Rolling over Info??

[Fin-Addict]

I still have an account with Merrill Lynch from when I worked for Dupont. After they sold us and we became Invista, I now have an account with J.P. Morgan. I didn't roll my Merrill account over because I liked the funds that they offered and JP didn't offer alot. I also have a Roth and regular account with Edward Jones, now as time goes by, I'm being approached by Edward Jones and Prime Vest about rolling my Merrill account over to them. I know, sooner or later, I'll have to move this account but I'm sure if I'd trust Edward Jones with it, it seems like my rep. is just after his own profit! I guess one of my questions is: Doesn't all big firms like this have a template that all their reps. follow or are they on their own? Also, does anyone have an opinion on either of these firms or any other advice about what to do with this account?
I would like to go with someone like Vanguard or Fidelity but I live in Victoria and neither have an office here!

[winmck]

The Edward Jones brokers in Victoria are major "product pushers" but better than using Merrill Lynch.

If you want someone to help you with a total financial plan, not just sell you something, John Handley at Wells Fargo Investments is hard to beat. You will get much better service from John.

[Sow Trout]

Call Vanguard and they can help you with the roll over and anything else you need. One way the are able to keep their cost low is to not have offices and overhead on every corner.

[Fin-Addict]

Thanks for the help Sow Trout and Winmck! I've pretty well made up my mind not to go with Edward Jones. I'll just have to see what the others have to offer.
Also, Winmck, I sent you a PM.

[D. Walker]

Here's about the best advice you can get. Transfer your accounts to Scottrade Financial Services. Any type of account held at Scottrade charges no fee's. This includes Rollover's, Roth's, and your average trading account. We offer over 9,000 mutual funds, CD's, equity, and all types of bonds. Everything is self-directed at my company, but you will be able to realize at least an extra 4-5% gains annually just due to our fee structures. Commissions are the lowest in the industry and no maintenance fee's, quarterly or annually. Go to Scottrade.com and check out Reasons to apply, and look at the broker comparison charts. Just call your local branch. I'm in Corpus Christi.

[flatscat1]

D. Walker,

I think you may be a bit out of line. Your claim that an investor will be able to realize an extra 4 or 5% through fee reduction is virtually impossible. I happen to run an a significant private wealth management business (through a different broker/dealer) so I know something about this.

You imply that a commission based fee structure is the way to go to save money. In this type of structure, clients pay per transaction, and brokers are compensated thus for the amount of activity (buys and sells) - not on the success of the investments. It is in the brokers best intereste for you to trade often, so he generates more commission.

I run a fee based business (and for the record, I am not interested in any new clients at this time.) In my platform, I charge the client a percentage of their invested assets. Equities (mutual funds) would be around 1%, fixed income around .5%, Structured products and FX are around 1%, Cash is 0%, Institutional management is around 2%, Private Equity is around 1-2% and Hedge Funds are around 1-2% as well.

How much do you charge in commission for trading in each of these asset classes? Do you offer access to alternative investments, structured products, hedge funds, leveraged return notes, principal protected notes, private equity, foreign exchange, real assets (like timber)?

So for a simple account of cash, bonds and equity mutual funds, my fee would be less than 1% per year. How are you saving 4-5% over that? I pay 5.12% right now on cash - what is your interest rate?

In my fee based platform, I do not receive compensation through the act of buying and selling. The ONLY way I make more money is if the client's portfolio grows in value.

For the record, all C-share equity mutual funds pay a 1% upfront fee and a 1% annual trail. Doesn't matter which broker you use. This is built into the price of the mutual fund, and not seen by the investor. Where is the 4-5% savings.

Yes, I do charge account fees. It is $125 per year for a standard account. This includes checks, free wire transfers, free atm, free visa debit, monthly statements, tax reporting, etc. How much do you charge for Fed Funds or wire transfers?

Flatscat

[Sow Trout]

Fin, just get the account open with Vanguard and buy, with their help, some diversified index funds. You can't save much more on expenses than that and index funds beat most of the managed funds over the long term. You don't need to trade continually. Scott Burns from the Dallas Morning News has a column in the Houston Chronicle in which he explains his "couch potato portfolio" and its variations. I think his advice is better than most brokers, but if you're not comfortable with Vanguard's advice be sure you get a fee only advisor.

[Fin-Addict]

Thanks for the imput!!

[slaphappyfisherman]

Invest in the boswell college fund and you can't go wrong!! Except, unless maybe if were expecting a return..lol Hey fin how's it going!!