UnThreaded | Threaded | Whole Thread (6) | Ignore Thread Prev Thread | Next Thread
Author: ShiningStar109 One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 74759  
Subject: Moving Sole Propietor 401K to another Brokerage Date: 4/7/2012 11:17 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
I am 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 a 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. 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 documents for the 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 on how to do this.
Shari
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post Back To Top
Author: AndrewXnn Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 70495 of 74759
Subject: Re: Moving Sole Propietor 401K to another Broker Date: 4/7/2012 2:12 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
I recommend first talking with a rep of the broker that you are interested in. Here is a comparison of various brokers:

http://www.fool.com/how-to-invest/broker/fullcompare.aspx

Originally, I had my accounts with Brown & Company.
but they were taken over by E*trade.

Vanguard is also good for Vanguard funds, but is not a typical broker.

Print the post Back To Top
Author: AndrewXnn Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 70496 of 74759
Subject: Re: Moving Sole Propietor 401K to another Broker Date: 4/7/2012 2:19 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
This link lists the fees for trading at Vanguard; they are dependent on account size:

https://personal.vanguard.com/us/whatweoffer/stocksbondscds/...

Print the post Back To Top
Author: aj485 Big gold star, 5000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 70504 of 74759
Subject: Re: Moving Sole Propietor 401K to another Broker Date: 4/7/2012 8:27 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 1
Vanguard is also good for Vanguard funds, but is not a typical broker.

Actually, Vanguard has improved their pricing on their non-Vanguard trades so they can be quite competitive. Most trades are either $7 or $2, depending on your account balances (counting all accounts at Vanguard). If you have less than $50k and make more than 25 trades a year, the price bumps up to $20. https://personal.vanguard.com/us/whatweoffer/stocksbondscds/... So, depending on the OP's account balances, Vanguard could be as good or better than a 'typical' broker.

AJ

Print the post Back To Top
Author: Rayvt Big gold star, 5000 posts Top Favorite Fools Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 70509 of 74759
Subject: Re: Moving Sole Propietor 401K to another Broker Date: 4/8/2012 11:48 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Most trades are either $7 or $2, depending on your account balances (counting all accounts at Vanguard).

This sounded pretty good.....until I read the fine print. Alas, once again the big print giveth and the fine print taketh away.

It's for "Assets invested in Vanguard funds and Vanguard ETFs" > $50K or $500K.

And then in the footnotes: "assets held in a Vanguard Brokerage Services account (other than Vanguard ETFs) aren't included"

So I guess I'll keep my accounts at Optionshouse and Just2trade, since they both have low commissions without all these restrictions.

Print the post Back To Top
Author: ShiningStar109 One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 70510 of 74759
Subject: Re: Moving Sole Propietor 401K to another Broker Date: 4/8/2012 12:17 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Thanks for the suggestions. I will check them out.
Shari

Print the post Back To Top
UnThreaded | Threaded | Whole Thread (6) | Ignore Thread Prev Thread | Next Thread
Advertisement