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Question On Load Waived Mutual Funds
Old 06-30-2008, 07:00 PM   #1
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Question On Load Waived Mutual Funds

I currently have a brokerage account at Ameriprise which consists of various mutual funds that were purchased load waived since they charge me a wrap fee. My brother-in-law suggested that I transfer the mutual funds to a Vanguard brokerage account to eliminate the wrap fee and then he would assist me in reallocating my account. Will Ameriprise charge me the load they originally waived since I’m transferring the mutual funds to a different brokerage account?


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Old 06-30-2008, 07:11 PM   #2
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The first thing to check is can you sell those mutual funds at Vanguard.
Americrap has a nasty tendency to put people in house mutual funds, which can only be bought and sold via Amerprise "advisers".

Vanguard tends to have fairly high fees to sell non-VG mutual funds. You maybe better off selling via Ameriprise and transferring the money to VG. I have moved accounts to Vanguard if the total is more than 6 figures they are very happy to assist you and can give you the lowest cost options. My guess is you won't have to pay a load, unless you have only recently purchased the funds (say less than a couple of years.) In which case all bets are off, unfortunately you'll have to contact Amerprise to know for sure.

Your brother-in-law gave you good advice.

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Old 06-30-2008, 08:14 PM   #3
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You know this is a question for your Ameriprise salesrep to answer. Why don't you ask them directly? After all, that's what you pay them for.
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Old 07-01-2008, 05:35 AM   #4
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Originally Posted by LOL! View Post
You know this is a question for your Ameriprise salesrep to answer. Why don't you ask them directly? After all, that's what you pay them for.
Because they will give you a hard time, threaten, cajole, and curse your family using voodoo dolls??

Seriously, find out if they are proprietary funds or not. Just call and ask them. If they are not, they can be turned into cash and you can transfer them to VG or wherever. If they ARE proprietary, you HAVE to sell them at Ameriprise before you can transfer the cash to VG or wherever. Merrill Lynch does a lot of this. Since you have been paying a wrap fee, the cost to liquidate should be zero, but undoubtedly they will hit you with account closing fees of $45-$60 per account...........
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)

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