[quote=MJ][quote=Spaceman Spiff]Yep, you’re correct.  I find it a bit strange that at a time when we are bringing in 8 accounts for every 1 we transfer out (stat from a Seg 5 friend of mine) it becomes necessary to raise those fees.  Weddle says that it is because we provide such personal service to our clients and because there are so many steps and people involved in closing those accounts and preparing the tax records at the end of the year that it is a great value for our clients to be charged close to what is the industry average.  I find that statement to be a bit, um, shady.  I don’t often say something like that about Jones.   

The FA working in my office transferred a Smith Barney (maybe Merrill?) account a few months ago. There were separate brokerage accounts set up for each of 8 529’s for his grandkids (among a few other accounts). Not sure why, since 529’s are all held at fund families - he could have had them all linked to one account. Point is, it cost him $90 PER ACCOUNT to transfer them. So yes, it cost him $720. Our FA told him to find out the cost in advance, which he did, and the guy still wanted to transfer.

Ya my guy paid $700 bucks for 4 accounts. Thats not necessary. I’m still trying to figure out why the client has to pay the crappy advisor, to move to a good one.

How can these firms even start to justify the fee.  It’s a cheap shot to their clients.  How can one firm charge $35 and another $95.  I guess the 95 fee is from a much more talented paper pusher.

Ya my guy paid $700 bucks for 4 accounts. Thats not necessary. I’m still trying to figure out why the client has to pay the crappy advisor, to move to a good one.

You can’t tell me the back office costs have gone up in a deflationary environment. This move by Weddle reeks of protectionism.

This
could be my cynicism but his weekly “corner” and FA feedback forums
have taken an increasingly aloof tone and defensive tone, dismissing
any criticism or critique of him & firm practices.  I wonder if the
market, cost cutting, and bonus brackets are not taking a toll on him.

[quote=MJ]Ya my guy paid $700 bucks for 4 accounts. Thats not necessary. I’m still trying to figure out why the client has to pay the crappy advisor, to move to a good one.

If you have some warm EJ clients, give them a quick call and this may move them on over to you. I like changes for everyone else. Makes life here a little easier.

[quote=hotair1] [quote=MJ]Ya my guy paid $700 bucks for 4 accounts. Thats not necessary. I’m still trying to figure out why the client has to pay the crappy advisor, to move to a good one.

[quote=Moraen] [quote=MJ] [quote=hotair1] [quote=MJ]Ya my guy paid $700 bucks for 4 accounts. Thats not necessary. I’m still trying to figure out why the client has to pay the crappy advisor, to move to a good one.[/quote]

Two people like what?

I have heard that some FA’s left Jones and transfered most of the account but left a minimum ($5) to keep the account from closing. This would leave the next FA in that office having the closing charge applied to their P&L.

[quote=Moraen] [quote=MJ] [quote=hotair1] [quote=MJ]Ya my guy paid $700 bucks for 4 accounts. Thats not necessary. I’m still trying to figure out why the client has to pay the crappy advisor, to move to a good one.[/quote]

?



You must have loved this “Windy” character, to be projecting him on other people. You could atleast pick someone worth a crap. Warren Buffet, Bill Gates, or hell even Ron Jeremy.

Remember that time you and Axl Rose wooed that crowd together at the county fair?

I’m seriously…

Hey Windy!  Thought you’d left.  Posting from your Blackberry as you doorknock today?

3rd,  Just to be fair to Windy.  He only get 250k rollovers via door knocking so he switched to cold calling which was more effective for him.

I feel very welcome to this forum, thanks to this Windy dude. Not sure what he did or what happened but I’m sensing you don’t like him.

Methinks he doth protest too much.