Re: Process I am going through to find a new finan... - Page 3

Carmie · ‎10-25-2010

Before you transfer or pull out any money, ask what the fees are. I recently inquired on a withdraw from an annunity of mine. I was quoted a fee of $900 just to withdraw a small portion from my account.

My husband's broker went to work for another company and asked my husband to transfer his funds to this new employer. My husband did, and wow, he got a surprise . He was charged several thousands of dollars to do so.

These fees were not taxes or a penalty, but an administrive charge.

Ask upfront before you move any money.

Just saying....

Buck-i-Nana · ‎09-28-2010

@KathyPet wrote:
No way is Fidelity keeping my money. When I sent them DH's death certificate I sent them a letter and instructed them to remove his name from our regular, non retirement investments which were joint. I also instructed them to change the ownership registration on his SEP accounts to me. I gave them my E mail and home and cell phone numbers in case of any questions. I checked the accounts after a week and discovered that instead of keeping the SEP accounts separate and changing them to my name they withdrew the funds from the SEP's and put all the money into a rollover IRA account that was in my name. That is not what I instructed them to do and they took,that action without even bothering to check with me even though they had all my contact information. I was so,furious that I made them reverse the entire transaction and put everything back the way it was into separate accounts. It took them three weeks to,fix it. Did they even apologize for their screw up? No they did not.

SEP IRA cannot simply be changed into your name. They have to be rolled over either into an already existing IRA that you had in your name (either at Fidelity or somewhere else) or by creating a new account for you.

You have to decide if you want to pay up-front for a true financial advisor who is independent of products, or if you want to go with an investment group who profits from your profits and various fees. There is no way you are going to receive in depth financial analysis and recommendations at no charge.

sandraskates · ‎06-26-2014

@Buck-i-Nana wrote:
@KathyPet wrote:
No way is Fidelity keeping my money. When I sent them DH's death certificate I sent them a letter and instructed them to remove his name from our regular, non retirement investments which were joint. I also instructed them to change the ownership registration on his SEP accounts to me. I gave them my E mail and home and cell phone numbers in case of any questions. I checked the accounts after a week and discovered that instead of keeping the SEP accounts separate and changing them to my name they withdrew the funds from the SEP's and put all the money into a rollover IRA account that was in my name. That is not what I instructed them to do and they took,that action without even bothering to check with me even though they had all my contact information. I was so,furious that I made them reverse the entire transaction and put everything back the way it was into separate accounts. It took them three weeks to,fix it. Did they even apologize for their screw up? No they did not.
SEP IRA cannot simply be changed into your name. They have to be rolled over either into an already existing IRA that you had in your name (either at Fidelity or somewhere else) or by creating a new account for you.

You have to decide if you want to pay up-front for a true financial advisor who is independent of products, or if you want to go with an investment group who profits from your profits and various fees. There is no way you are going to receive in depth financial analysis and recommendations at no charge.

That's what I was thinking too - the account needed to be rolled into another type.

Fidelity has a good reputation; I'd keep the money with them. Or go with the Vanguard option.

KathyPet · ‎03-09-2010

You are correct. I found out that Fidelity could not simply change the existing SEP Account numbers into my name. New account numbers needed to be set up as a IRA accounts in my name. My point is that Fidelity just assumed that it was OK for them to withdraw the funds from the SEP's and merge all the money together in my existing IRA. I never instructed them to do,that. For estate planning purposes I needed the money kept in separate "buckets" if you want to use that term. Even though they had all my contact information they went ahead and took that action without even checking with me to explain that I would need to establish new account numbers if I wanted to keep the funds separated. I don't care what kind of a reputation they have they failed me miserably after all the years we have been customers and all the money we have paid them in fees and then when I needed them to step up to the plate and handle these account conversions. They caused me a great deal of emotional distress and a great deal of time spent trying to fix their screw up. Oh no Fidelity is a goner.

jackthebear · ‎03-11-2010

@NameAlreadyTaken wrote:
Do you expect your doctor to give you a diagnosis without a fee, or an architect to design a plan for you without payment?

Agree, but not exactly the same as handing over the entire amount that is a bank account.

You pay after seeing the Doctor (usually) and the Architect would not expect the entire payment first

CelticCrafter · ‎03-09-2010

@KathyPet wrote:
I don't think you can compare this to seeing a Doctor for a diagnosis because there is no ongoing income to,the Doctor once he cures you. These investment firms charge a quarterly fee to manage your investments. That is how they recoup their upfront costs and make a profit. I need to understand what recommendations they are making and why. Otherwise I am giving them a lot of money on pure faith that they will invest it to my satisfaction. What if I turn the funds over to them and don't like what they do with it?

I wouldn't sign anything giving them complete control over your $ with prior discussion and approval by you.

I wouldn't let anyone have that kind of control over investments, to buy, sell or trade without prior knowledge as to why the recommendations are being made.

You need to be the one to make the decision after a recommendation is made as to whether or not you agree or approve of what it is they are suggesting.

Lila Belle · ‎01-24-2013

@Meowingkitty wrote:
Get a fiduciary. They are bound by law to work for your benefit and not the company and they don't sell. They get there money from fees that the investments charge but you don't pay upfront. Check out what a fiduciary does.

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Actually, they don't have to advise you an investment is risky or questionable or that they will be getting a huge fee.

tobes · ‎08-02-2010

Take your time on this. Try leaving it in Fidelity until you make a final decision. Maybe Fidelity made a one-time error. I also recommend Vanguard. Their fees are less than all others as the shareholders are owners of the Vanguard fund. If you have more than $500,000 to invest then you will have a complimentary, one-time telephone meeting with a financial advisor. If need be you can arrange to have a more in-depth meeting with a Vanguard advisor for a fee, about $100 or $200 one timel

Mj12 · ‎03-09-2010

@KathyPet wrote:
Am I wrong to expect them to "pitch me" with their recommendations before I sign anything to transfer the Fidelity funds to them?

@KathyPet no, I don't think you are wrong. We met with our advisors twice before we signed up with them - an hour the first time, the 2nd visit was 2 hours. (And I too couldn't wait to transfer everything out of Fidelity.)

LonestarBabs · ‎06-26-2011

I suggest you talk with an advisor who is endorsed by Dave Ramsey -- there is probably one in your area. They are called ELPs and you can search on Dave Ramsey dot com.