Well, I've been sending out switch letters separate, because I forgot to do these. Client DK called today asking what this was. I told him it was the fund fees he could expect to pay and I asked if Beverly had discussed this with him? He responded No. He even mentioned since he's had his account there for 10 years he didnt know about 'the fee'. (Note: I guess he didnt look at his statements.) He also said that he was reading somewhere and the Roth IRA Conversion wasn't for everyone. (Note: duh?) I told him, well, I'm not sure what you discussed with Beverly, but like most things in life, one thing isn't for everyone. It's a case by case situation.
I forgot to mention this last week, but Client MJL called asking for cost basis. She's a very nice lady (Note: last Friday she was not) and a motivational speaker. In the last 4 years that she's had an account with Boss, she asked me why are they using the Federal Tax Free Income Account as a Money Market Account? Apparently, they had transferred their ING Direct Accounts to the Federal Tax Free Income Account to take take advantage of the tax free interest per Boss. She was unaware that they could lose money. (Note: doh!) She was a little upset, because they had just sent 18k a few months ago and got tagged for the 4.25% sales charge. What is worst, each time they sell out of the fund to pay for expenses creates a taxable event (ie. 1099-B transaction.) She was not aware of this. Gawd, I wonder what exactly is Boss saying to these people.
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