No. of Recommendations: 0
This ML advisor is full of it. (Maybe all the advisors at ML are the same.) I had an inherited IRA account at ML, and had Vanguard send them a letter requesting a trustee-to-trustee transfer. ML dragged on and on and wouldn't release the funds. I kept calling Vanguard: get the money! Finally a Vanguard rep offered to set up a three-way call between me, ML, and him. He said he'd be quiet at first (and he was). ML tried to shift the blame to Vanguard, saying that they had never received the letter, and that if it really was anything important then Vanguard should have followed up on it. It was about that time that the Vanguard rep came on the line and "followed up on it." I don't think he believed for a second the story about ML never receiving the original letter, but the ML people immediately sent Vanguard a check (after they first made sure to deduct expenses for holding my money and the more expenses for transferring it.

Anyway, that was my experience with ML. But, what you should do is use the method of trustee-to-trustee transfer. The money never comes to you but will go from ML directly to Vanguard or Fidelity or Schwab or wherever you want it to go. The first thing to do is to choose who your trustee will be: Vanguard or whoever. Then, contact them and have them initiate the transfer of the funds from ML. You don't even have to deal with ML yourself, or explain anything to the broker there. (You might want to check up from time to time with Vanguard whether they have actually received the funds from ML. If not, you might need a three-way call yourself!)

If you deal with Vanguard, you should feel free to inform them of the facts. They're honest and you can trust them. Knowing the facts, they will be able to help you in the best and most professional way.

You could follow the plan that intercst posted.

For reading, I'd suggest

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