btenny wrote:I hold Admiral shares of several different funds at Scottrade and three at Wells Fargo. I bought the Admiral funds at Scottrade back when. I did all those purchases on line quickly and easily with no issue and no phone calls by selling Investor shares and buying Admiral shares. I have added to those funds since then with no issue via on line trades at Scottrade. Each mutual fund sell or buy at Scottrade has a small $17 per trade.
I also previously bought two Admiral share funds last year via on line trades at no cost at Wells Fargo in my brokerage account. I have added to those funds since that purchase with no issue via on line trades. But recently I tried to buy some Admiral shares at Wells Fargo in Intermediate Muni Fund. As I discussed in another post that purchase was a chore that took three or four phone calls over three days to Vanguard and Wells and some negotiating on a small purchase fee of $35 that was eventually waved. Apparently Wells is trying to get away from all those free trade offers. So now that the purchase has settled I own Vanguard Admiral shares in that fund at Wells brokerages.
Thanks for the update on on Scottrade btenny I had seen your prior post(s). As a 25+ year customer of Schwab there are some capabilities that I have become accustomed to and am not excited about giving up. Can you comment on your Scottrade experience in these areas? One pain is that they do not appear to allow direct ACH from your brokerage account to your bank / credit union. Is there any way around this besides opening a Scottrade bank account solely so you can ACH?
* Easy to use web site.
* Competent and helpful customer service (although I am quite competent and use it infrequently)
* Accurate history of cost basis and lots
* Prompt and accurate reporting of transactions, dividends, capital gains, etc.
* Easy, accurate and direct download into Quicken without having to visit the broker web site to initiate the update to Quicken
* Easy ACH transfer from brokerage account to bank / credit union without having to open a brokerage sponsored bank account
* Tax forms are accurate (rarely amended) and arrive in a timely manner
One other issue is that Scottrade will not custody a couple of non VG funds with Institutional Shares in a retail account vs. and advisor account and I would be forced to liquidate them. I guess I could check to see if they would convert them to Class A shares without incurring any costs, albeit a higher expense ratio. Otherwise I have to find substitutes. Thanks for any other insights.