OldShooter
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
I have a friend who, I discovered, has fallen into Eddie Jones' clutches. He has "four or five" annuities -- he's not sure. He also has an index fund that probably had a load and definitely has 12b-1 fees. And on and on ...
With my encouragement, he has started reading prospectuses and his monthly statements. He is appalled at the fees he's being charged. One thing he found was a mysterious $422 annual charge that no one told him about. (Not a wrap fee --- something else) So he has decided to get out of there and is considering Schwab or Fido. I said I would help him, as he is neither financially savvy nor very assertive. He has to "work up his courage" to tell his rep he is going to do this.
Normally in a deal like this I would expect that we'd simply fill out an asset transfer order at the receiving broker and that would be that. I am nervous, though, having read stories of large fees to transfer assets, proprietary assets that cannot be transferred, etc. This kind of customer hostility is all new to me.
So ... has anyone pulled out or known someone who has pulled out of Eddie Jones and how did it go? Any tips or warnings? Maybe just fill out the asset transfer order and cross our fingers? Then he wouldn't even have to face the rep.
TIA
With my encouragement, he has started reading prospectuses and his monthly statements. He is appalled at the fees he's being charged. One thing he found was a mysterious $422 annual charge that no one told him about. (Not a wrap fee --- something else) So he has decided to get out of there and is considering Schwab or Fido. I said I would help him, as he is neither financially savvy nor very assertive. He has to "work up his courage" to tell his rep he is going to do this.
Normally in a deal like this I would expect that we'd simply fill out an asset transfer order at the receiving broker and that would be that. I am nervous, though, having read stories of large fees to transfer assets, proprietary assets that cannot be transferred, etc. This kind of customer hostility is all new to me.
So ... has anyone pulled out or known someone who has pulled out of Eddie Jones and how did it go? Any tips or warnings? Maybe just fill out the asset transfer order and cross our fingers? Then he wouldn't even have to face the rep.
TIA