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Investing/Strategies / Retirement Investing
|Subject: Re: Loaded Funds, IRA||Date: 2/21/2011 12:24 AM|
|Author: op456op||Number: 68514 of 82002|
Everything you've heard to your post so far is spot on. I'd like to add a little:
First, call Vanguard - TUESDAY MORNING!! and explain your situation and desire to move your IRA to them. They'll help guide you what you need to do. It should just be a simple transfer form to move YOUR money.
If Vanguard sends them the necessary forms request they send it Certified, Return Receipt based on another comment here.
When you move your money, make sure you don't take possession of it. Make sure it goes from custodian (ML) to custodian (VG, TRP, etc). I would also suggest you don't let ML know you're going to move your money until you have something lined up. Just tell him you're still going over the information he's provided (or haven't had time to review it yet.
DON'T LET HIM PRESSURE YOU, IT'S YOUR MONEY. Even if he does become hostile he can't stop you. You may have to pay a transfer fee to move cash, but I'm not sure - somebody said you have 7 days without a fee. Even if it's $500, you'll make that up the first quarter at Vanguard! :)
Don't let him talk you out of it, be firm but courteous and committed to moving your money. If he gives you grief about it tell him you're going to discuss his actions with the SEC. You might want to record the conversation from your end and let him know and agree to it. Make it clear you're putting him on notice to move your money. Vanguard does this as a matter of course and is a good practice to protect both parties. As someone else suggested, a 3 way conference call is an excellent idea
But do keep it in money or you'll have all kinds of fees and loads to redeem and move your money.
You've gotten lots of good advice here, please heed it. Like others I've never heard of any problems w/Vanguard, but horror stories abound at the full service guys.
Keep us posted!
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