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Author: 2gifts Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75339  
Subject: Re: Loaded Funds, IRA Date: 2/21/2011 10:19 AM
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When you move your money, make sure you don't take possession of it. Make sure it goes from custodian (ML) to custodian (VG, TRP, etc). I would also suggest you don't let ML know you're going to move your money until you have something lined up. Just tell him you're still going over the information he's provided (or haven't had time to review it yet.

DON'T LET HIM PRESSURE YOU, IT'S YOUR MONEY. Even if he does become hostile he can't stop you. You may have to pay a transfer fee to move cash, but I'm not sure - somebody said you have 7 days without a fee. Even if it's $500, you'll make that up the first quarter at Vanguard! :)

Don't let him talk you out of it, be firm but courteous and committed to moving your money. If he gives you grief about it tell him you're going to discuss his actions with the SEC. You might want to record the conversation from your end and let him know and agree to it. Make it clear you're putting him on notice to move your money. Vanguard does this as a matter of course and is a good practice to protect both parties. As someone else suggested, a 3 way conference call is an excellent idea


Personally, I'd avoid the conversation with the ML broker altogether. There is no reason the OP has to talk to the broker. The OP does not have to inform the ML broker that he is rolling his money over to a new broker. All the OP has to do is open the new account at the new broker [I think Vanguard and Fidelity have been mentioned], and fill out all their paperwork. Then, the new broker will initiate the transfer and take care of the whole thing.

There's nothing ML can do about it, and there's no reason for the OP to even bother talking to them. It is completely unnecessary.
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