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4 to 6 weeks!!!! Yikes.

This is my first post and I have been wanting to transfer part of my conventional IRA funds to a discount broker for trading. But, after viewing several broker sites that offer IRA accounts, they say the transfer time is 4-6 weeks!

With the market volatility of this period, I don't want my money out (of the funds/market) for that long. Am I destined to just keep my money where it is? (Scudder funds, for 10 years now)

Finally my questions to you who know:

1. Does it really take 4- 6 weeks for IRA transfers?
2. What discount broker is best suited for IRA trading?

TIA

ltherneck
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>>This is my first post and I have been wanting to transfer part of my conventional IRA funds to a discount broker for trading. But, after viewing several broker sites
that offer IRA accounts, they say the transfer time is 4-6 weeks!

>> With the market volatility of this period, I don't want my money out (of the funds/market) for that long. Am I destined to just keep my money where it is? (Scudder
funds, for 10 years now)

Volatility is no concern,
As you will most Foolishly learn.
It's true for young (and yes, for old):
Do your homework, buy and hold.

[Switching to prose mode]

Worrying about market volatility over a 4-6 week period is simply another way of trying to time the market. One of the basic tenets of Foolishness is that you *can't* time the market, and don't try. Of course, there are a zillion people that believe you can (or at least will tell you that), but Fools think they're wrong.

If it's a Good Thing to move your money out of Wisely managed mutual funds and into a discount IRA (and I firmly believe it is), then you do it, and don't worry about the 4-6 weeks that your money will be out of action.

But with all that said :-)


>> 1. Does it really take 4- 6 weeks for IRA transfers?

Yes, but the money will stay in the mutual funds until the moment it's transferred into your brokerage account. So it's never really out of action. With my E*Trade account, the mutual funds were transferred in their current form. That is, I awoke one morning to learn that I had X shares of the "Extremely Wise Growth Fund" in my E*Trade account. I could have left them there, but I immediately sold them and bought stocks.

>> 2. What discount broker is best suited for IRA trading?

If you're a good Fool, then you won't be doing much trading in your IRA. So I'd say it's a function of trading costs and how warm a feeling you have about the broker itself. I went with E*Trade, which is not the cheapest broker, but it was the most established at the time, and that was important to my wife and me. Also, with the few trades that we do, the cost difference is negligible. So far, we've been quite happy with E*Trade, including their customer service.

Regards, Lee
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Thanks Lee,

Since I posted I have learned that some brokers will accept mutual funds shares as transfers, but not all of them. So I have to review brokers who will accept my Scudder funds.

I have gone to the Gomez site to read some reviews, but it seems all the reviewers are negative posters for those brokers (check them, 99% negative on any you select).

You are correct that I will not be heavily trading and I'm glad that you have a pleasant experience with E-Trade.

Thanks again,
Frank (lthrneck)
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