EDJ 4 ever a thorn in my side

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indy 4 ever's picture
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Joined: 2008-06-18

I've been gone 4 years and yet EDJ can't let go. When I left several of my clients had life insurance with Protective Life so I transferred their policies to me at my new broker/dealer. Some time ago I noticed I wasn't getting the renewel statements. So I called Protective Life Insurance to ask what was up. First I get some no nothing response that I need to re file all the change forms. Wait, I already did that in fact I have several annual statements with me as agent of record. Then comes the truth EDJ summits a spreadsheet with my clients account numbers to Protective and they automatically change the broker/ dealer to EDJ without checking. The customers did not sign the request nothing. At this point I am outraged and about ready to strangle somebody. So Protecive tells me to send an email to their back office  and they will change back to me.Two of the policies are my own Term Life and my husbands term life. Well I used to sell Protective. In fact I even wrote several policies with my new broker dealer. No More.
 
PS any update to Thill v EDJ

Spaceman Spiff's picture
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Joined: 2006-08-08

Is that the stupid overtime lawsuit thing? 
 
Sorry about the Protective mess.  That sounds like it sucks.

ednomore's picture
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Joined: 2007-08-29

The protective situation is bad, but at least the agent of record can be changed. That apparently is not the case with Genworth. I asked Genworth what was required to change the agent of record on some LTC policies, and was told that it would not be done even if the client requested them to make me the agent. They told me it was their agreement with EDJ. It is sad when your own parents cannot be your client especially when they bought the policies from me,and health will not allow a company change. I don't know how it is even legal to have an agreement like that with an Insurance company. It doesn't make me a believer in "We do what is right for the client.

henryhill's picture
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Joined: 2007-08-23

With Genworth, the broker change nonsense is not just w/EDJ.  I have had clients want to transfer their GE ltc policy to me.  They can but the trails stay with the previous broker/agent. 

babbling looney's picture
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Joined: 2004-12-02

ednomore wrote:The protective situation is bad, but at least the agent of record can be changed. That apparently is not the case with Genworth. I asked Genworth what was required to change the agent of record on some LTC policies, and was told that it would not be done even if the client requested them to make me the agent. They told me it was their agreement with EDJ. It is sad when your own parents cannot be your client especially when they bought the policies from me,and health will not allow a company change. I don't know how it is even legal to have an agreement like that with an Insurance company. It doesn't make me a believer in "We do what is right for the client.
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They won't change the agent of record from EDJ, but you can be appointed as the servicing agent so you can ask questions about the policies and make changes if needed. 
 
You will need a notarized letter from your parents or clients requesting that change.  You won't get trails or any revenue but at least you will be getting copies of statements and the ability to "service" the accounts.

ednomore's picture
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Joined: 2007-08-29

Babs,
Thanks for that info. The person at Genworth that I talked to either did not know or did not care to tell me about that option. I had written several policies with Genworth over the years at EDJ, but I will not be writing any more with them or any other company that operates like that.

Broker24's picture
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Joined: 2006-10-12

It's not an EDJ thing. It's more an insurance company thing. And it seems that there is never one person at the insurance company that can help you with it, or give you the right answer. I have tried transferring policies INTO Jones, and met with the same resistance.

theironhorse's picture
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Joined: 2007-03-03

Maybe it is because these are clients of Edward Jones!  This is not new in any way shape or form.  If you were an agent at Principal, NY Life, or XYZ agency, and I mean a career agent, left, and tried to do an agent change, it is not happening anywhere.  I had the same thing with Protective when I left Jones, but at the end of the day, Jones, as well as Protective, legally views them as Jones clients.  And as Broker24 mentioned, you can literally spend an entire day calling 10 different paople at the insurance compnay getting different answers each time, and nothing will ever be done.
And this is based on experience.  I was an agent with Principal, went to Jones, and am now independent.

ednomore's picture
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Joined: 2007-08-29

If EDJ or other firms have this arrangement with Insurance companies, both the FA, and the client should clearly be made aware that they have no choice in the actual agent of record in the future.

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