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Author: jscruggs Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76238  
Subject: Am I Ripped off by Merrill Lynch? Date: 9/22/1999 12:33 PM
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I have a 403b with Merrill Lynch (a 401k for non profits). Merrill Lynch offers a fairly expensive choice of mutual fund investments- most of which have a 5%PLUS load or hefty management fees on what they call "C" funds. Additionally each investment I make is charged a $5.35 "processing fee". Funds without loads are not available- unless you sign up for a plan giving you access to a few with a 2% management fee to Merrill . So they are in business to make a profit. I,personally, am trying to save for retirement.


Problem is this: Fidelity, Vanguard etc do not administer 403bs. But they will accept a "Transfer of Assets" from Merrill Lynch. I just plan to transfer assets from the account (nearly $50,000) to fund families like Fidelity and TRowePrice which have no load funds with reasonable fees. Does this make sense to anyone, everyone?







Should I just continually
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Author: pauleckler Big funky green star, 20000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 13997 of 76238
Subject: Re: Am I Ripped off by Merrill Lynch? Date: 9/22/1999 1:21 PM
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The plan you describe sounds expensive. But the key information is how are your Merril Lynch investments performing. If well, then the costs are not a problem. If medeocre or poor, its time to go shopping.

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Author: TMFPixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 14000 of 76238
Subject: Re: Am I Ripped off by Merrill Lynch? Date: 9/22/1999 1:50 PM
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Greetings, Jscruggs, and welcome. You wrote:

<<I have a 403b with Merrill Lynch (a 401k for non profits). Merrill Lynch offers a fairly expensive choice of mutual fund investments- most of which have a 5%PLUS load or hefty management fees on what they call "C" funds. Additionally each investment I make is charged a $5.35 "processing fee". Funds without loads are not available- unless you sign up for a plan giving you access to a few with a 2% management fee to Merrill . So they are in business to make a profit. I,personally, am trying to save for retirement.


Problem is this: Fidelity, Vanguard etc do not administer 403bs. But they will accept a "Transfer of Assets" from Merrill Lynch. I just plan to transfer assets from the account (nearly $50,000) to fund families like Fidelity and TRowePrice which have no load funds with reasonable fees. Does this make sense to anyone, everyone?>>


As you noted, both Fidelity and Vanguard will accept transfers from a 403b plan into a 403b(7) account. If the fund(s) you are considering with them or TRP have lower expenses and reasonable returnds in comparison to what you have with ML now, then it makes perfect sense to do the transfer. You just have to make the comparison of potential results to determine that, and only you can do so.

Regards..Pixy

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Author: tmackfool Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 14002 of 76238
Subject: Re: Am I Ripped off by Merrill Lynch? Date: 9/22/1999 2:01 PM
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I have a 403b with Merrill Lynch (a 401k for non profits). Merrill Lynch offers a fairly expensive choice of mutual fund investments- most of which have a 5%PLUS load or hefty management fees on what they call "C" funds. Additionally each investment I make is charged a $5.35 "processing fee". Funds without loads are not available- unless you sign up for a plan giving you access to a few with a 2% management fee to Merrill . So they are in business to make a profit. I,personally, am trying to save for retirement.


Problem is this: Fidelity, Vanguard etc do not administer 403bs. But they will accept a "Transfer of
Assets" from Merrill Lynch. I just plan to transfer assets from the account (nearly $50,000) to fund families like Fidelity and TRowePrice which have no load funds with reasonable fees. Does this make sense to anyone, everyone?


My 403(b)is with Fidelity. It is a 403(b)7 (I think that's the right number) so there is no loan provision - good! I want this money for retirement. None of the funds I can invest are charged loads. IMHO, you are getting ripped off.

Taylor

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Author: pauleckler Big funky green star, 20000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 14004 of 76238
Subject: Re: Am I Ripped off by Merrill Lynch? Date: 9/22/1999 2:51 PM
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TMF Pixy, I see you posted message no 14000 on this board.

I gather this means that you get awarded antlers.

When is the big ceremony?

