Replacing Annuity Through Edward Jones

[Tahoe Ray]

What is an LOA?

This message was too short.

Letter of Acceptance.

 

[Newby]

Letter of Acceptance.

Thank. That makes perfect sense.

 

[Norwayguy]

Yes. My guard was down on this one because she actually called in to me. She was a current FE client and called me and had a lot of money IN the market and definitely wanted to roll this smaller but pretty substantial amount OUT of the market.

I didn't foresee ANY problem because she was very set on getting it out of the market and wanted to do business with me. The guy literally shelved the paperwork for weeks and kept calling her and getting no where. Then door knocked her and wasn't successful until the 2nd attempt at that.

She caved and is basically convinced that a variable annuity and fixed indexed annuity are the exact same thing.

If I would have been more proactive (like you just said) it would have gone much better.

I almost always included a letter of instruction from the client specifically stating her mind is made up that she does not wish any conservation efforts to place them on the companies do not call list and that she expects them to act on her instructions immediatly and that she would excerise all of her options in regards to any losses in her account due to their delay in acting on her written instructions.

 

[NickH]

You must have filled out the ppwrk out incorrectly. if it's a PL Annuity, all you have to do on the tfr/1035 ppwrk is use the PL info (contract info, never EDJ info). If you do an Acct tfr from EDJ, yes they will be notified and they often will go back to the client and say how horrible the product/program they are moving to is. If it's an IRA, i highly reccommed that you have an acknowledgement letter signed by the client knowing what they are about to do on their own free will and have them liquidate everything and have the check mailed to them. After that it's a simple rollover.