  Other than the acat's seeming to take longer and longer to get through, no other problems.

Bache&co's picture
Offline
Joined: 2007-06-18

I cant figure out how an ACAT would be stalled unless the forms were filled out incorrectly or Doberman indeed submitted them directly to the loosing broker. Doberman - you didnt do that did you?

troll's picture
Offline
Joined: 2004-11-29

Bache&co wrote:
I cant figure out how an ACAT would be stalled unless the forms were filled out incorrectly or Doberman indeed submitted them directly to the loosing broker. Doberman - you didnt do that did you?

Correct. That's how we know that doberwoman is a liar.

companyman's picture
Offline
Joined: 2007-04-10

I don't know the truthfulness of anyone involved here but I have heard a couple of folks at "single broker office" get togethers explain how it was perfectly legitimate to cancel the ACAT after you talk to the client "because they are confused and need some time to think about the mistake they are making."   They cancel the ACAT and push for the appointment so they can kiss and make up with the client.  Pretty sleazy, but true.

Indyone's picture
Offline
Joined: 2005-05-30

Guys, it happens...even when your paperwork is in order and submitted properly to the back office.  Ameriprise comes to mind as a B/D that I've had this problem with more than once.  I've gotten excuses such as the mail being slow and "we never received it" or "it apparently got misrouted" from back offices.  ING kept rejecting a transfer from a plan because it was missing the notary seal.  We finally figured out that they were receiving it in, scanning it and then shredding the original.  Because the notary seal was raised instead of colored, it didn't show up on the scan.  The second time this happened, a conference call resolved the situation, as ING decided to waive the requirement when confronted by my angry client.  You can think it doesn't happen, but it does...my former employer played all sorts of games to delay transfers.

troll's picture
Offline
Joined: 2004-11-29

companyman wrote:I don't know the truthfulness of anyone involved here but I have heard a couple of folks at "single broker office" get togethers explain how it was perfectly legitimate to cancel the ACAT after you talk to the client "because they are confused and need some time to think about the mistake they are making."   They cancel the ACAT and push for the appointment so they can kiss and make up with the client.  Pretty sleazy, but true.
ACAT's generally require a written request from the client for recission.

troll's picture
Offline
Joined: 2004-11-29

joedabrkr wrote: companyman wrote:I don't know the truthfulness of anyone involved here but I have heard a couple of folks at "single broker office" get togethers explain how it was perfectly legitimate to cancel the ACAT after you talk to the client "because they are confused and need some time to think about the mistake they are making."   They cancel the ACAT and push for the appointment so they can kiss and make up with the client.  Pretty sleazy, but true.ACAT's generally require a written request from the client for recission.
That is not true.  They can be canceled at the request of an officer of the delivering firm--such requests are NOT made unless the cancellation can be verfied with the client.

troll's picture
Offline
Joined: 2004-11-29

Indyone wrote:Guys, it happens...even when your paperwork is in order and submitted properly to the back office.  Ameriprise comes to mind as a B/D that I've had this problem with more than once.  I've gotten excuses such as the mail being slow and "we never received it" or "it apparently got misrouted" from back offices.  ING kept rejecting a transfer from a plan because it was missing the notary seal.  We finally figured out that they were receiving it in, scanning it and then shredding the original.  Because the notary seal was raised instead of colored, it didn't show up on the scan.  The second time this happened, a conference call resolved the situation, as ING decided to waive the requirement when confronted by my angry client.  You can think it doesn't happen, but it does...my former employer played all sorts of games to delay transfers.
But LPL doesn't?  They get their accounts transferred out with nary an objection?
Within the last year I moved a bunch of funds, individual bonds and individual stocks from places like Schwab, Vanguard, USAA, Nuveen and AGE to Fidelity.
The forms were signed on a Monday.  They told us to anticipate ten days to two weeks.  It was completed by the weekend. 
Remarkable performance.
I also tried to transfer a few individual positions from an account my wife had forgotten about--literally forgotten about it when the firm was called Datek.  We moved, she didn't notify them, they lost us.  Nothing paid dividends so we didn't notice missing 1099s.
Anyway, it took about six months for that to get ironed out and moved to Fidelity.

troll's picture
Offline
Joined: 2004-11-29

I think it's very clear that doberwoman is a liar.

doberman's picture
Offline
Joined: 2005-02-22

Ok, the gist of my initial posting wasn't that an acat was delayed; but rather, that I showed up with my client at her old brokerage firm to clear up a problem. It was a first for me. Although, I'm sure other brokers have probably done the same.
But now, getting back to the acat. Not all my client's assets transferred over and she's on vacation. Wait & wait. She comes back. I tell her the problem. She calls the broker. "Problem will be handled", according to her old broker. Wait & wait. Call client. Client calls old broker. blah, blah, blah On and on...... I lose patience. I call client to set-up meeting with old broker. The rest you already know.
Of course, I have tried to keep this portion brief, because most of you have (or should have) better things to do.
**********************************
For those who have defended me, thank you.
For those who don't believe me, that's fine. You should question postings on these boards, if they pertain to your business.
For the others who call me liar (amongst other names), I ignore your postings.
(On the Motley Fool boards, there's an "ignore button" that you can click to automatically delete any future postings of any particular character. I think such a feature would be well served on these boards.)

