Transfer Block

[Experienced Agent]

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.

 

[KRobby]

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.

Depends a lot on what products they have at Jones. At least that's the angle I enjoy to pursue.

 

[Experienced Agent]

The client has mutual funds. Ten different funds mixed between stock funds and bond funds.

 

[Norwayguy]

The client has mutual funds. Ten different funds mixed between stock funds and bond funds.

More important is are the funds in a brokerage account? The number one reason for the brokerage account is any selling must be done through the Broker ie control.

 

[Newby]

They will definitely put up a fight. I had one last year that got a $350,000 case canceled out on me after the app was in. He door knocked her 5-times. Front door, back door, patio door...he wouldn't let up until he finally convinced her that a Variable Annuity is the same thing as a fixed index annuity.

The lady was a call in to my office and wanted out of the market. She had a bunch of mutual funds at Ed Jones and hated the way things had gone. Wanted part of her money out of the market. I trusted that she was rock solid because of what she was saying and how she approached me.

He did a great job of wearing her down and making her feel guilty for leaving. He convinced her that the Variable Annuity had no market risk at all.

If I had that one to do over, I could have wedged him right out. Be ready for them. They are door knockers!

 

[KRobby]

The client has mutual funds. Ten different funds mixed between stock funds and bond funds.

Probably American Funds? Good fund company but highlight the losing years, either they want that or they don't. Everything Newby said is dead on (accurate) in my experience. Actually easy to rebuttal but they are persistent and make the clients feel guilty, as if they were trained to do so.

 

[Experienced Agent]

More important is are the funds in a brokerage account? The number one reason for the brokerage account is any selling must be done through the Broker ie control.

Yes the funds are in a brokerage account

 

[Tahoe Ray]

Probably American Funds? Good fund company but highlight the losing years, either they want that or they don't. Everything Newby said is dead on (accurate) in my experience. Actually easy to rebuttal but they are persistent and make the clients feel guilty, as if they were trained to do so.

Solid idea, however, you can probably do that because I'm guessing that you're securities licensed. Most on this board are not and probably shouldn't be pointing out anything relative to a specific mutual fund.

 

[Experienced Agent]

Thank you, I'm not securities licensed. I'm not interested in throwing technical data at the client. Instead, I'm interested in strong pre-emptive phrases that would be impactful to the client. Surely, members of this forum have been in this situation and established a handful of such powerful phrases?

 

[Norwayguy]

Thank you, I'm not securities licensed. I'm not interested in throwing technical data at the client. Instead, I'm interested in strong pre-emptive phrases that would be impactful to the client. Surely, members of this forum have been in this situation and established a handful of such powerful phrases?

Are you interested in never having to worry about you account balance decreasing due to a market retraction? Would you be interested in earning interest based on a portion of the markets positive performance? Does your account as it stands today accomplish those goals? What would you like to do to correct that?