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Author: hvyevy2 One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 14005 of 76238
Subject: Re: Am I Ripped off by Merrill Lynch? Date: 9/22/1999 3:56 PM
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I believe Valic, a div of American General, has 403(b) accounts. I work for a state university and my retirement account is with Valic. I am uncertain about charges, but you can access them on the web at www.valic.com (I believe this is correct. If not, contact me at stastny@uscolo.edu.
he2

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Author: TMFPixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 14006 of 76238
Subject: Re: Am I Ripped off by Merrill Lynch? Date: 9/22/1999 4:13 PM
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Pauleckler writes:

<<TMF Pixy, I see you posted message no 14000 on this board.

I gather this means that you get awarded antlers.

When is the big ceremony?>>


Actually, that only counts if it occurs on April 1. Thus, I get no ceremony or award of the golden antlers; however, I do get to ring the bells on my Fool's cap three times as a consolation prize. That's a definite improvement over my usual compensation of three dried crusts from 21-day-old Wonder bread. And I'm told if I keep up the good work, then I could earn my very own curly-toed slippers. The cheap kind without bells maybe, but hey -- that's still better than a poke in the eye with a sharp stick.

Regards..Pixy

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Author: pauleckler Big funky green star, 20000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 14019 of 76238
Subject: Re: Am I Ripped off by Merrill Lynch? Date: 9/23/1999 9:33 AM
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Congratulations, Pixy. Many happy returns.

I trust the Wonder Bread was slathered with Miracle Whip.

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Author: venny Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 14021 of 76238
Subject: Re: Am I Ripped off by Merrill Lynch? Date: 9/23/1999 11:19 AM
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I have a 403b with Merrill Lynch (a 401k for non profits). Merrill Lynch offers a fairly expensive choice of mutual fund investments- most of which have a
5%PLUS load or hefty management fees on what they call "C" funds. Additionally each investment I make is charged a $5.35 "processing fee".


Beware of MER!!!. The number "1" firm in size, in research & for fees. Whenever dealing with MER one must ask about fees, hidden charges & discounts. MER has so many products & hot air peddlers that they seek out those busy with their careers & who place their trust in MER because of their size & reputation. Reputation yes - for being honest & ethical but not for being competitive up to date & offer the best product. They will hold your hand but not be held accountable. So why pay high fees?

For your career go to:
http://www.geocities.com/WallStreet/6057

Take care of your money no one else will. For more on fees go to the web's most authoritative source for early retirement.

http://home.earthlink.net/~intercst/reindex.html
or
http://www.geocities.com/WallStreet/8257/reindex.html

Don't give negotiate, search, compare take action.

venny





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Author: tmackfool Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 14034 of 76238
Subject: Re: Am I Ripped off by Merrill Lynch? Date: 9/24/1999 10:59 AM
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I have a 403b with Merrill Lynch (a 401k for non profits). Merrill Lynch offers a fairly expensive choice of mutual fund investments- most of which have a 5%PLUS load or hefty management fees on what they call "C" funds. Additionally each investment I make is charged a $5.35 "processing fee". Funds without loads are not available- unless you sign up for a plan giving you access to a few with a 2% management fee to Merrill . So they are in business to make a profit. I,personally, am trying to save for retirement.

Read more about Merril Lynch ("We make money the old fashioned way - charging high commissions combined with advice to make you buy and sell often, after all, you are the one who pays the short-term capital gains tax"):

http://www.fool.com/news/1999/foth990923.htm

Yeeooooowwwww! I'm glad I've managed to say away from Merril!

hope this helps,

Taylor

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Author: SteeleyDon Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 15524 of 76238
Subject: Re: Am I Ripped off by Merrill Lynch? Date: 11/20/1999 2:29 AM
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tmackfool-
I have had a 403(b)7 with Vanguard for 6 years. They have one of the lowest maintenance and other fees and have a great selection of funds to choose from. I am also impressed with their philosophy of holding for the long haul.
youre surely being ripped off.
go to vanguards website and check out their numbers.

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