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Author: souzaej Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 19403  
Subject: Brokerage Date: 7/14/2000 5:43 PM
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My dilemma is finding a broker that will let me set-up an IRA & make automatic redemptions every month for income purposes. What I am running into is that most services, Like Amex, do not have this feature, they want you to call them & then they will send you a check. This is very inconvenient to do every month. Can anyone recommend a service that they use which has flexibility with this?
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Author: bwhiteclu Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 4508 of 19403
Subject: Re: Brokerage Date: 7/14/2000 6:09 PM
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My dilemma is finding a broker that will let me set-up an IRA & make automatic redemptions every month for income purposes. What I am running into is that most services, Like Amex, do not have this feature, they want you to call them & then they will send you a check. This is very inconvenient to do every month. Can anyone recommend a service that they use which has flexibility with this?

Charles Schwab will send an ACH transfer to your bank account on the day you specify each month or each quarter, or on demand. I imagine most online brokers will do this although I have not checked.

Of course you would have cash or MM Funds in the account for them to draw from. They will not make a decision for you as to which investment to liquidate if you are fully invested. Most people would put one year's withdrawals in a MM Fund and then replenish it once a year.

Alternatively, you could move everything to a single Mutual Fund account and sign up for a systematic withdrawal with the fund company and they would do the same thing.

Bob

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Author: billjam Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 4510 of 19403
Subject: Re: Brokerage Date: 7/14/2000 6:49 PM
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I believe Fidelity offers this option.

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Author: JCorthell One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 4511 of 19403
Subject: Re: Brokerage Date: 7/14/2000 7:40 PM
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souzaej

Vanguard has been sending funds to my checking account every month for the past 18 months. The amount of the monthy transfer was set up when the account was established. I think it is about time to give myself a raise.

Vanguard will calculate the yearly minimum distributation required, if you want them to, for those that are over 70 1/2. Vanguard has a large selection of investment options that are very low cost.

There is no cost for the automatic distribution service. For more information go to: http://www.vanguard.com

Jim



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Author: souzaej Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 4512 of 19403
Subject: Re: Brokerage Date: 7/14/2000 10:10 PM
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Bob, Bill, Jim, thanks for the prompt replies. Amex was my number one choice because they will waive all fees if you have 100K or more in your account, but they told me that automatic redemption is on their "wish list", but they're not there yet. I also considered Ameritrade, as they have been rated as having the best selection of high performing mutual funds out of all discount brokers, but again no automatic redemption. I was very surprised at this on both accounts.

I agree Bob the best thing to do is set some cash aside every year to draw on. I will look into those options & keep checking with some of the others.

Thanks,

Ed

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Author: adsach Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 4586 of 19403
Subject: Re: Brokerage Date: 7/24/2000 5:05 PM
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RE: >>>Amex was my number one choice because they will waive all fees if you have 100K or more in your account, but they told me that automatic redemption is on their "wish list", but they're not there yet. <<<

I have been using Automatic (monthly) redemption with American Express Financial Advisors for 2 years, so it can be done - I WOULD NOT RECOMMEND IT. They will only allow me to be 100% in Bond funds. I have lost a lot of money having so much in bonds. I am moving this Substantially Equal Periodic Payment account to Charles Schwab this month and taking responsibilty to maintain a sufficient amount of cash for the automated distribution to process each monthy. Nothing wrong with having a little bit of 'cash' in a government bond fund anyway.



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Author: sethk Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 4587 of 19403
Subject: Re: Brokerage Date: 7/24/2000 8:12 PM
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Question on Amex account. Once you've established an account with Amex by depositing their minimum, what fees are waived? Buying & selling all listed stocks? Limit as well as market orders? Market & limit order on options? Can all trading be accomplished on line? How does their site and features (eg. buy/sell spreads, stock volume by TIC, 15 min delay stock prices, portfolio customization, research, charts, etc. etc.) compare to Schwab or Fidelity? Thanks. seth

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Author: adsach Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 4597 of 19403
Subject: Re: Brokerage Date: 7/25/2000 5:30 PM
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Question on Amex account. Once you've established an account with Amex by depositing their minimum, what fees are waived? Buying & selling all listed stocks? Limit as well as market orders? Market & limit order on options? Can all trading be accomplished on line? How does their site and features (eg. buy/sell spreads, stock volume by TIC, 15 min delay stock prices, portfolio customization, research, charts, etc. etc.) compare to Schwab or Fidelity? Thanks. seth

Seth,

My experience with American Express Financial Advisors is the kind of story that companies like Charles Schwab love to tell about FULL-COMMISION brokers. I don't really understand their offerings, I never use there services, for some reason my choices are limitted by my SEPP-IRA to 100% in AXP low-grade bond fund, the one time I sold 10,000 shares of stock they charged hundreds of dollars in commision. In 2 years of withdrawing assets at 8% annual rate my principal has declined by about 12%, compared to a growth of 120% in the amount I manage myself and admittedly don't take anything out of.

I am filling out paperwork to do a transfer of account to Charles Schwab tomorrow.

In one sense, I didn't answer your questions, but at another level I hope I did.

Ad Sach

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Author: dan2 Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 4600 of 19403
Subject: Re: Brokerage Date: 7/26/2000 8:12 AM
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Question on Amex account.
With a minimum of a $100,000 account, American Express offers free on line trading in all listed stocks up to a maximum of 3000 shares at a time.

There are no commissions on either limit or market orders, however they allow no more than 40 free trades per month.

There is a fee for option trading.

In the few price comparisons that I have done by issuing market orders at the open, they have been no better or worse than the other on line brokerage firms I have used. When I issue a limit order to buy or sell at a certain price or better, I sometimes get a better price than the limit.

If you have need to speak to a broker or customer service representative, it is usually much faster to reach someone at American Express than at Schwab.

Dan



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