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Author: neilsong Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76384  
Subject: transferring IRA to discount broker & keeping so Date: 8/1/1997 12:59 PM
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Ok, I know mutual funds aren't that great a deal (unless you're the administrator of the funds), but as I get set to move my IRA from a full service broker to a discount broker, I may want to keep some of the money in the same mutual funds, (let's say 50%), and close out other mutual funds so I can use that money to directly invest in stocks.

So here are my questions:

(1) Can most discount brokers handle any mutual fund, regardless of which one, or do I have to check to see if the broker can handle the funds I have?

(2) what type of fees can I expect the discount broker to charge for the money that stays in mutual funds, as opposed to the money I plant to re-invest in stocks (where some buying is obviously gong to occur)?

(3) is there any advantage to selecting Fidelity as my new broker if the mutual funds I plan to keep are Fidelity funds (hey, I'm just guessing that they're the same folks - I haven't researched this)?

(4) what do you see as the advantages and disadvantages of my plan (the total monies we're talking about are a little over 50k)?

For what it's worth, this money is all I have to show for 25 years of corporate hell. Now I'm slowly, cautiously starting my own home based business out of pocket (no more debt for me). So for the moment, making more contributions to the IRA is out of the question. If it's gonna grow, it'll be through hand's on management of the money that's already there.

Oh, and thanks to all you Fools for providing us with easy to understand financial information. Since my business is words (advertising, PR, & such), and my weakness is numbers, it certainly helps when someone cuts through the . . .

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