If a client is being a pain in the ass can you transfer and ship their assets to the firm of your choice? Do you need their permission?

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Posting as :
works at
You are currently posting as works at

May be easier to shitslam them in a VA and then change the rep of record or take your name off of it.

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Similar experience to Kingsview above. Sounds like not your ideal client. Maybe they could be better served by another, newer FA... a win-win-win. Talk to your RL & ask about GK program or look up Assets & Office Sharing in directory. Newer FA can cut teeth on these types of clients to learn how to deal with the difficult ones, those who ignore your advice (but still blame you for the results), conspiracy theorists, etc. Then when (new) FA ends up with a whale, s/he will be more polished and confident. Better to fall on your face with the clients you'd rather not have on your book than the ones you hope to help for years to come. But as long as they remain your client, give them world class service. If you don't you risk complaint on your record.

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I had a wretched client last year (another inherited hassle). She had some double-short ETF or something insane (how she even got it, I'm not sure). Anyway, she was awful to deal with. She wanted to sell her position (her idea, though obviously I wasn't going to disagree). I took the order, and told her it was probably in her best interest to find another firm to deal business with as I wouldn't accept another buy order from her. She kept the money in cash and never called again. Last I saw she still had the money in mmkt. Moral: Take their sells, don't do anymore buys, and let them get the hint. Always be polite, but short as you don't want that person taking up time in your day.

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If someone is truly awful and deserves to be fired, please don’t dump that onto a new advisor. It’s tough enough at EJ without getting crap dumped on you that raises your production standards. I was very lucky to have started at a point when scratch start was still possible (got that Zeke McIntyre Pioneer Award), but I heard from other newer advisors some horror stories, and I wondered how some of the vets could be so cruel... sigh. It’s not a win-win-win if it’s crap. Crap is crap no matter what pile it’s on.

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So just stick with the A or B shares and then just wait for them to leave?

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No. If you are RIA, you can simply fire them (in compliance with the terms of your advisory contract). If B/D, you can fire them and have them transferred to another RR or a House Account. I also recommend not acting in a way that will aggravate them, since client firings are complaint prone enough.

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At Jones, they have a compliance procedure you need to follow. I fired two clients while working at EJ. One made my BOA cry and had been really verbally abusive, the other for gross sexual harassment. Compliance didn’t give me any problems and sent me permission and the template letter.

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Goodnight them to another advisor

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As an RIA that uses TD as our custodian, we will provide the client with notice that we are terminating our agreement and they must find a new home for the assets. Should they not comply in the time frame laid out we have their account move to the TD Retail side on the termination date.

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