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Author: ZBar Two stars, 250 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75831  
Subject: Re: self directed IRA Date: 9/9/1998 12:35 PM
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<<I have an IRA rollover from a 401-k. Both are/were with T R Price. I have 3 equity funds. The forms to convert to self-directed IRA says I cannot transfer my funds (to their discount brokerage). I must first cash out what I want and place it with their discount bokerage which will go into a money market fund. Of course, I could then buy those same funds through their broker. This doesn't make sense to me. Question: Can I make a direct transfer to another broker of part of an IRA or do I have to transfer all of the IRA (to another broker)? Also is this their house rules or an IRA rule?>>

I had a self-directed IRA with T Rowe Price. I just had to start a brokerage account and link to a money market account (Prime Reserve) set up wtihin my IRA. I could not link a stock mutual fund account to the brokerage account. So, yes you would have to sell some of your (stock) mutual fund and have the proceeds go to your money market account to have the money available for your self directed IRA.

I moved to a deep discount broker (Scottsdale) to take advantage of lower commissions. Now I only pay $7 per trade where before I often paid about $100.

Z-Bar
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