401K Rollover Training

[BNTRS]

Man you make that sound too easy .. Ever done rollovers from Fidelity?

A few times, but (those were for employees that retired from a company with a stellar HR department so they had everything when we first met

I did a 403b rollover that was at Lincoln that took over a year (no joke). It was a small rollover, so that helped de-motivate my approach to it. Client wasn't in any big rush to move it out either--he asked me a few times before I actually agreed to do it. The biggest pain there was in getting the employer to get us acceptable proof that he no longer worked for them.

 

[Norwayguy]

Man you make that sound too easy .. Ever done rollovers from Fidelity?

Weird I could swear that Fidelity rollovers have been some of the easiest I have done. I call Fidelity while with the client and provide the info on where the money is moving to and they cut a check direct to the carrier FBO the client etc.

Now getting money out of TIAA-CREF is like pulling teeth.

 

[VolAgent]

Weird I could swear that Fidelity rollovers have been some of the easiest I have done. I call Fidelity while with the client and provide the info on where the money is moving to and they cut a check direct to the carrier FBO the client etc.

Now getting money out of TIAA-CREF is like pulling teeth.

I heard that TIAA-CREF is where money goes to die? Sadly, most people don't realize that when putting the money in.

 

[Norwayguy]

I heard that TIAA-CREF is where money goes to die? Sadly, most people don't realize that when putting the money in.

I can't tell you the amount of times I'm on the phone with the client and TIAA-CREF and we have asked for the form to roll money to an outside firm and get the internal transfer form...The next call and 2 weeks go by and no form at all arrives. I'm just glad I don't have a lot of clients that have moved down from the University level to the public k-12 schools as dealing with TIAA-Cref more often would make me go bonkers.

 

[iceco1d]

I heard that TIAA-CREF is where money goes to die? Sadly, most people don't realize that when putting the money in.

Yep. In addition to them sending the wrong forms (like mentioned above), but they client has to call to re-request the forms again. I've called them and they are like, "Yep, we sent the wrong form. Sorry, you'll have to have the client call back and request it again." WTF? They ALREADY requested it, YOU screwed it up!

Plus, they try and talk the client out of the rollover on the phone, and try to make you (the advisor) out to be a dirtbag.

Then the best part...a lot of the TIAA annuity fixed accounts have a mandatory 10 year payout period! Other insurance companies take it on the chin for "horrendous surrender charges and long surrender periods" but these scumbags just flat out say, "sorry, you can only have 10% of your money per year, no matter what." They don't even give the client the chance to pay a surrender charge, they just say, "sorry, you can't have it."

Unreal. But hey, they are "Financial Services for the Greater Good" (my arse).

 

[BNTRS]

TIAA-CREF is one company I've never had the pleasure of working with (against?). As for making the client call, maybe I'm odd, but I'm neurotic about clients calling alone, as in I don't allow it. If the client is calling a company, I'm on conference with them.

I've had plenty of situations where paperwork needed to be requested by the client, and I was on the line with them. In fact, I do most of the talking, client is there because the company said he or she had to be.

 

[Norwayguy]

TIAA-CREF is one company I've never had the pleasure of working with (against?). As for making the client call, maybe I'm odd, but I'm neurotic about clients calling alone, as in I don't allow it. If the client is calling a company, I'm on conference with them.

I've had plenty of situations where paperwork needed to be requested by the client, and I was on the line with them. In fact, I do most of the talking, client is there because the company said he or she had to be.

I've dealt with them a couple of times and it drives me nuts that the print media fawns over TIAA-CREF. I have a client right now she wanted her money from TIAA the fixed annuity and there is no declining surrender charge (yeah) but he ONLY option is to recieve 10% of the account value for 10 years. How is that better than what is offered by the greedy insurance companies

I have no problem with calling for the forms I initiate the call and inform them they are on speakerphone with thier client. The client gives them the required info to prove identity and then ask them to speak to me, that is my standard practice with every company.

My other pet peeve is when a carrier will not answer a question on the phone but will mail out the value in a letter to the client.

 

[BNTRS]

I've dealt with them a couple of times and it drives me nuts that the print media fawns over TIAA-CREF. I have a client right now she wanted her money from TIAA the fixed annuity and there is no declining surrender charge (yeah) but he ONLY option is to recieve 10% of the account value for 10 years. How is that better than what is offered by the greedy insurance companies

A good marketing program can work wonders.

My other pet peeve is when a carrier will not answer a question on the phone but will mail out the value in a letter to the client.

Guardian pulled this one me a few times on life values. It also took them forever to get the information out. Was not happy.

 

[Franz Kafka]

Yep. In addition to them sending the wrong forms (like mentioned above), but they client has to call to re-request the forms again. I've called them and they are like, "Yep, we sent the wrong form. Sorry, you'll have to have the client call back and request it again." WTF? They ALREADY requested it, YOU screwed it up!

Plus, they try and talk the client out of the rollover on the phone, and try to make you (the advisor) out to be a dirtbag.

Then the best part...a lot of the TIAA annuity fixed accounts have a mandatory 10 year payout period! Other insurance companies take it on the chin for "horrendous surrender charges and long surrender periods" but these scumbags just flat out say, "sorry, you can only have 10% of your money per year, no matter what." They don't even give the client the chance to pay a surrender charge, they just say, "sorry, you can't have it."

Unreal. But hey, they are "Financial Services for the Greater Good" (my arse).

They are a non-profit which gives them right to do whatever they want.

 

[NMFNMDRT]

Fidelity is like taking candy from a baby.
I've never had any dealings with TIAA as of yet. By the sounds of it I will be leaving those alone.

Has anyone dealth with Pacific Life? They are dragging their feet quite a bit on a current case.