Still Moving From Merrill Lynch

[mickeyd]

I'm confused.

You said this initially :

Quote:

ML advisor put $85,000 in ML Global Allocation fund on 12/18/03

Then you said this:

Quote:

sales fee is on the current value - 85k as opposed to 59k.

If you initially invested $85k in 2003, what does the 59k represent?

[AlmostDone]

The initial investment was 59k. The current value is 85k. I see that my original statement was inaccurate.

FD, I have checked the ML site and can't find a prospectus for the fund there. Are they usually on-line?

[mickeyd]

Quote:

I see that my original statement was inaccurate.

That makes quite a difference doesn't it?

[AlmostDone]

MickeyD,

I'm not sure how it makes much difference, as she is telling us that the fee is on the 85k.

[jazz4cash]

Quote:

Originally Posted by AlmostDone MickeyD, I'm not sure how it makes much difference, as she is telling us that the fee is on the 85k.

You are correct to say it doesn't make a difference.......so move on.

I believe FD is correct and the ML rep is wrong as she only wants to discourage you from pulling the trigger.

In the end, they will have to calculate the correct fee, whatever it is you will still be ahead in the near term...........so MOVE ON.

[mickeyd]

Quote:

That makes quite a difference doesn't it?

What I was referring to is the initial report that the $85k, invested in 2003, was still worth $85k today (no increase in value). If the initial investment was $59k and not $85k, it makes a difference IMHO because the investment had a net increase of $26k since 2003.

[AlmostDone]

Jazz4Cash,

You are right and we will move on this week. Also have to move an annuity invested in the same fund and we'll lose money there also.

I found this website http://www.secinfo.com that gives a different fee schedule and says the fee is based on the lesser of the intitial amount or the current amount. Is this a valid site or is there another valid one that would give me this info? I just want to learn a little more about how this works.

[LEX]

When you close out the ML account, you may require a young Vanguard service rep. and an old one present to assit you. Be sure when you make the call they recite in harmony during the process ...."The spirit of Vanguard Compels you... The spirit of Vanguard compells you"... while they tear up old ML statements and fling them into the air. Do this by phone as there have been incidents of full fee brokers spinning their heads and cursing soon to be former "Clients" during account transfers.

[FinanceDude]

Quote:

Originally Posted by LEX Do this by phone as there have been incidents of full fee brokers spinning their heads and cursing soon to be former "Clients" during account transfers.

Really? DO you have personal accounts of this?? : :

[AlmostDone]

FD, just FYI. I just checked with VG and the fee is on the Current amount. So, 3% of 85k.

[FinanceDude]

Quote:

Originally Posted by AlmostDone FD, just FYI. I just checked with VG and the fee is on the Current amount. So, 3% of 85k.

Then $85K was the original investment...............

[spideyrdpd]

You would have to ask for a prospectus and they will mail it to you .Of course you should transfer the funds now and then when the prospectus comes you can verify that they did it correctly.

I am not sure why your asking vanguard what the ml guy charges ?

[AlmostDone]

No, $59k was the original investment. It is currently 85K.

I am asking the VG guy because VG was able to pull the Merrill Lynch proprietary fund over to VG and now the ML advisor (the one who got the commission) says she can't tell us what the fee would be to sell it because VG has the fund. I know that she could tell us, but she's not going to, and anytime I've called the ML main office in the past they have told me I have to talk to her.

[FinanceDude]

Quote:

Originally Posted by AlmostDone No, $59k was the original investment. It is currently 85K. I am asking the VG guy because VG was able to pull the Merrill Lynch proprietary fund over to VG and now the ML advisor (the one who got the commission) says she can't tell us what the fee would be to sell it because VG has the fund. I know that she could tell us, but she's not going to, and anytime I've called the ML main office in the past they have told me I have to talk to her.

This whole thing has me confused......... It is true that if the ML broker no longer has the fund, that they can't compute the CDSC (contingent deferred sales charge). However, they had MONTHS if not YEARS to compute it before you moved it........their back office can do it in about 10 seconds.

As far as the charge, I suspect Vanguard is a little confused. The rule on B shares is clearly a deferred sales charge on the ORIGINAL investment. If you out in $59K, you get the CDSC on $59K..........plaina nd simple. :P :P

[AlmostDone]

So, I just got off the phone with ML. The only way I can get a prospectus is from the ML Advisor. They won't even mail one to me!

[jazz4cash]

Quote:

Originally Posted by AlmostDone So, I just got off the phone with ML. The only way I can get a prospectus is from the ML Advisor. They won't even mail one to me!

Gosh....I'm pretty confused also. If the funds are already xferred to VG, any ML fees must already be deducted, so you should see on a monthly or qtr end statement. Whatever they charged, I am sure you can verify upon receipt of prospectus.

When customer service gets this lousy, sometimes i pretend to be fresh bait a "new" client. I bet they will treat you better and send that prospectus out promptly if you call and tell them you need it to open a new account.

[FinanceDude]

Did you call 877-653-4732? That should get you a prospectus...........

PM me if you are still having problems......maybe I can help........

[FinanceDude]

I think the fund was merged with the Blackrock group, which is why you can't find any info. Try this:

http://www.merrilllynch.wallst.com/p...p?ticker=MBLOX

[SLC Tortfeasor]

Please count me as another person who thinks Merrill Lynch sucks. I started out with them because I didn't know any better (my parents used them, so I used them). Eventually I realized that they are a total waste of money. And their bureaucracy and adminstration are a nightmare.

Much happier at Vanguard.

Good luck.

[AlmostDone]

FD, that was it! I found the prospectus, which states that the sales charge will apply to the lesser of the original cost of the shares being redeemed or the proceeds of your redemption.

When I called ML to ask for a prospectus, I did tell them I was not a client. They said they couldn't mail me a prospectus if I didn't have a ML financial advisor.