troll's picture
Offline
Joined: 2004-11-29

DAtoo wrote:joedabrkr wrote: companyman wrote:I don't know the truthfulness of anyone involved here but I have heard a couple of folks at "single broker office" get togethers explain how it was perfectly legitimate to cancel the ACAT after you talk to the client "because they are confused and need some time to think about the mistake they are making."   They cancel the ACAT and push for the appointment so they can kiss and make up with the client.  Pretty sleazy, but true.ACAT's generally require a written request from the client for recission.
That is not true.  They can be canceled at the request of an officer of the delivering firm--such requests are NOT made unless the cancellation can be verfied with the client.Thanks for the clarification.  Lookie there, Putsy you made a productive contributions. See...I knew you could do it!

troll's picture
Offline
Joined: 2004-11-29

doberman wrote:
Ok, the gist of my initial posting wasn't that an acat was delayed; but rather, that I showed up with my client at her old brokerage firm to clear up a problem. It was a first for me. Although, I'm sure other brokers have probably done the same.
But now, getting back to the acat. Not all my client's assets transferred over and she's on vacation. Wait & wait. She comes back. I tell her the problem. She calls the broker. "Problem will be handled", according to her old broker. Wait & wait. Call client. Client calls old broker. blah, blah, blah On and on...... I lose patience. I call client to set-up meeting with old broker. The rest you already know.
Of course, I have tried to keep this portion brief, because most of you have (or should have) better things to do.
**********************************
For those who have defended me, thank you.
For those who don't believe me, that's fine. You should question postings on these boards, if they pertain to your business.
For the others who call me liar (amongst other names), I ignore your postings.
(On the Motley Fool boards, there's an "ignore button" that you can click to automatically delete any future postings of any particular character. I think such a feature would be well served on these boards.)

If an ex-client were to call me about an ACAT, I'd say the same thing as that guy, then I'd go back to what I was doing. I'm not paid to help people leave. Once the ACAT hits the system, they can fend for themselves. Not my problem.

Indyone's picture
Offline
Joined: 2005-05-30

DAtoo wrote:Indyone wrote:Guys, it happens...even when your paperwork is in order and submitted properly to the back office.  Ameriprise comes to mind as a B/D that I've had this problem with more than once.  I've gotten excuses such as the mail being slow and "we never received it" or "it apparently got misrouted" from back offices.  ING kept rejecting a transfer from a plan because it was missing the notary seal.  We finally figured out that they were receiving it in, scanning it and then shredding the original.  Because the notary seal was raised instead of colored, it didn't show up on the scan.  The second time this happened, a conference call resolved the situation, as ING decided to waive the requirement when confronted by my angry client.  You can think it doesn't happen, but it does...my former employer played all sorts of games to delay transfers.
But LPL doesn't?  They get their accounts transferred out with nary an objection?
I won't say they don't screw up a transfer because I don't have sufficient experience with outgoing transfers to pass judgement.  I would hope that they don't play games at least.  I have a strong feeling that Ameriprise has played games with me in the past.  When I was at my former B/D, I transferred an LPL account in and it came over fine.  Since I've left, I haven't transferred any accounts in from LPL and I've had exactly one leave me.  It was a direct position, so LPL had nothing to do with the transfer.  As near as I could tell, it went without a hitch.

troll's picture
Offline
Joined: 2004-11-29

Bobby Hull wrote:
If an ex-client were to call me about an ACAT, I'd say the same thing as that guy, then I'd go back to what I was doing. I'm not paid to help people leave. Once the ACAT hits the system, they can fend for themselves. Not my problem.
Tell me again, what are you paid to do?

troll's picture
Offline
Joined: 2004-11-29

DAtoo wrote:
Bobby Hull wrote:
If an ex-client were to call me about an ACAT, I'd say the same thing as that guy, then I'd go back to what I was doing. I'm not paid to help people leave. Once the ACAT hits the system, they can fend for themselves. Not my problem.
Tell me again, what are you paid to do?

I'm paid to sell financial products. That's it.

YHWY's picture
Offline
Joined: 2007-07-18

One would think an ex-(not former) BOM would know this, eh Bobby?

troll's picture
Offline
Joined: 2004-11-29

YHWY wrote:One would think an ex-(not former) BOM would know this, eh Bobby?
If they knew it they'd be doing it. That's why they're in mgmt. So they can't hurt anyone.

Please or Register to post comments.

Industry Newsletters
Careers Category Sponsor Links

Sponsored Introduction Continue on to (or wait seconds) ×