This is my last InvestmentNews column. I hope you’ve enjoyed reading about some of the situations I encountered with my clients. I thought that in closing, I would write about an interaction not with a client, but with my custodian.
I'd been managing an investment account for my own donor-advised fund, and I decided to shift the DAF to a new sponsoring organization. After transferring the bulk of the money to the new sponsor’s account, I discovered a small balance in the old account, apparently from an accrued interest credit, so I transferred that as well. Then things got complicated.
Initial message from me (via in-house mail):
SUBJECT: Status of an Account
TO: Support Team
DATE/TIME: 11/15/21 10:10 AM
Would you kindly close this account:
[DAF account name and number]
Thanks.
*******************
SUBJECT: Status of an Account
FROM: Support Team
DATE/TIME: 11/15/21 10:56 AM
Good morning,
This account still has a balance remaining in it. We will be happy to close the account once the account is flat.
Have a great day!
Specialist, Advisor Relations
*******************
SUBJECT: Status of an Account
TO: Support Team
DATE/TIME: 11/15/21 11:55 AM
Hi again,
I transferred 6 cents out of this account the other day because that was the "cash available" amount showing on your system. The system let the transfer go through.
Now I see a 5-cent debit balance on the account. I assume that's what you're referring to?
I don't know how to clean that out. I'm no longer involved with this client [the old sponsoring organization] or their accounts. Can you reverse 5 cents' worth of the last transfer? That would fix everything. If not, can you wipe out the deficit so we don't have to spend more time on this?
Thank you.
*******************
SUBJECT: Re: Status of an Account
FROM: Support Team
DATE/TIME: 11/24/21 01:43 PM
Hi Michael.
It appears that the standing instruction only allows for Advisor withdrawals, so the client will need to deposit the .05 to flatten this account.
Specialist, Advisor Relations
*******************
SUBJECT: Re: Re: Status of an Account
TO: Support Team
DATE/TIME: 11/26/21 10:02 AM
Hi — the client is now a former client, having requested and received a full transfer out of their account. I transferred the amount that your system said was available to transfer and allowed me to transfer; don't know why that turned out to be 5 cents too much, seems like a system glitch. In any case, I'm not going to go chasing after the ex-client for 5 cents. If you can't make the shortfall go away, please give me a preferred mailing address and the next time I get a nickel in change I'll mail it in to you for credit to this account. Thanks.
*******************
SUBJECT: Re: Re: Status of an Account
FROM: Support Team
DATE/TIME: 12/07/21 02:09 PM
Hi Michael,
Our preferred mailing address is:
[Custodian name and address omitted]
Thank you for your time,
Specialist, Advisor Relations
*******************
12/10/21, by USPS mail
Dear Folks,
Per your request, I am enclosing 5 cents for deposit to account [number and name omitted].
Kindly close the account. Thank you.
Michael Broad
*******************
Received 12/20/2021, UPS Express - Next Day Air
Letter dated 12/17/21
RE: We Are Unable to Accept Your Check For Deposit
Dear Valued Client,
We have received the following check that you sent for deposit into your account ending -XXXX:
Check Number: N/A
Check Amount: $0.05 CASH
Unfortunately, we are unable to make this deposit because Cash is not acceptable for deposit.
We are returning your check (enclosed) to you.
Please contact your Advisor to resolve this issue promptly and determine the best way to make this deposit. When you do, please reference case file number XXXXX. We will do whatever we can to expedite this deposit once the matter has been resolved.
Sincerely,
*******************
Enough fun. I picked up the phone, called an adviser relations specialist and related the whole story. I got a chuckle out of the rep and a promise to see what could be done.
About a week later, $0.05 appeared in the account. and the account was closed.
Thanks for reading!
Michael Broad is a financial planner and investment advisor in Newton, Massachusetts.
Wells Fargo adds two bank-channel recruits, UBS lands a JPMorgan Chase veteran, and a multi-family office lifts Atlas past $1B
“The state comes down on you in years when you make 40% returns for clients,” said Bill Swayne, the advisor and son of Candace Swayne.
The Independent broker-dealer giant has had “active conversations” with the Claude maker, which is days away from its expected IPO
For Gen X clients entering life after work, answering the financial question isn't enough to solve the entire retirement equation.
Tools from Grantd, Income Lab and Healthspan Wealth aim to keep RIAs involved in clients’ biggest money decisions
Growing wealth, evolving priorities, and untapped opportunities are reshaping how women approach long-term investing.
Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.
