OMG I am so dead, and to no fault of my own. I have a client that wanted to roll over his 401K in to an annuity and receive 10K back, prior to my initial meeting with him I contacted the Insurance company and spoke with SEVERAL people and each support rep stated that this would not be a problem so I went ahead rolled over the funds to the Insurance company with a detailed cover letter explaining what needed to be done for my client so I am waiting for my client to receive his 10K well it's been a month this guy is getting pissed and I can't blame him.
I called the Insurance company they issued the policy and now they say that they can't give him his own 10k that they only refund up to 50% so I stated that I made this very clear BEFORE I submitted the application and spoke with 5 diffrent people and everyone said it would be fine. So I asked if they would just cancel the whole dammed thing and give him his entire 401K funds back, they said yes if they get a letter from him stating that he wants to cancel plus they want me to pay the overnight fee for the check when this is there fault!!!!! So now I have to explain to this man who desperately needs his OWN 401K money and is expecting a check in the mail today that it is not coming. And who looks like idot here me, because I represent this friggin company, he is going to get on my ass, I look incompitant
Stone, I'm sorry to hear about this. Did you log your conversations with the insurance co. reps in your business diary? Follow-up your phone conversations to the reps with a short fax confirming your understanding of what was said?
This may not help but I've found that going higher and higher in a company nearly always gets the results I want. It may seem ridiculous but I've called the Presidents, V.P.'s and regional V.P.'s of huge companies when I couldn't get satisfaction from the front line staff. Take their time from them because that's what they consider valuable--once I left 3-5 minute long detailed voice mails for the assistant of a regional v.p. and got results. Maybe that would work for you. Keep calling them, going to a higher person each time and explaining in detail what happened and don't give up. Pretty soon you get to a person making hundreds of dollars an hour that would rather pay to fix the problem than spend (waste their) time dealing with it.
"Never give in, never give in, never, never, never, never—in nothing, great or small, large or petty—never give in except to convictions of honor and good sense." Winston Churchill
Well I talked to the New Business Supervisor and she is going to overnight his money back to him, they apoligized alot but I still lost the client and the commission
It cost me one months salary.... This is the only sale I had this month due to being so far in my pregnancy The company I was representing is the 4th largest company in the world.. and they can't get there crap togeather!!!
I think you should have completely explained the entire situation to your client and he may have understood and appreciated all the effort you put in, otherwise he's going to be left with the impression that YOU were the incompetent one.
I experience similar situations, when I am selling homes and there is a date for the buyer's loan to fund and for the seller to finalize things and vacate the premises - if something goes wrong and I have done everything on my end and then some - guess who gets the finger pointed at!
Also, if I am providing a loan for someone and they want the money on the day that it was expected for the loan to fund, but something goes wrong and things get delayed, again I get blamed, and these are emotional people - they have all these plans to spend their money on or movers scheduled for the moving etc. and each day of the delay is a nightmare.
I think if you explain everything to your client, providing dates and conversations you had with the various reps, and sincerely show your concern, he will forgive you and understand....I hope! It works for me and I even end up getting referrals. Don't get defensive, stay professional and let him know about all the work you put in and the fact that you had to rely on others who were misinforming you about what needed to get done...
__________________ I not only use all the brains I have but all that I can borrow. - Woodrow Wilson Don't hate me because I'm beautiful!
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So now I have to explain to this man who desperately needs his OWN 401K money and is expecting a check in the mail today that it is not coming. 
Don't you hate it when other people don't take the time to do their job right, and it causes you extra work!?
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