Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
I have my brokerage accounts with Morgan Stanley Smith Barney and I want to move to another brokerage firm. I'm not sure which one yet. Does anyone know, or know how I can find out :

What are the rules about switching a prototype Smith Barney, or Morgan Stanley Smith Barney, Sole Proprietor 401K plan to another brokerage firm?

I have my own business and have a One Person, Sole Proprietor 401K Plan at Morgan Stanley Smith Barney. I was with Smith Barney when I opened it and they sent me their Template 401K Plan Adoption Agreement to use to create my 401K Plan for my business. At that time I had an Attorney/Accountant Review it for me when I set it up to make sure I did everything correctly. It is currently set up as one 401K plan but with 2 accounts under it, a Simple 401K and a Roth 401K, both under the same 401K Adoption Agreement. Smith Barney created all of the original 401K document templates that I used to set up my Simple 401K and then notified me when I could also open the Roth 401K under the same 401K Plan Adoption Agreement and I chose to do that also.

Do I have to create a new 401K Adoption Agreement at the New Brokerage Firm?

Do all brokerage firms have their own 401K Adoption Agreement for me to create and move my 401K assets into?

Which are the better Brokerage Firms to help me do this? I want to make sure it is done correctly and the Brokerage Firm I move my 401K to has knowledgeable, reliable people to make sure everything is set up correctly. I also have other Brokerage Accounts I would be moving at the same time, but my biggest concern is what I need to do to move my Sole Proprietor 401K plan which was created using the Smith Barney Adoption Agreement.

Any recommendations on how to do this or how to find out how to do this and which would be a good Brokerage Firm to switch to would be greatly appreciated.

Thanks for any information and suggestions on how to do this.
Shari
Print the post Back To Top
No. of Recommendations: 0
I had all of my brokerage accounts with Morgan Stanley in the early 90's, but switched to Fidelity. Personally, I perfer either Fidelity or Vanguard. I contacted Fidelity...they sent me the paperwork to have the accounts transferred and they took care of the rest. No pain, no snags, no stress. I am sure Vanguard has the same process.

If you have any other questions, the are more on this Board who can aid you.

Donna
Print the post Back To Top
No. of Recommendations: 0
I was wondering why do you prefer Fidelity and Vanguard, especially since they started as mutual fund companies. It sounds like you are saying they are good for other brokerage services also. I will check with Fidelity and see what they say about the procedure for moving my Sole Proprietor 401K and other accounts there and what their expenses would be for account maintenance and trades. Thank you for your advise.

Shari
Print the post Back To Top
No. of Recommendations: 0
Fidelity has a brokerage division. They claim to be the largest discount broker. I use them, and find them very capable. No complaints. And yes, they do care about your business and try to keep you happy.

Most people do most things with Fidelity and Vanguard over an 800 phone line or over the internet. That works quite well, but Fidelity also has offices in major cities. That means you can go meet with them face to face if the paperwork gets complex or you need more information. They also offer seminars on a variety of investing topics at their offices (as well as webinars for the rest of the world).
Print the post Back To Top
Advertisement