Business has been picking up lately. I think this is due, in part, to the new processes I have created. When I meet with a prospective client for the first time, I have a "track" to follow. Included in this track are three questionnaires. The first is a qualitative questionnaire asking how their parents handled money, what their goals are, etc. The next questionnaire is called "What's Important to You?," and the last is named "Conflicts of Interest." This has proven to be a concise way to determine if a good fit exists.
Transfer Frustrations
Last year it took three months to transfer a client's account from a particular brokerage firm to my custodian at the time (Fidelity). It should have taken about 10-14 business days since both firms are on the ACAT system (electronic transfers). Why did it take so long? It wasn't Fidelity's fault. It seems there were a lot of problems with the contra firm. The client finally called the other firm and raised a stink. Soon thereafter, the assets were transferred. I am currently in the process of transferring another account from this same firm to my current custodian (TradePMR) and it's starting to smell eerily similar. It's been about five weeks and still no assets. I wish I could tell you why.
Morningstar Office Edition Update
