Join Early Retirement Today
Thread Tools Search this Thread Display Modes
Fired my broker
Old 10-17-2006, 07:35 PM   #1
Dryer sheet aficionado
Join Date: Aug 2006
Location: Murrells Inlet
Posts: 25
Fired my broker

After heeding much advice from this forum, decided to get rid of my "objective" brokerage (their objective was to sell me stuff). I assumed moving all of our invested money from Smith Barney to Vanguard would have to be done carefully and with all the i's dotted etc. Started the process mid-August and as of today (Oct 17) not all of it has yet made it over to Vanguard. Lessons learned:

Cash out the accounts and wait to they settle in their final bucket. In my case I thought "cash" was it, but it got swept into a bank deposit fund unnoticed by me. When the "cash" transfer instructions (certified by my bank president as instructed) arrived from Vanguard, there was nothing in "cash". SB never contacted me about the transfer request, they just ignored it.

Stay on it. I finally got hold of an assertive agent at Vanguard retirement services that followed up daily. He said he had similar problems with Smith Barney at another office.

I noticed things started moving at SB after I was charged the quarterly management fee 10/1, but I am sure that was a coincidence.

CaptCurmudgeon 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 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: Fired my broker
Old 10-17-2006, 07:57 PM   #2
Thinks s/he gets paid by the post
73ss454's Avatar
Join Date: Oct 2004
Location: LaLa Land
Posts: 4,666
Re: Fired my broker

It also took me many months to rid myself of brokers. I have to say that I felt very relieved once all my money was at Vanguard. It was a tough process but very well worth it.

Congrats to you with your new found freedom.
Work is something you do to get enough $ so you don't have to....Me.
73ss454 is offline   Reply With Quote
Re: Fired my broker
Old 10-17-2006, 08:10 PM   #3
Full time employment: Posting here.
Alex's Avatar
Join Date: May 2006
Posts: 696
Re: Fired my broker

Have you visited the Vanguard Diehard forum at morningstar? Great stuff there. congrats on your move...
Oh, you hate your job? Why didn't you say so? There's a support group for that. It's called EVERYBODY, and they meet at the bar.--Drew Carey
Alex is offline   Reply With Quote
Re: Fired my broker
Old 10-18-2006, 01:17 PM   #4
Dryer sheet aficionado
Join Date: Aug 2006
Location: Murrells Inlet
Posts: 25
Re: Fired my broker

Thanx for the link, Alex. Bookmarked it and will be spending some time there.
CaptCurmudgeon is offline   Reply With Quote
Re: Fired my broker
Old 10-18-2006, 01:23 PM   #5
Thinks s/he gets paid by the post
Join Date: Sep 2006
Posts: 1,396
Re: Fired my broker

Congratulations on your very wise move.

I second the suggestion to visit the Boglehead investing forum, there is invaluable information and advice there! I think that site provides the best advice on investing to be found anywhere. (I lurk there frequently)
JustCurious is offline   Reply With Quote
Re: Fired my broker
Old 10-19-2006, 10:23 AM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Sarah in SC's Avatar
Join Date: Sep 2005
Location: Charleston, SC
Posts: 13,566
Re: Fired my broker

That is a completely normal experience to have had with Smith Barney.
They are terrible with transfers of all kinds, it seems they just want to hang on those fee-infested, underperforming funds for their clients struggling like rats in a trap to get away from SB.
But maybe that's just my experience with them, personally and professionally.

“One day your life will flash before your eyes. Make sure it's worth watching.”
Gerard Arthur Way

Sarah in SC is offline   Reply With Quote

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
Insurance broker question stargazer08 Health and Early Retirement 4 05-15-2007 05:25 AM
Professor Fired Over Va. Tech Discussion - Victimhood dex Other topics 3 04-24-2007 02:59 PM
Can you collect unemployment benefit if you're fired? Sam Other topics 11 02-14-2007 08:15 AM
FIRE'd only: What's your time vs. money tradeoff free4now FIRE and Money 8 01-26-2007 06:00 PM
FIREd people we have met preben Life after FIRE 48 03-31-2005 01:12 PM

» Quick Links

All times are GMT -6. The time now is 02:15 AM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2023, vBulletin Solutions, Inc.