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Fired my broker
Old 10-17-2006, 07:35 PM   #1
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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.

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Re: Fired my broker
Old 10-17-2006, 07:57 PM   #2
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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.
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Re: Fired my broker
Old 10-17-2006, 08:10 PM   #3
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Re: Fired my broker
Have you visited the Vanguard Diehard forum at morningstar? Great stuff there.
http://www.diehards.org/ congrats on your move...
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Re: Fired my broker
Old 10-18-2006, 01:17 PM   #4
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Re: Fired my broker
Thanx for the link, Alex. Bookmarked it and will be spending some time there.
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Re: Fired my broker
Old 10-18-2006, 01:23 PM   #5
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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)
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Re: Fired my broker
Old 10-19-2006, 10:23 AM   #6
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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.

Sarah
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