Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Re: Still Moving From Merrill Lynch
Old 12-30-2006, 01:14 PM   #21
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
mickeyd's Avatar
 
Join Date: Apr 2004
Location: South Texas~29N/98W
Posts: 5,884
Re: Still Moving From Merrill Lynch

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?

__________________

__________________
Part-Owner of Texas

Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx

In dire need of: faster horses, younger woman, older whiskey, more money.
mickeyd is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: Still Moving From Merrill Lynch
Old 12-30-2006, 04:27 PM   #22
Recycles dryer sheets
 
Join Date: Oct 2006
Posts: 92
Re: Still Moving From Merrill Lynch

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?
__________________

__________________
AlmostDone is offline   Reply With Quote
Re: Still Moving From Merrill Lynch
Old 12-30-2006, 04:50 PM   #23
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
mickeyd's Avatar
 
Join Date: Apr 2004
Location: South Texas~29N/98W
Posts: 5,884
Re: Still Moving From Merrill Lynch

Quote:
I see that my original statement was inaccurate.
That makes quite a difference doesn't it?
__________________
Part-Owner of Texas

Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx

In dire need of: faster horses, younger woman, older whiskey, more money.
mickeyd is offline   Reply With Quote
Re: Still Moving From Merrill Lynch
Old 12-30-2006, 04:53 PM   #24
Recycles dryer sheets
 
Join Date: Oct 2006
Posts: 92
Re: Still Moving From Merrill Lynch

MickeyD,

I'm not sure how it makes much difference, as she is telling us that the fee is on the 85k.
__________________
AlmostDone is offline   Reply With Quote
Re: Still Moving From Merrill Lynch
Old 12-30-2006, 05:13 PM   #25
Thinks s/he gets paid by the post
 
Join Date: Aug 2004
Location: Laurel, MD
Posts: 2,951
Re: Still Moving From Merrill Lynch

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.
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
jazz4cash is offline   Reply With Quote
Re: Still Moving From Merrill Lynch
Old 12-30-2006, 08:16 PM   #26
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
mickeyd's Avatar
 
Join Date: Apr 2004
Location: South Texas~29N/98W
Posts: 5,884
Re: Still Moving From Merrill Lynch

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.
__________________
Part-Owner of Texas

Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx

In dire need of: faster horses, younger woman, older whiskey, more money.
mickeyd is offline   Reply With Quote
Re: Still Moving From Merrill Lynch
Old 12-31-2006, 11:22 AM   #27
Recycles dryer sheets
 
Join Date: Oct 2006
Posts: 92
Re: Still Moving From Merrill Lynch

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.
__________________
AlmostDone is offline   Reply With Quote
Re: Still Moving From Merrill Lynch
Old 12-31-2006, 11:49 AM   #28
Recycles dryer sheets
 
Join Date: Oct 2004
Posts: 325
Re: Still Moving From Merrill Lynch

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.
__________________
"TEMPUS FUGIT"
LEX is offline   Reply With Quote
Re: Still Moving From Merrill Lynch
Old 01-01-2007, 12:24 PM   #29
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
Re: Still Moving From Merrill Lynch

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?? : :
__________________
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).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Re: Still Moving From Merrill Lynch
Old 01-03-2007, 02:07 PM   #30
Recycles dryer sheets
 
Join Date: Oct 2006
Posts: 92
Re: Still Moving From Merrill Lynch

FD, just FYI. I just checked with VG and the fee is on the Current amount. So, 3% of 85k.
__________________
AlmostDone is offline   Reply With Quote
Re: Still Moving From Merrill Lynch
Old 01-03-2007, 02:20 PM   #31
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
Re: Still Moving From Merrill Lynch

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...............
__________________
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).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Re: Still Moving From Merrill Lynch
Old 01-03-2007, 06:56 PM   #32
Recycles dryer sheets
 
Join Date: Jun 2006
Posts: 322
Re: Still Moving From Merrill Lynch

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 ?
__________________
spideyrdpd is offline   Reply With Quote
Re: Still Moving From Merrill Lynch
Old 01-03-2007, 07:32 PM   #33
Recycles dryer sheets
 
Join Date: Oct 2006
Posts: 92
Re: Still Moving From Merrill Lynch

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.
__________________
AlmostDone is offline   Reply With Quote
Re: Still Moving From Merrill Lynch
Old 01-03-2007, 08:11 PM   #34
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
Re: Still Moving From Merrill Lynch

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
__________________
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).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Re: Still Moving From Merrill Lynch
Old 01-03-2007, 08:15 PM   #35
Recycles dryer sheets
 
Join Date: Oct 2006
Posts: 92
Re: Still Moving From Merrill Lynch

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!
__________________
AlmostDone is offline   Reply With Quote
Re: Still Moving From Merrill Lynch
Old 01-03-2007, 09:00 PM   #36
Thinks s/he gets paid by the post
 
Join Date: Aug 2004
Location: Laurel, MD
Posts: 2,951
Re: Still Moving From Merrill Lynch

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.
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
jazz4cash is offline   Reply With Quote
Re: Still Moving From Merrill Lynch
Old 01-04-2007, 10:19 AM   #37
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
Re: Still Moving From Merrill Lynch

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

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


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Re: Still Moving From Merrill Lynch
Old 01-04-2007, 11:08 AM   #38
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
Re: Still Moving From Merrill Lynch

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
__________________
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).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Re: Still Moving From Merrill Lynch
Old 01-04-2007, 02:37 PM   #39
Recycles dryer sheets
 
Join Date: Jun 2005
Posts: 223
Re: Still Moving From Merrill Lynch

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.
__________________
SLC Tortfeasor is offline   Reply With Quote
Re: Still Moving From Merrill Lynch
Old 01-04-2007, 07:29 PM   #40
Recycles dryer sheets
 
Join Date: Oct 2006
Posts: 92
Re: Still Moving From Merrill Lynch

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.
__________________

__________________
AlmostDone is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Newbie seeks advice on moving to Raleigh, NC Happy Guy Life after FIRE 11 05-28-2007 03:12 AM
SP500: Possible 30% decline. According to Merill Lynch Sam FIRE and Money 11 03-15-2007 04:21 PM
Deciding whether to invest in Merrill Lynch 401k bks FIRE and Money 6 12-31-2006 06:53 AM
Moving and retirement Martha Life after FIRE 72 12-05-2005 07:19 AM
Considerations for Moving to Texas Soon After Hurricanes BigMoneyJim Other topics 8 09-27-2005 08:33 AM

 

 
All times are GMT -6. The time now is 02:36 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.