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by DWiley
Mon Jun 26, 2017 3:26 pm
Forum: Personal Finance (Not Investing)
Topic: Avoiding broker's fees on 401K conversion to IRA
Replies: 10
Views: 916

Avoiding broker's fees on 401K conversion to IRA

Is there any way to avoid the fees (5% in my case) that the brokers charge (R.James in my case) when rolling over a 401K or lump sum pension into an IRA.

I'm getting ready to retire and will be rolling my 401K and lump sum pension from my employer into my IRA account, when I do this they will be charging me their normal 5% +/- as a one time investment fee. While I don't mind this (too much) with my monthly contribuitons, this lump sum investment will be taking a substational dollar hit that will be a huge plus for the broker's year that, in my opinion, he hasn't earned other than being lucky enough to have me as a client. I'd rather by myself the BMW as a retirement gift to myself instead of buying him one.

Any thoughts or ideas?