Transfer Block

[goillini52]

I'm preparing to write indexed annuity on client that has $250,000 with Edward Jones. He likes indexed product, so that appears to be good. The money is coming from Edward Jones. In the past I have found EJ to always put up a pretty good fight regarding these outgoing transfers. I had one stop a transfer to AVIVA stating the company was from a communist country or something to that effect. It was effective;scared the little lady.

Any advice on how to prep my client for this potential push back from the EJ broker. Some promote only moving $25,000 just to establish the relationship, go for more later.

I know you've calmed down now, but your very 1st sentence says you haven't written it yet.

Since when is England a communist country. The woman must've been stupid to believe that.

 

[Experienced Agent]

Can't help but wonder why such an "experienced agent" would ask this kind of question on the forum. Can't help but wonder if the experience is in another field.

Rick

I'm not sure exactly what "kind of question" you would have me ask. I've done many annuity sales in the past. Mostly seminar selling. I never really had the level of success in that arena that I felt capable of. I thought it might be wise to start fresh as I've begun conducting seminars again. Sometimes it makes sense to start with the basics. ex.. hitting off the tee as MLB players do.

This seemed like a good place to get some basic and advanced information. Should I PM you with future questions before I ask them?

You don't need to reply to that question, it is rhetorical. Having said all that, I do appreciate you (and some others) for policing the world wide web and so thoroughly putting me in my place. Its good to be chastised by my superiors
from time to time.

 

[jmhalvo]

That's helpful, I appreciate it. Its been a couple years since I've focused on annuity sales, so I'll take every bit of info I can get. I'm looking forward to more interaction on this forum

" in my exp, EJ may come back and say ______ to you. What would you say to them?"

Ie make her say her rebuttal out loud to you!

 

[DFW]

I'm not sure exactly what "kind of question" you would have me ask. I've done many annuity sales in the past. Mostly seminar selling. I never really had the level of success in that arena that I felt capable of. I thought it might be wise to start fresh as I've begun conducting seminars again. Sometimes it makes sense to start with the basics. ex.. hitting off the tee as MLB players do.

This seemed like a good place to get some basic and advanced information. Should I PM you with future questions before I ask them?

You don't need to reply to that question, it is rhetorical. Having said all that, I do appreciate you (and some others) for policing the world wide web and so thoroughly putting me in my place. Its good to be chastised by my superiors
from time to time.

It's going to be the death of this forum because there are a ton of skip jacks on here that reply with negative smart ass comments versus being helpful. It is really weird to me.

I would go over the American Equity red line green line piece with her and ask her which she prefers the red line or the green line. I would then tell her EJ is the red line and your solution is the green line. I would tell her that EJ spends millions of dollars a year training their reps to conserve the accounts because of all the fees and commissions they generate for EJ at your expense. Tell her you would be surprised if he/she didn't go all out to try and keep your account but you have to do what is best for you and not EJ...and that is the safe/green line solution that you have.

 

[taylormadetp]

The best way to get the Funds is to have the client write a letter and sign it...then fax to their Financial Office. They have 30 days to transfer funds. Or, you can get on the phone with them and help to push it through.

I seen a Fidelity case take a long time because it was a big account.

 

[Norwayguy]

The best way to get the Funds is to have the client write a letter and sign it...then fax to their Financial Office. They have 30 days to transfer funds. Or, you can get on the phone with them and help to push it through.

I seen a Fidelity case take a long time because it was a big account.

Very good chance the "Transfer Request" as you describe it could be found to not be in good order...So many companies require a signature guarantee not something you would normally fax somewhere.

 

[Experienced Agent]

Often times the slow down is a result of the transferring company trying to hold onto the funds as long as possible. They may intentionally lose paperwork or whatever means that exist to keep the money in their coffers. I try to get the signature guarantee when its easy to do so. Allianz does this automatically (upon request and a copy of drivers license) for their preferred agents. This can help speed things along.

These methods of slowing down the process sometimes end with the client wanting to back out because its too much hassle. This doesn't work with the more aware and intelligent clients, but for the older less informed population, it can be effective. Older people suffer from anxiety at a much higher rate than the population as a whole, this can be quite stressful for that group.