I'm finally ready to go it alone and leave my stock broker; would appreciate info. about which on-line trading company offers the best place to house my IRA's. What has been your experience in transfering IRA's from one company (stockbroker's) to another, esp.as regards fees for both transfer and management.
Fees and fees: MLynch has $50, close out fee. The big broker houses have big overhead, so big fees. I`m closing a ML acct. now. It dates back to 1983, and it took some real time to close out a real estate deal.I cleaned out of ML in 1997, and went to Waterhouse [the account was previously opened in 1994]; also was an IRA and other rollover stuff that went to Janus. I signed their forms and let them do the work. People move back and forth, it is an easy function for them. Your broker will have a `fit` and come up with all kinds of info on you being wrong...ML gets upset when a customer takes HIS money out. THEY LOSE CONTROL OF YOU. That`s a no-no in the business. They say "there`s always more grass [money] to cut. Yours not theirs. Think of yourself first! Good sailing.
<< What has been your experience in transfering IRA's from one company (stockbroker's) to another, esp.as regards fees for both transfer and management. >>The process is painless, and the new custodian will do the leg work. Your old custodian's fee should be in your paperwork. There are plenty of custodians who don't charge annual fees for maintenance.TMF ExROPhil Marti
Amex did the same thing to me when I closed out two IRA's and rolled them into janus. Total fees for closing the two accounts - over $160. That was on top of an annual maintenance fee and a %5 front-load per transaction. Ouch..........rdf
One more experience:We're in the process of transferring all accounts from Edward Jones to Fidelity. EJones charges $40 to transfer an IRA AND, on top of that, they charge you whatever their standard annual maintenance fee is, even if that fee isn't due on said account. IOW, if you usually pay the fee ($30 with EJones, $15 for the second IRA) in January and move the accounts in May, they subtract another 'annual' fee. This is their own interpretation of their fine print. Buyer beware...Apart from such 'surprises' the process is seamless--do your paperwork right in the first place, keep copies of everything, and you should be fine.kse4
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